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Introduction to Product Management
Branding Decisions
- A brand is a name, term, symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from competition
- Brands should
- be memorable
- have a positive connotation
- convey a certain image
Good Brand Names
- Easy to say
- Easy to spell
- Easy to read
Easy to remember
- Fit the target market
- Fit the product’s benefits
- Fit the customer’s culture
- Fit legal requirements
Trademarks
- Legal term for a brand name, brand mark or trade character
- ® is used when registered with the USPTO; ™ is used when a name or mark has not been legally registered but the user is claiming ownership
- Trademarks established by the Lanham Act of 1946 and updated by the Trademark Revision Act of 1989
- Only protects in U.S. - if a firm wants multinational recognition, it must register in each country
Brand Equity
- Brand’s value to its organization
- Brand equity provides customer loyalty, perceived quality, brand name awareness, competitive advantage
- Brand equity can be used to establish brand extensions
- Alka Seltzer, Alka Seltzer Morning Relief
Branding Strategies
- Individual brands versus family brands
- National and store brands (private label)
- Generic brands
- Licensing
- Co-branding
Packaging and Labeling Decisions
- Packaging functions
- Effective packaging designs
- Labeling regulations