Question

what does a brand need in order to be somewhat protected from competition from other firms and price competition? (choose every correct answer.)

Answer 1

To be somewhat protected from competition from other firms and price competition, a brand needs:

• B) A loyal customer base
• D) An established track record in the market

How can companies be protected from competition?

The main way that a company can be protected from competition is by giving it a patent to produce the things that it produces. This means that no other company can produce that item by law and so the company would be completely protected from competition.

However, if a company does not have a patent, another thing that can protect it from competition is having a loyal customer base. If a brand has customers who are loyal, the company can be more certain of selling to them and not having other brands steal them. A company should also have an established track record in the market. This makes it easier for customers to stick to the brand instead of going to others.

Options for this question are:

• A) A celebrity endorsement
• B) A loyal customer base
• C) A hard plastic package
• D) An established track record in the market

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