The presence of a known brand on a product helps the consumer in a number of ways, including providing immediate knowledge of the price charged for the brand. True or false?

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07-12-2019
Business

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The presence of a known brand on a product helps the consumer in a number of ways, including providing immediate knowledge of the price charged for the brand. True or false?

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Nyctalus Nyctalus · Answer 1 · 2019-12-09T05:49:15+01:00

Answer: False

Explanation: In simple words, brands can be defined as those tags which attracts the customers and helps a firm to maintain a stable customer base. Brands indulge customers emotionally or economically to buy the product due to quality reasons.

However brand cannot give a a rational customer absolute knowledge about the price of the product as the firm with even a strong brand image have to do promotional and advertising activities due to heavy competition in the market.

A positive brand image do help the firm to get the initial attention of the customer but still they have to inform customs about why they are charging more than others.