Brand ________ refers to the extent to which a consumer holds strong, favorable, and unique associations with a brand in memory-and the extent to which the consumer is willing to pay more for the branded version of a product than for a non-branded version.
A) dynamics
B) position
C) logo
D) equity

Question

Quizplus · Accepted Answer

Brand equity refers to the value and strength of a brand, as reflected in the willingness of customers to pay more for a branded product compared to an unbranded product. It encompasses factors such as brand awareness, associations, perceived quality, loyalty, and other intangible assets that define the brand in consumers' minds. Developing and maintaining strong brand equity is a key objective for most companies, as it helps to differentiate the brand, create barriers to entry, increase customer loyalty, and drive growth and profitability.

Brand ________ Refers to the Extent to Which a Consumer