Module 7 - Module 7 Topic 11 Chapter 13 Notes Brand Name...

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Module 7 Topic 11 Chapter 13 Notes Brand: Name, term, sign, symbol, design, or some combination that identifies the products of one firm while differentiating them from those of the competition. Brand Recognition: Consumer awareness and identification of a brand. Brand Preference: Consumer choice of a product on the basis of a previous experience. Brand Insistence: Consumer refusal of alternatives and extensive search for desired merchandise. Generic Products: Products characterized by plain labels, no advertising, and the absence of brand names. Manufacturer’s brand: Brand name owned by a manufacturer or other producer. Private brand: Brand offered by a wholesaler or retailer. Captive brand: National brand sold exclusively by a retail chain. Family brand: Single brand name that identifies several related products. Individual brand: Single brand that uniquely identifies a product. Brand equity: Added value that a respected, well-known brand name gives to a product in the marketplace. Brand manager: Marketer responsible for a single brand. Category management: Product management system in which a category manager—with profit and loss responsibility—oversees a product line. Brand name: Part of a brand, consisting of letters, numbers, or words, that can be spoken and that identifies and distinguishes a firm’s offerings from those of its competitors. Brand mark: Symbol or pictorial design that distinguishes a product. Trademark: Brand for which the owner claims exclusive legal protection. Trade dress: Visual components that contribute to the overall look of a brand. Label: Branding component that carries an item’s brand name or symbol, the name and address of the manufacturer or distributor, information about the product, and recommended uses. Universal product code (UPC): Numerical bar code system used to record product and price information. Brand extension: Strategy of attaching a popular brand name to a new product in an unrelated product category. Line extension: Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line.
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Brand licensing: Practice that expands a firm’s exposure in the marketplace. Market penetration strategy: Strategy that seeks to increase sales of existing products in existing markets. Product positioning: Consumers’ perceptions of a product’ attributes, uses, quality, and advantages and disadvantages relative to competing brands. Market development strategy: Strategy that concentrates on finding new markets for existing products. Product development: Introduction of new products into identifiable or established markets. Product diversification strategy: Developing entirely new products for new markets. Cannibalization: Loss of sales of an existing product due to competition from a new product in the same line.
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