Chapter 27 (Product)

Branding

Brand

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