When firms rely on brand image to differentiate products, some of them associate their products with positive qualities in the minds of customers. These are known as __________.

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Prestige brands are the ones that rely on a reputation of quality, elegance, luxury, and exclusivity. These brands are priced high to establish a premium image for the product and appeal to a select segment of customers who aspire to own it for its status symbol. Examples of prestige brands include Rolex, Louis Vuitton, and Rolls Royce.

When Firms Rely on Brand Image to Differentiate Products, Some