Branding
A brand is a name given to a product,
which helps identify the product and differentiate it from its rivals.
L3
Firms use branding to help convey a specific set of benefits to the consumer; it helps create a personality and image for the product. Literally, it helps provide a summary of all the information customers hold about the product. A strong brand name can lead to repeat purchase and brand loyalty which can increase a companies profit.
L4
-Very difficult to build a successful brand I.e. due to the logitivity of brands such as Cadburys.
-Creates barriers to entry.
-Costs of marketing. (smaller firms will struggle)
-You may miss out on potential sales if your brand has too narrow appeal.
-Intellectual Property Rights Intellectual Property, or IP, are legal rights given to people who create or invent goods and services.
BARRIER TO ENTRY into that market.
The following are ways to protect a product or service:
PATENT: Protects features and processes.
COPYRIGHT: Protects songs,
TRADEMARKS: Protects logos and brands
DESIGN RIGHTS: Gives you automatic protection for shapes of your product
L3
Firms use branding to help convey a specific set of benefits to the consumer; it helps create a personality and image for the product. Literally, it helps provide a summary of all the information customers hold about the product. A strong brand name can lead to repeat purchase and brand loyalty which can increase a companies profit.
L4
-Very difficult to build a successful brand I.e. due to the logitivity of brands such as Cadburys.
-Creates barriers to entry.
-Costs of marketing. (smaller firms will struggle)
-You may miss out on potential sales if your brand has too narrow appeal.
-Intellectual Property Rights Intellectual Property, or IP, are legal rights given to people who create or invent goods and services.
BARRIER TO ENTRY into that market.
The following are ways to protect a product or service:
PATENT: Protects features and processes.
COPYRIGHT: Protects songs,
TRADEMARKS: Protects logos and brands
DESIGN RIGHTS: Gives you automatic protection for shapes of your product