MGT 200 Lecture Notes - Lecture 7: Brand Licensing, Umbrella Brand, Brand Equity
Document Summary
Brand name part of a brand that can be spoken. Brand market- part of brand not made up of words. Trademark- legal designation of the use of the brand exclusive use. Trade name- full legal name of an organization att = american corporation. Speed consumer purchases by identifying specific preferred products. Evaluates product quality to reduce the risk of purchase. Identifies and differentiates a firm"s products from competing products. Helps in the intro of new products and facilitates promotion of all same-brand products. Can create brand equity- charge more because customers are loyal. Brand recognition- customer awareness that a brand exists and is an alternative purchase. Brand preference- degree of brand loyalty in which a customer prefers one brand over other competitor. Brand insistence- degree of brand loyalty in which customer strongly prefers one & accepts no subs. Brand equity = brand name awareness + loyalty + perceived quality + associations.
