What is a brand? How does a new firm develop a brand? What ...

[sheilaspns]

What is a brand? How does a new firm develop a brand?
 
  What will be an ideal response?

Question 2

When completing the basis of differentiation box in the Barringer/Ireland Business Model Template, it is best to limit the description to ________.
 
  A) two to three points
  B) one point
  C) five to10 points
  D) two to three points for manufacturing firms and five to 10 points for service firms
  E) five to 10 points for manufacturing firms and two to three points for service firms

[gcook]

Answer to Question 1

A brand is the set of attributes-positive or negative-that people associate with a company. These attributes can be positive (e.g., trustworthy and dependable) or they can be negative (e.g., cheap and unreliable). The customer loyalty a company creates through its brand is one of its most valuable assets. To develop a brand, a new firm must have meaning in its customers' lives-something for which customers are willing to pay. On a more pragmatic level, brands are built through a number of techniques, including advertising, public relations, sponsorships, and good performance.

Answer to Question 2

A