Branding and Product Life Cycle Notes

Flashcards summarizing key concepts related to branding and the product life cycle.

What is a brand?

A name, symbol, or design that has a distinct image and differentiates one product from another.

What is a trademark?

A legally protected brand name, logo, or symbol.

What are the functions of branding?

Creation and communication of a 3D character for a product that isn't easily copied or damaged by competitors.

What should successful brand names do?

Attract consumer attention, be memorable, and be linked to a visual image.

What is family branding?

A single name for a whole line of related items, used to build trust and recognition.

What defines a unique selling point (USP)?

It is the unique feature that differentiates a product from its competitors.

What is the importance of strong branding for businesses?

It helps in recognition, builds customer loyalty, allows premium pricing, supports better marketing targeting, and provides competitive advantage.

What is Corporate Social Responsibility (CSR)?

Companies taking responsibility for their impact on society and the environment, such as using sustainable materials.

What are the stages of the Product Life Cycle?

1. Introduction, 2. Growth, 3. Maturity, 4. Decline.

What happens in the introduction stage of the Product Life Cycle?

The product is first introduced to the market, aiming to gain market acceptance and attract retailers.

What is a skimming strategy?

A high pricing strategy used during the introduction stage to maximize profits.

What occurs during the maturity stage of the Product Life Cycle?

Sales begin to level off, and competition becomes intense.

What characterizes the decline stage of the Product Life Cycle?

Rapid loss of market share and profitability, leading to a decision on whether to support or discount the product.