Respond to each question thoroughly yet succinctly. The response should be one page, single-spaced. PLEASE no plagiarism as it is going to be going through many different checks. Can be formatted:
·1. Clearly explain what brand equity is (10 points). Now, choose a product category (examples of product categories are “Cars,” “Cell Phones,” “Universities,” “Watches,” etc.) and write about differing (one higher and one lower) brand equities within that product category (8 points).
·2. For many years, Ferrari (a much higher end brand than Porsche) has been known as a manufacturer of expensive luxury automobiles. They are considering how to attract the very large segment of the car-buying market that purchases medium-priced ($40,000) vehicles. According to class material, what is the best branding strategy for Ferrari and why (8 points)?
·3. Companies build and manage their brands very carefully (if they are smart). The positioning must be continually communicated to consumers. Are brands maintained by advertising or by consumer experiences (8 points)? Explain. Give an example of a poorly maintained brand (explain what happened) (8 points).
·4. We often hear about developing a personal brand. What does this mean and why is it encouraged? (8 points)