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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

Define brand equity and describe the four major factors that contribute toward brand equity. What issues must be considered while choosing a brand name?

Summary Introduction

To determine: The meaning of brand equity, the four major factors that contribute toward brand equity and the issues that should be considered while choosing a brand name.

Introduction: The brand equity alludes to the extra value that a buyer connects with the brand that is one of a kind from the various brands accessible in the market. Brand equity implies the consciousness, observation, faithfulness of a customer towards the brand.

Explanation

Brand equity: Brand equity is the marketing and money related value related with a brand's quality in a market.

The four major factors that contribute toward brand equity are as follows:

  • Brand awareness
  • Brand associations
  • Brand quality
  • Brand loyalty

The issues that should be considered while choosing a brand name are as ...

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