Key term | Definition |
Brand | A brand is the registered name used to identify a product of a particular business organization. |
Brand awareness | The degree of customer knowledge and recognition of a particular brand in order to gain more customers. |
Brand development | Part of a firm’s marketing strategy in communicating the value of a brand and what the brand stands for. |
Brand loyalty | The degree of customer devotion to a particular brand. |
Brand switching | This is the opposite of brand loyalty and occurs when consumers turn to alternative brands, mainly because the original brand has lost some of its former appeal. |
Brand value | The expected earning potential of a brand, i.e., the likely future earning potential (value) of a particular brand. |
Branding | This is the practice of using an exclusive name (brand), symbol, or design which identifies a specific product or business. |
Consumer goods | These are products bought for personal consumption, rather than for business use, e.g., home appliances, furniture, food and drink, and house plants. |
Customer loyalty schemes | These are marketing strategies used to attract customers to remain devoted to a brand or business by offering rewards and other incentives for repeat purchases. |
Extension strategies | Marketing approaches used to prolong or lengthen a product’s life cycle, e.g., price reductions or new promotional strategies. |
Genericized brands | These are brand names that become synonymous with the name of the product itself due to their popularity, e.g., AstroTurf, Band-Aid, Frisbee, Sellotape, and Yo-Yo. |
Global brands | These are highly recognized brands in overseas markets. Firms use a unified approach to their global brand strategy to increase its brand recognition as well as to support its brand awareness and brand development in new markets. |
Innovators | The name given to the group of consumers who are the first to own a certain product, usually due to the prestige associated with being first and/or customer loyalty to a particular brand or product. |
Logo | A form of branding that uses a visual symbol to represent a business, brand, or product. |
Marketing myopia | This exists when a business becomes complacent about its product strategy, thereby failing to keep up with market changes |
Multi-brand strategy | This marketing strategy involves a business developing more than one brand as part of its overall product strategy. |
Producer goods | These are products purchased by a business for its commercial use, rather than for private consumption, e.g., machinery, equipment, tools, fixtures and fittings, and office stationery. |
Product | This refers to both physical (goods) and non-physical (services) items sold by a business or purchased by a customer. |
Product differentiation | This refers to marketing strategies used to make a product distinct from its rivals, e.g., branding, product features, and packaging. |
Product life cycle (PLC) | Marketing theory showing the different stages that most products go through from their research and development (R&D) stage to their final removal from the market. |
Product portfolio | The range and mix of products sold by a business, including the various brands of all the products it owns. |
Prototype | This is a trial product, used during the pre-launch stage of the product life cycle, to evaluate the potential commercial success of the product. |
Services | Intangible products or non-physical products offered by a business, e.g., education, entertainment, healthcare, as well as travel and tourism. |
Slogans | These are corporate catchphrases used as a marketing strategy to signify the or represent a brand, product, or business in a favourable and memorable way. |
Test marketing | This is part of the pre-launch stage in a product’s life cycle, when a business trials a new product with a small number of customers, usually in a specific geographical location prior to the official launch. |
Trademark | A form of legal protection for the intellectual property (IP) of a business by giving the owner of the IP to have exclusive use of the brand name. |
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