What is a brand? How does a new firm develop a brand?
What will be an ideal response?
A brand is the set of attributes-positive or negative-that people associate with a company. These attributes can be positive (e.g., trustworthy and dependable) or they can be negative (e.g., cheap and unreliable). The customer loyalty a company creates through its brand is one of its most valuable assets. To develop a brand, a new firm must have meaning in its customers' lives-something for which customers are willing to pay. On a more pragmatic level, brands are built through a number of techniques, including advertising, public relations, sponsorships, and good performance.
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Which of the following is not one of the steps for recognizing revenue?
A) Identify the performance obligations of the contract. B) Identify the contract with the customer. C) Estimate the total transaction price of the contract based on the sum of the stand-alone selling prices of the goods and services in the contract. D) Allocate the transaction price to the performance obligations.
The reputation of a company is important to most prospective customers
Indicate whether the statement is true or false