Single brand name that identifies several related

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- Single brand name that identifies several related products Individual brand - Single brand that uniquely identifies a product 2. Brand Equity- Added value that a respected, well-known brand name gives to a product in the marketplace Competitive advantage It is built sequentially on four dimensions: o Differentiation, Relevance, Esteem & Knowledge Brand manager - Marketer responsible for a single brand
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Category management - Product management system in which a category manager—with profit and loss responsibility—oversees a product line 3. How companies develop strong identities for their products and brand. Products identified in the marketplace by brand names, symbols, and distinctive packaging Brand name - Part of a brand that can be spoken Brand mark - Symbol or pictorial design that distinguishes a product Effective brand names are easy to pronounce, recognize, and remember A brand name: o Should give buyers the correct connotation of the product’s image o Must qualify for legal protection A brand name loses protection when a class of products generally comes to be known by that name Trademarks - Brand for which the owner claims exclusive legal protection o Gives firms the exclusive legal right to use a brand name, brand mark, and any slogan or product name abbreviation o Firms can also seek protection for packaging elements and product features Trade Dress - Visual components that contribute to the overall look of a brand Brand Loyalty- Measured in three stages: o Brand recognition - Consumer awareness and identification of a brand o Brand preference - Consumer reliance on previous experiences with a product to choose that product again o Brand insistence - Consumer refusal of alternatives and extensive search for desired merchandise Packaging o Protection against damage, spoilage, and pilferage o Assistance in marketing the product o Cost effectiveness Label - Carries an item’s brand name or symbol, the name and address of the manufacturer or distributor, information about the product’s composition and size, and recommended uses Universal product code (UPC) - Numerical bar code system used to record product and price information o Reduce labor costs and improve inventory control o RFID tags may replace some of the functions of UPC codes Brand Extensions- Attaching a popular brand name to a new product in an unrelated product category Brand Licensing - Practice that expands a firm’s exposure in the marketplace
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o Brand name’s owner receives royalties, typically 4-8% of wholesale revenues o Can hurt a brand if the licensed product is poor quality or ethically incompatible with the brand 4. New-product development strategies.
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