MGMA01H3 Chapter 10: Study Notes for Chapter 10
14 Dec 2010
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Document Summary
A bundle of physical, service and symbolic characteristics that are designed to satisfy consumers wants. A guarantee to the buyer that the supplier will replace a defective product or refund its purchase price during a specified period of time. This increases consumer purchase confidence and stimulates demand. Physical or functional characteristics of a good or service: brand, product image, warranty and service, package and label. A name, term, sign, symbol, design or a combination of these that is used to identify and differentiate the products of a firm from competition. Words, letters or symbols that make up a name used to identify and distinguish the firm"s offerings from those of its competitors. A brand that has been given legal protection and has been granted solely to its owner. For consumers, brands usually facilitate repeat purchases of satisfactory products. The brand assures a uniform quality and identifies the producing firm. Good brand names are easy to pronounce, recognize and remember.
