If Mark Mars pays Hershey Foods Corporation for the right to use their name on his line of T-shirts then Mr. Mars is using which type of branding ?
Correct answer: A. Licensed brands
- A. Licensed brands
- B. Manufacturer's brand
- C. Private brand
- D. Co-brand
Explanation
Using Hershey's name on another product in return for payment is licensing, so the resulting brand is a licensed brand. A manufacturer’s or private brand is owned and marketed by the producer or retailer itself.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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