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

Question

Quizplus · Accepted Answer

The added value that a brand name provides beyond the functional benefits is called brand equity. It is the value that a brand contributes to the product or service that it represents. This can come in the form of customer loyalty, perceived quality, and overall brand image. Brand equity is an essential aspect of marketing strategy, as it can have a significant impact on a company's profitability and long-term success.

The Added Value a Brand Name Gives to a Product