The added value a brand name gives to a product beyond the functional benefits provided is referred to as __________.

Question

Quizplus · Accepted Answer

Brand equity is the added value that a brand name provides beyond the functional benefits of a product. It includes factors like brand recognition, brand loyalty, and the perceived quality of the brand, all of which make consumers willing to pay more for the product than they would for a generic or unbranded version. Brand caché and brand enhancement are similar concepts, but not the specific term used to describe the added value of a brand name. Brand net worth and brand benefit are not commonly used terms in branding.

The Added Value a Brand Name Gives to a Product