Amplified: But in your hearts set Christ apart as holy [and acknowledge Him] as Lord. Always be ready to give a logical defense to anyone who asks you to account for the hope that is in you, but do it courteously and respectfully. (Amplified Bible - Lockman)
KJV: But sanctify the Lord God in your hearts: and be ready always to give an answer to every man that asketh you a reason of the hope that is in you with meekness and fear:
NLT:  Instead, you must worship Christ as Lord of your life. And if you are asked about your Christian hope, always be ready to explain it. (NLT - Tyndale House)
Phillips: simply concentrate on being completely devoted to Christ in your hearts. Be ready at any time to give a quiet and reverent answer to any man who wants a reason for the hope that you have within you.  (Phillips: Touchstone)
Young's Literal: and the Lord God sanctify in your hearts. And be ready always for defence to every one who is asking of you an account concerning the hope that is in you, with meekness and fear;

Answer(apologia from apo = from + logos = word, speech) literally means, “to talk one’s self off from".

The word "answer" is the Greek word "apologia," and refers to a legal defense. It's a compound of the words apo and logos. Apo meaning, back, and logos meaning word. When compounded, it means to answer back and depicts a reply, a response, or an answer. The word was us to describe a court trial where the accused was given the opportunity to give a respond or an answer to the charges brought against him. (Sparkling Gems, by Rick Renner p. 926).>

In 1 Pet. 3:15 Peter is insisting that the believer must understand what he believes and why, and then be able to articulate one’s believes.

The Greek word apologia is where we get our word for apologetics and means to give a defense of what one believes to be true. Wilbur Smith identifies it as a verbal defense of what one believes to be true.