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wrote...
Posts: 134
2 months ago

Question 1.

How does the American Marketing Association define the term brand?

Question 2.

What valuable functions can brands perform for the firm?
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Marketing Management
Edition: 13th
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2 months ago
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Answer 1

A brand, according to the AMA, is "a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors."

Answer 2

Brands simplify product handling and tracing and help to organize inventory and accounting records.  They also offer the firm legal protection for unique features or aspects of the product.  Brand loyalty provides predictability and security of demand for the firm, and it creates barriers to entry that make it difficult for other firms to enter the market.  Loyalty can also translate into customer willingness to pay higher prices.
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