Asked by
Cyril Dela Cruz
on Dec 18, 2024
Verified
Rhombus Inc., a consumer electronics company, has a loyal customer base. Recent market surveys have shown that its products are perceived to be superior in quality to their competing products. This has boosted the sale and popularity of its products. In turn, Rhombus has gained additional market share and profits. Given this information, it can be said that Rhombus has been able to:
A) standardize its products.
B) centralize its operations.
C) build brand equity.
D) create product differentiation.
Brand Equity
The value and strength of a brand that determines its worth, based on consumer recognition, preferences, and loyalty.
Product Differentiation
The process of distinguishing a product or service from others in the market to make it more attractive to a particular target market.
Market Share
The percentage of total sales or revenue generated by a company within a particular market, indicating its competitiveness.
- Understand the significance of brand image and equity in securing a competitive edge.
Verified Answer
CG
Learning Objectives
- Understand the significance of brand image and equity in securing a competitive edge.