Value of branding

• What is a brand designed to help distinguish a product or service from?

  The competition
• A brand can include the product's design, name, logo, or a combination of these elements
• A well-built brand can help a business communicate and market its product or service more effectively
• Match the type of brand with its description:

  Product brand ↔️ Focuses on individual products

  Service brand ↔️ Based on delivering a service

  Umbrella brand ↔️ Applied to multiple products

  Global brand ↔️ Recognized worldwide
• What does FMCG stand for in the context of product brands?

  Fast Moving Consumer Goods
• Unilever is an example of a company with a portfolio of FMCG
• Service brands can only be associated with apps or online platforms

  False
• What is the primary purpose of umbrella brands?

  Assign a name to product lines
• Lego and Nestle are examples of businesses where the brand is also the name of the business
• Why do major supermarkets develop their own label brands?

  To compete with established brands
• Global brands may adapt their products or services to meet local customer needs
• What is the first key benefit of effective branding from a consumer perspective?

  Perceived added value
• If added value is sustained, customers are more likely to become loyal
• Brand loyalty allows a business to charge higher prices due to inelastic demand
• What is the ultimate goal of branding in terms of customer behavior?

  Sustain brand loyalty
• Effective branding can lead to demand that is less sensitive to price changes