MKT 510 Chapter Notes - Chapter 1: Mantra, Management System, Brand Equity
Document Summary
Brand: a name, term, sign, symbol or design, or a combination of them, intended to identify the goods and services if one seller or group of sellers and to differentiate them from those of competition. Technically speaking whenever a marketer creates a name, logo, or symbol of a new product he/she has created a brand. Something that has actually created a certain amount if awareness, reputation, prominence etc. Brand elements: components of a brand that identify and differentiate it: symbol, design, name, colour. Capital b brand concept: refers to the premium of recognizable names as compared to its generic equivalent. Coca cola has 72% premium over pc brand cola. Product: anything we can offer to a market for attention, acquisition, use and consumption that might satisfy a need or want: physical good, service, retail outlet. 5 levels of meaning for a product: a person, organization, place. Means of identification to simplify handling or tracing.
