What is Customer-Based Brand Equity?

• The financial value a brand adds to a product or service.

• The differential effect that brand knowledge has on consumer response to the marketing of that brand.

• The loyalty consumers have towards a brand based on its advertising.

• The market shares a brand holds in its category.

What does the term "inelastic response to price increases" imply for strong brands?

• Customers are highly sensitive to price changes.

• Loyal customers are less sensitive to price hikes.

• Price increases lead to a decrease in sales.

• Price changes have no impact on sales volume.

Which of the following are the components of brand knowledge?

• Brand awareness, brand image, brand equity

• Brand equity, brand recall

• Brand equity, brand image, brand attributes

• Brand awareness, brand image

What is the consideration set?

• The consumers' ability to confirm prior exposure to the brand

• The formation and strength of the associations that make up the brand image

• The handful of brands that receive serious consideration for purchase

• The consumers' ability to retrieve the brand from memory

Brand awareness is

• A necessary, but not always a sufficient, step in building brand equity

• A necessary and sufficient step in building brand equity

• A sufficient and important step in building brand equity

• The descriptive features that characterize a product or service and help consumers identify the brand under different conditions

.............. are those descriptive features that characterize a product or service.

• Brand awareness

• Brand recall

• Brand attitude

• Brand attributes

……….. are the personal value and meaning that consumers attach to the product or service attributes.

• Brand attitude

• Brand benefits

• Brand awareness

• Brand recall

Which concept describes designing a product and company image so that it occupies a distinct and valued place in the target customer's mind?

• Brand

• Brand Positioning

• Trademark

• Market share

Which of the following is not a consumer segmentation base?

• Demographic

• Psychographic

• Behavioral

• Buying Conditions

What does "Points-of-Parity" (POP) mean in brand strategy?

• Unique attributes giving competitive advantage

• Attributes shared with competitors

• Features that differentiate the brand

• Attributes making the brand market leader