Chapter 27 (Product)
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9 Terms
Brand
a name that is identifiable with a product of a particular business
trademark
exclusive use of the brand name through legal protection to the owner
Brand awareness
the extent to which people recognize a particular brand
Brand development
ongoing/long-term marketing process of improving and enlarging the brand name in order to boost sales revenue and market share.
Brand Loyalty
when customers buy the same brand of a product repeatedly over time
why is brand loyalty important?
maintain/improve market share
enables the business to charge premium prices, improving profit margins
barrier to entry in highly competitive markets
prolong brand and product life cycles
Brand value
the premium that customers are willing to pay for a brand name over and above the value of the product itself
what are the advantages for businesses that try to boost their brand value
higher market share
premium prices
higher barriers to entry
Logos
a form of branding that uses a visual symbol to represent a business, its brands or its products
Note 
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