Q: Brand equity improves… Select all that apply.
or
Q: Brand equity rises. Choose every option that pertains.
- Pricing power
- Category Security
- Competitive advantage
- Customer experience
Explanation: When compared to their rivals, businesses that have strong brand equity can charge greater prices for their goods or services. When consumers believe a brand to be of superior quality, dependability, or prestige, they are often ready to pay a higher price for that brand. A brand’s dominance inside its market may affect category security, even if it is not directly tied to brand equity. There is a greater likelihood that a brand with good equity will be able to retain its position within its product category and defend itself against challenges from competitors. Through the process of distinguishing a company’s goods or services from those of its rivals, brand equity confers a considerable competitive advantage on the business. This distinction may be based on elements such as the reputation of the brand, the loyalty of the consumer, and the perceived quality of the product, which makes it more difficult for rivals to imitate to compete successfully.
