When a consumer makes a purchase of a particular product, because they are familiar with the company that makes the product, they are making the decision based on brand.
What is brand?
- A brand is an intangible asset that makes it easier for consumers to recognize a certain business and its goods.
- This is particularly true for businesses that seek to differentiate themselves from competitors selling comparable goods, including generic brands.
- The corporation leverages the popular ibuprofen brand Advil to set itself out from the generic versions of the medication that are sold in pharmacies. This concept is known as brand equity.
- People frequently confuse company brands with their logos, catchphrases, or other distinctive marks.
- Although these phrases are frequently used interchangeably, they are separate.
- The former are marketing instruments that businesses frequently employ to advertise and market their goods and services.
- These resources build a brand identity when combined.
To learn more about brand, refer to
https://brainly.com/question/14293418
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