MGMA01H3 Study Guide - Midterm Guide: Brand Awareness, Identifiability, Disintermediation
Document Summary
A brand is a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of the competition. Many practicing managers refer to a brand as more as something that has actually created a certain amount of awareness, reputation, and prominence and so on. Things like a name, logo, symbol, package design, etc. are considered brand elements. A product is anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want. Brands can reduce the risks in product decisions, consumers may perceive many different types of risk in buying a product: functional, physical, financial, social, psychological, and time risks. Ultimately, a brand is something that resides in the minds of consumers.
