Supplies
Finally, the fifth business category is supplies, which are inexpensive, frequently purchased products. This category is comparable to the consumer convenience category and represents products that an organization needs to perform daily procedures. Examples of supplies include pencils, printer paper, and maintenance products.
Knowing how to classify your product will enable you to develop an effective marketing plan, and tailor your marketing strategy to reach your target audience.
Product Branding
· Select the characteristics of an effective brand name
· Apply the appropriate branding strategy
Brand:
To differentiate your product in the market, your company needs a unique brand. A brand is a name, term, sign, design, or symbol that distinguishes your products from those offered by your competitors. Branding establishes and enforces your product's identity and can influence consumers' buying habits.
For example, some consumers may buy a particular product brand because they want to display a certain image. Other customers might select a specific brand because it symbolizes quality.
Brand Name:
To develop an effective brand for your organization, you should be familiar with several terms. The first is Brand name. A brand name is the part of the brand that is spoken and includes letters, words, and numbers. Generic brand names, such as aspirin or shredded wheat, cannot be protected as exclusive brand names any longer because they have been incorporated into common language.
To keep your brand name from becoming a generic term that classifies a particular product category, you should capitalize the first letter of the brand name and follow it with the word "brand." For example, your company's beverage product might be named Icon Brand Chocolate Drink Mix.
Brand mark is another term you should know. A brand mark is the part of the brand that is comprised of non-spoken elements, such as a symbol or design. Brand marks are typically called logos and are often one of the most recognizable product features.
· Trade Name: Organization's full, legal name
· Trademark: Brand owned by person or company
Finally, you should understand the difference between a Trade name and a Trademark. A trade name is the full, legal name of an organization while a trademark is a brand that is legally owned by a person or company.
Trademark protection can cover a brand name, brand mark, advertising slogan, or even a unique packaging design. The trademark's exclusivity prohibits others from using or marketing the protected brand.
Brand Communicates:
· Functions
· Features
· Image
A brand is a powerful tool that communicates the functions, features, and image of your product or organization. In many instances, the brand name or brand mark is the only promotional element needed to influence a consumer's purchasing decision.
Finally, the fifth business category is supplies, which are inexpensive, frequently purchased products. This category is comparable to the consumer convenience category and represents products that an organization needs to perform daily procedures. Examples of supplies include pencils, printer paper, and maintenance products.
Knowing how to classify your product will enable you to develop an effective marketing plan, and tailor your marketing strategy to reach your target audience.
Product Branding
· Select the characteristics of an effective brand name
· Apply the appropriate branding strategy
Brand:
To differentiate your product in the market, your company needs a unique brand. A brand is a name, term, sign, design, or symbol that distinguishes your products from those offered by your competitors. Branding establishes and enforces your product's identity and can influence consumers' buying habits.
For example, some consumers may buy a particular product brand because they want to display a certain image. Other customers might select a specific brand because it symbolizes quality.
Brand Name:
To develop an effective brand for your organization, you should be familiar with several terms. The first is Brand name. A brand name is the part of the brand that is spoken and includes letters, words, and numbers. Generic brand names, such as aspirin or shredded wheat, cannot be protected as exclusive brand names any longer because they have been incorporated into common language.
To keep your brand name from becoming a generic term that classifies a particular product category, you should capitalize the first letter of the brand name and follow it with the word "brand." For example, your company's beverage product might be named Icon Brand Chocolate Drink Mix.
Brand mark is another term you should know. A brand mark is the part of the brand that is comprised of non-spoken elements, such as a symbol or design. Brand marks are typically called logos and are often one of the most recognizable product features.
· Trade Name: Organization's full, legal name
· Trademark: Brand owned by person or company
Finally, you should understand the difference between a Trade name and a Trademark. A trade name is the full, legal name of an organization while a trademark is a brand that is legally owned by a person or company.
Trademark protection can cover a brand name, brand mark, advertising slogan, or even a unique packaging design. The trademark's exclusivity prohibits others from using or marketing the protected brand.
Brand Communicates:
· Functions
· Features
· Image
A brand is a powerful tool that communicates the functions, features, and image of your product or organization. In many instances, the brand name or brand mark is the only promotional element needed to influence a consumer's purchasing decision.