One of the advantages of having a strong brand is the ability to have a more elastic consumer response to price decreases of the brand.

Question

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When a brand has a strong reputation and loyalty among consumers, they are more willing to pay a higher price for the product. However, if the brand decreases their price, consumers are still likely to perceive the value of the product as high and continue to buy it, leading to a more elastic response to price changes.

One of the Advantages of Having a Strong Brand Is