Branding Essay

1972 Words8 Pages
Chapter-9: Q. What is Brand? What are the role of brands? Ans:- A brand is the summation of all the perceptions, experiences and beliefs associated with a product, service or entity that make it distinct. The role of brands are: * identify the source or maker * simplify product handling or tracing * organize inventory and accounting records * offers the firm legal protection for unique features or aspects of the product * signify quality * create barriers to entry * serve as a competitive advantages * secure price premium Q. What is Branding? Ans:- Branding is endowing products and services with the power of a brand. It’s all about creating differences between products. Marketers need to teach consumers “who” the product is—by giving it a name and other brand elements to identify it—as well as what the product does and why consumers should care. Branding creates mental structures that help consumers organize their knowledge about products and services in a way that clarifies their decision making and, in the process, provides value to the firm. Q. What is brand equity? Ans:- Brand equity is the added value endowed on products and services. It may be reflected in the way consumers think, feel, and act with respect to the brand, as well as in the prices, market share, and profitability the brand commands. Brand equity as providing marketers with a vital strategic “bridge” from their past to their future Q. What is customer based brand equity (CBBE)? Ans:- Customer-based brand equity is thus the differential effect brand knowledge has on consumer response to the marketing of that brand. There are three key ingredients of customer-based brand equity. 1. Brand equity arises from differences in consumer response. 2. Differences in response are a result of consumers’ brand knowledge. 3. Brand equity is reflected in perceptions, preferences, and

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