The Four Steps in the Building Brand Equity Are: (1)

question 238

Multiple Choice

The four steps in the building brand equity are: (1) __________ and an association of the brand in consumers' minds with a product class or need to give the brand an identity; (2) establishing a brand's meaning in the minds of consumers; (3) eliciting the proper consumer responses to a brand's identity and meaning; and (4) creating an intense, active, and loyal consumer-brand connection.

• A)developing positive brand awareness
• B)lowering the price of products
• C)easing consumers' decision making
• D)incorporating higher value in products
• E)creating market modification

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Definitions:

Service Revenue

Income earned by a company through the provision of services to customers rather than the sale of physical products.

Customer Accounts

Records that maintain the details and transaction history of a customer’s interactions with a business.

Contribution Per Unit

Equals the price less the variable cost per unit. Variable used to determine the break-even point in units.

Variable Cost

Expenses that change in proportion to the activity of a business, such as costs for raw materials or production volume.