Respond to the items below.

1. Explain customer-perceived value.

2. Explain total customer satisfaction.

3. What valuable functions can brands perform for a firm?

4. Given that the power of a brand resides in the minds of consumers and how it changes their response to marketing, there are two basic approaches to measuring brand equity. Briefly, describe each of these approaches.

5. Incorporating the concepts discussed in this assignment, answer the following: How does a loyal brand community support the positioning and branding of a small business? Provide an example to support your explanation.