Brand Management (100% Verified Solutions)

what is a brand correct answers For the American Marketing Association (AMA), a brand is a "name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition." product correct answers A product is anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want. A product may be a physical good, a service, a retail outlet, a person, an organization, a place, or even an idea. five levels of meaning for a product correct answers -The core benefit level is the fundamental need or want that consumers satisfy by consuming the product or service. -The generic product level is a basic version of the product containing only those attributes or characteristics absolutely necessary for its functioning but with no distinguishing features. This is basically a stripped-down, no-frills version of the product that adequately performs the product function. -The expected product level is a set of attributes or characteristics that buyers normally expect and agree to when they purchase a product. -The augmented product level includes additional product attributes, benefits, or related services that distinguish the product from competitors. -The potential product level includes all the augmentations and transformations that a product might ultimately undergo in the future. importance of brands to consumers correct answers Identification of the source of the product Assignment of responsibility to product maker Promise, bond, or pact with product maker Symbolic device Signal of quality Search cost reducer Risk reducer reducing risk in product decisions correct answers Consumers may perceive many different types of risks in buying and consuming a product: Functional risk—The product does not perform up to expectations. Physical risk—The product poses a threat to the physical well-being or health of the user or others. Financial risk—The product is not worth the price paid. Social risk—The product results in embarrassment from others. Psychological risk—The product affects the mental well-being of the user. Time risk—The failure of the product results in an opportunity cost of finding another satisfactory product. strategic brand management correct answers It involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity.