COMMERCE 2MA3 Study Guide - Radio-Frequency Identification, Business Analysis, Category Management
7 Dec 2013
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Chapter 10 developing and managing brand and product strategies. We become loyal to certain brands for many reasons, including quality, price, and habit. Brand is a name, term, sign, symbol, design, or some combination that identifies the products of one firm while differentiating these products from competitors" offerings. Marketers recognize the powerful influence of brands on consumer behaviour, and they work to create and protect strong identities for products and product lines. Building a brand is costly; a category manager is often responsible for an entire product line, nurturing new and existing brands. Branding is the process of creating that identity. Satisfied buyers respond to branding by making repeat purchases of the same product because they identify the item with the name of its producer. Brands achieve widely varying consumer familiarity and acceptance, often weighed by the concept of brand loyalty. Brand recognition is a firm"s first objective for newly introduced products.
