JA
Answered
A radio station gives "free money" to those listeners whose names are drawn and announced over the airwaves from postcards the listeners sent into the radio station. Is the money really free for the listener?
On Jul 25, 2024
While most students can identify the monetary cost of the postcard and stamp, we also must consider the opportunity cost of listening to the radio. It is true that we can do other activities while the radio is on and listen attentively when a name is drawn and announced over the airwaves. But there's also the opportunity cost of not being able to listen to another station, one that might offer more preferred programming.
JA
Answered
What is a brand? How do brands benefit both customers and firms?
On May 26, 2024
A brand is the producer's and the product's commercial identity.For customers,brands offer efficiency and assurance in overwhelmingly complex lives; brands may also offer abstract benefits,including comfort,risk reduction,and self-expression.To the marketing strategist,brands embody and retain the benefits,including loyalty and margins,from "a job well done," and can serve to facilitate distribution and accelerate new product launches (brand extensions).Brands hold meaning that can encompass a variety of aspects from functional and hedonic benefits to social significance and symbolism,and those meanings reside in the minds of consumers.