Why Are Brand Names and Brand Marks Important to the Overall

question 85

Short Answer

Why are brand names and brand marks important to the overall success of a product?

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Definitions:

Value

An individual’s value for a good or service is the amount of money he or she is willing to pay for it.

Law of Diminishing Marginal Value

, also known as the Law of Diminishing Marginal Utility, states that as a person consumes more of a product, the satisfaction or utility from consuming each additional unit declines.

First Slice

The initial allocation or offering of a resource, opportunity, or product, indicating priority or privilege in its reception.

Second Slice

Implies a subsequent option or opportunity, often discussing additional choices available after an initial selection has been made.