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MARKETING MANAGEMENT - Brand Decision

Summary of Brand Decision

   Posted On :  18.06.2018 09:24 pm

Brand is a name, term, sign, symbol, or design used to identify the products of one firm and to differentiate them from competitive offerings.

Summary

1.Brand

 
Brand is a name, term, sign, symbol, or design used to identify the products of one firm and to differentiate them from competitive offerings. It can be Words, letters, or symbols that make up a name. The benefits of branding are:
 
1. It is used to identify and distinguish the firm’s offerings from those of its competitors. Originally it helped trace the source of the guild producer. In modern era, makes it easier to identify all the products from a particular company.
 
2. Makes shopping easier
 
3. Helps the companies in launching new products

To signify the consumer awareness and preference to brand the following terminology is in use.
 
1. Brand Awareness – your product is the first that comes to mind in a certain product category e.g. Snapple ice tea, jeans – Levi’s, Walkman – SONY, running shoes = Nike

2. Brand Recognition – awareness, loyalty, quality, emotion “customers remember the brand”
 
3. Brand Preference / Loyalty – the degree to which customers are committed to further purchases e.g. “choose the brand over other brands”
 
4. Brand Insistence – “willing to search for it.” and if they don’t find the brand they want, will not but a substitute
 
5. Brand Equity – “… the values of a brand’s overall strength in the market…”
 

2.Trademark

 
A brand that has been given exclusive legal protection – name and the design. It can not be imitated or copied.
 

3.Generic Name Brand

 
A brand name over which the original owner has lost exclusive claim because all offerings in the associated class of products have become generally known by the brand name (usually that of the first or leading brand in that product class).
 
For example, Surf is a generic name because buyers say Surf instead of saying detergent. Similarly Xerox is used to mean photocopying. 
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