Brand Naming and Product Life Cycle Review

This set of flashcards covers essential concepts related to brand naming, the product life cycle, and unique selling propositions based on the lecture notes.

Eponymous Brand Name

A brand name that embodies the vision and beliefs of the founder, such as Disney, Adidas, and Tesla.

Descriptive Brand Name

A brand name that describes exactly what the company does, like American Airlines and Home Depot.

Acronymic Brand Name

Shortened versions of descriptive names, such as KFC and HSBC.

Suggestive Brand Name

Brand names that use real words or combined words, like Uber and Facebook.

Associative Brand Name

Names that reflect imagery or meaning related to the brand, such as Amazon referencing the world's largest river.

Non-English Brand Name

Names that sound unique to new markets and come from other languages, like Samsung and Lego.

Abstract Brand Name

Names that have no intrinsic meaning but use the power of phonetics, such as Rolex and Kodak.

What makes a good brand name?

It should be easy to pronounce, recognize, remember, and be short and simple.

Steps to create an effective brand name

1) Select the type of name, 2) Decide what you want the name to say, 3) Check that the name is available.

Patent

A legal right that protects an invention, ensuring no one else can sell it.

Trademark

Protection for a brand's name, logo, and slogan, helping to build brand identity.

Key design feature: Simplicity

Avoid trendy designs that may become outdated; opt for appealing designs.

Key design feature: Memorable

Ensure the logo fits with the brand's identity and industry context.

Key design feature: Versatility

The logo should be clear and impactful in various sizes and backgrounds.

Stages of the Product Life Cycle: Introduction

Initial stage with low sales, heavy investment, and the establishment of market presence.

Stages of the Product Life Cycle: Growth

Rapid sales growth and increasing competition, with an aim to maximize market share.

Stages of the Product Life Cycle: Maturity

Stable but slower sales growth occurring in a saturated market.

Stages of the Product Life Cycle: Decline

Sales begin to decline, requiring companies to decide on product support.

Unique Selling Proposition (USP)

The distinctive factor that sets a product, service, or brand apart from competitors.

Key components of USP

Unique, relevant, and compelling attributes of a product.

Kotler's Core Benefit Level

The fundamental need or benefit a customer seeks from a product.

Kotler's Augmented Product Level

Additional features that exceed customer expectations.

Potential Product

All possible future enhancements or transformations of the product.