Respond to the items below.
1. Explain customer-perceived value.
2. Explain total customer satisfaction.
3. What valuable functions can brands perform for a firm?
4. Given that the power of a brand resides in the minds of consumers and how it changes their response to marketing, there are two basic approaches to measuring brand equity. Briefly, describe each of these approaches.
5. Incorporating the concepts discussed in this assignment, answer the following: How does a loyal brand community support the positioning and branding of a small business? Provide an example to support your explanation.
Part A: With Products, Is It Form or Function?
The "form versus function" debate applies in many arenas, including marketing. Some marketers believe that product performance is the end all and be all. Other marketers maintain that the looks, feel, and other design elements of products are what really make the difference.
Take a position: Product functionality is the key to brand success versus product design is the key to brand success.
Part B: Is the Right Price a Fair Price?
Prices are often set to satisfy demand or to reflect the premium that consumers are willing to pay for a product or service. Some critics shudder, however, at the thought of $2 bottles of water, $150 running shoes, and $500 concert tickets.
Take a position: Prices should reflect the value that consumers are willing to pay versus prices should primarily just reflect the cost involved in making a product or service.