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In marketing, brand management is the control of how a brand is perceived in the market.Tangible elements of brand management include the look, price, and packaging of the product itself; intangible elements are the experiences that the target markets share with the brand, and the relationships they have with it.
Marketers tend to treat brands as more than the difference between the actual cost of a product and its selling price; rather brands represent the sum of all valuable qualities of a product to the consumer and are often treated as the total investment in brand building activities including marketing communications. [80]
Two brands of aspirin.Left: a national brand made by Bayer.Right: a private-label brand. Note the price difference and similar boxes. A private label, also called a private brand or private-label brand, is a brand owned by a company, offered by that company alongside and competing with brands from other businesses.
Co-branding is a marketing strategy that involves strategic alliance of multiple brand names jointly used on a single product or service. [ 1 ] Co-branding is an arrangement that associates a single product or service with more than one brand name , or otherwise associates a product with someone other than the principal producer.
Labelling is often equivalent to pigeonholing or the use of stereotypes and can suffer from the same problems as these activities. The labelling of people can be related to a reference group. For example, the labels black and white are related to black people and white people; the labels young and old are related to young people and old people.
The Difference Between Private Label Branding and Venture Branding [ edit ] The concept of venture brands is a naming strategy that originates from private labels.
Positioning is closely related to the concept of perceived value. In marketing, value is defined as the difference between a prospective customer's evaluation of the benefits and costs of one product when compared with others. Value can be expressed in numerous forms including product benefits, features, style, value for money. [8]
Brand equity, in marketing, is the worth of a brand in and of itself – i.e., the social value of a well-known brand name.The owner of a well-known brand name can generate more revenue simply from brand recognition, as consumers perceive the products of well-known brands as better than those of lesser-known brands.