Explain the difference between brand name and ...

[skymedlock]

Explain the difference between brand name and trademarks.

Question 2

Suppose Tommy Hilfiger is introducing a new line of men's ties. The designer believes that the target market for these ties comprises men who are very status-conscious. In keeping with this assessment, department stores selling the ties should
 A) charge a price based on their cost.
  B) charge prices consistent with their existing ties.
  C) discount the ties.
  D) negotiate the price with individual tie shoppers.
  E) use price symbolically.

[jessofishing]

Answer to Question 1

A brand name is the part of a brand that can be spoken-including letters, words, and numbers-such as 7UP or V8. A brand name is often a product's only distinguishing characteristic. Without the brand name, a firm could not differentiate its products. To consumers, a brand name is as fundamental as the product itself. Indeed, many brand names have become synonymous with the product, such as Scotch Tape, Xerox copiers, and FedEx delivery. Through promotional activities, the owners of these brand names try to protect them from being used as generic names for tape, photocopiers, and overnight shipping.
A trademark is a legal designation indicating that the owner has exclusive use of a brand or a part of a brand and that others are prohibited by law from its use. To protect a brand name or brand mark in the United States, an organization must register it as a trademark with the U.S. Patent and Trademark Office.

Answer to Question 2

E

[skymedlock]

TYSM

[samiel-sayed]

Thanks for the timely response, appreciate it