When Tylenol brand of pain relief capsules were tampered with, resulting in the death of several consumers, the manufacturer pulled all of its products from store shelves, redesigned packaging to resist tampering, and reintroduced noncapsule forms of the product. This was very expensive for Tylenol to do, but the company knew that the reputation, meaning, and value that its brand name had acquired over time held financial value. Today, Tylenol brand medications have the reputation of being high-quality products. The reputation, meaning, and value that the Tylenol brand name has acquired over time is known as ________.

Question

Quizplus · Accepted Answer

The reputation, meaning, and value that the Tylenol brand name has acquired over time is known as brand equity. It is the value that a brand adds to a product beyond the functional benefits, and it includes intangible assets such as brand awareness, loyalty, and associations. The actions taken by Tylenol to protect its brand reputation after the tampering incident is an example of protecting brand equity.

When Tylenol Brand of Pain Relief Capsules Were Tampered With