DECA Sports and Entertainment Marketing Practice Exam

What term describes the name, symbols, logo, words or design that identifies a product or service?

1. Brand Equity

2. Brand Identity

3. Brand Extension

4. Brand

The correct answer is: Brand

The correct term is "brand," which encompasses the name, symbols, logo, words, or design that identify a product or service. A brand serves as the primary means by which consumers recognize and differentiate a company's offerings from those of its competitors. It is essentially the aggregate of attributes, characteristics, and associations tied to that particular product or service in the minds of the public. "Brand identity,” while related, refers more specifically to the visual and verbal elements that represent and communicate the essence of the brand, which is a component of what makes up the broader concept of a brand. “Brand equity” pertains to the value a brand adds to a product or service, often based on consumers' perceptions and experiences, while "brand extension" refers to the practice of using an existing brand name to launch a new product in a different category. Thus, while the other options all relate to branding, "brand" is the most encompassing term that directly answers the question about identification.