Chapter 27 (Product)

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Brand

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9 Terms

1

Brand

a name that is identifiable with a product of a particular business

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2

trademark

exclusive use of the brand name through legal protection to the owner

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3

Brand awareness

the extent to which people recognize a particular brand

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4

Brand development

ongoing/long-term marketing process of improving and enlarging the brand name in order to boost sales revenue and market share.

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5

Brand Loyalty

when customers buy the same brand of a product repeatedly over time

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6

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

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7

Brand value

the premium that customers are willing to pay for a brand name over and above the value of the product itself

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8

what are the advantages for businesses that try to boost their brand value

  • higher market share

  • premium prices

  • higher barriers to entry

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9

Logos

a form of branding that uses a visual symbol to represent a business, its brands or its products

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