Question

Define Brand.

Hint:

Brand = identity of a product that differentiates it and creates customer loyalty (e.g., Nike, Apple).

Answer 1

Step 1: Meaning.
A
brand is a unique name, term, sign, symbol, design, or a combination of these, used to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
Step 2: Features of a brand.

Provides identity and recognition to a product.
Builds customer loyalty and trust.
Creates differentiation in a competitive market.
Can be a word (Nike), symbol (Apple logo), or both.

Step 3: Importance.

Helps in marketing and promotion.
Assures quality and reliability to customers.
Increases goodwill and adds value to the business.