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 refers to the added value or goodwill that a brand name provides to a product. This includes factors like brand recognition and reputation, which can increase customer loyalty and willingness to pay a premium price for the product. Brand parity refers to situations where multiple brands offer similar functional benefits, while brand net worth and brand enhancement are not commonly used terms in the branding literature. Brand benefit is a vague term that could refer to any positive attribute associated with a brand, but does not capture the concept of added value beyond function.

The Added Value a Brand Name Gives to a Product