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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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MARGINAL REVENUE PRODUCT The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.
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The average length of a "business lunch" is about 36 minutes.
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"Success doesn't come to you . . . you go to it " -- Marva Collins, Educator
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