The Term Branding Refers to

question 182

Multiple Choice

The term branding refers to

• A)the licensing of a name, phrase, design, symbol, or combination of these for a period of 17 years, at which time a firm may renew its intellectual property rights to them.
• B)the value added to the product from the additional features given to a product beyond its functional attributes.
• C)the identification of an organization's products based upon individual SKUs.
• D)an organization's use of a name, phrase, design, symbol, or combination of these to identify its products and distinguish them from those of competitors.
• E)the establishment of a commercial, legal name under which a company does business.

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Definitions:

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service.

Increase Quantity

A strategy or action aimed at raising the amount of goods or services produced or available.

Maximum Willingness to Pay

The highest amount a consumer is willing to spend on a good or service, reflecting the perceived value.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.