Question

Which of the following refers to changing one or more of a product’s characteristics?

	A.	Product modification
	B.	Repositioning
	C.	Product line extension
	D.	Planned obsolescence

Which of the following best defines brand equity?

	A.	The value of a company or brand name
	B.	The elements of a brand that cannot be spoken
	C.	A name, term, symbol, design, or combination that identifies a seller's products and differentiates them from competitors' products
	D.	The part of a brand that can be spoken, including letters, words, and numbers

__________ is that part of a brand that can be spoken, including letters, words, and numbers.

	A.	A brand name
	B.	A brand mark
	C.	Brand equity
	D.	Brand loyalty

Answer 1

Part 1: Correct option is A

Product modification refers to changing one or more characteristics of a product.
Product repositioning: It refers to the major change in positioning for the product.
Product line extension: When a company introduces additional items under the same product category and the same brand name we call it as product line extension. The additional items may have new flavors, colors, forms, added ingredients etc.
Planned obsolescence: It is a strategy implemented by companies that ensures the current version of a given product will become useless or out of date within a known period of time.

Part 2: Correct option is A

A: It refers to brand equity.
B: It refers to brand mark.
C: It refers to brand.
D: It refers to brand name.

Part 3: Correct option is A

Note: Brand loyalty refers to a consistent preference for one brand over all others.