Branding Colors Quiz

Study Notes

Branding is the process of creating a unique identity for a product, service, or company
Key element of brand strategy: consistency in communication and visual identity

One factor that contributes to the power of branding is the emotional connection it creates with customers

The 7 P's in the business plan for the Market Mix are: Product, Price, Place, Promotion, People, Process, and Physical Evidence
The additional three elements added to the original 4 P's to comprise the 7 P's of the Marketing Mix are: People, Process, and Physical Evidence

Product: a tangible or intangible offering that satisfies customer needs
Price: the amount customers pay for the product or service
Place: the channel through which the product or service is sold and distributed
Promotion: all forms of communication used to persuade customers to buy
People: employees who interact with customers and deliver the service
Process: the system and procedures used to deliver the service
Physical Evidence: the tangible elements of the service, such as ambiance and decor

A well-defined brand strategy contributes to business success by creating a unique identity and building customer loyalty
Brand strategy is important in business because it helps to differentiate the company and its offerings from competitors
Physical evidence impacts consumer behavior by creating an immersive experience that affects their perceptions and attitudes
Competent and skilled personnel are important for services because they deliver the service and interact with customers
The process of an organization affects the performance of the services it provides by influencing the quality and efficiency of service delivery
A brand name is a unique identifier for a product or service, and it's important because it helps to establish recognition and loyalty