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BRAND EQUITY: The intrinsic value a brand has in the market place. This value is developed over a period of time and because a brand is widely recognized. There is an amount of business that is repeatedly generated due to brand alone. Brand equity is achieved based on brand recognition, brand loyalty and perceived product quality. BMW has developed an image of high product quality and performance which in turn has created a high brand equity.

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SCARCE GOOD

A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase scarce good can also commonly include intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for scarce good is economic good.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for the last item on a shelf.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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