Four Steps in the Sequential Process of Building the Brand

question 57

Multiple Choice

four steps in the sequential process of building the brand equity pyramid include: (1) developing positive brand awareness; (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) __________.

• A) easing consumers' decision making
• B) forming a brand personality
• C) creating a consumer-brand connection
• D) rewarding loyal customer behavior
• E) developing brand licensing criteria

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Definitions:

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than any other production entity.

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.

Production Relationships

Production relationships refer to the connections and interactions between inputs used in the production process and the resulting outputs.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods, given a set of inputs.