Brand name

Letters, words or groups of words, which can be written or spoken. Names can include a manufacturer’s name in which the brand name is owned by the company making the individual branded product (e.g., Dulux, Persil, Maxwell House); a family brand name in which the brand is projected onto all products sold by the company (e.g., Microsoft, Kodak, Heinz, Campbell’s); a category brand name for a range of products within the same category, such as household appliances (e.g., Hotpoint, Hoover, Whirlpool) or a specific product name combined with the company name [Doyle, p. 43]. Manufacturers believe that if they invest in the quality of their brands, they will build up a brand image, to which consumers will respond by asking for their goods by their brand names and by being willing to pay a premium for them ( see brand loyalty ). Manufacturers also believe they will be less susceptible to demands from distributors for extra discounts to stock their brands. For some products (e.g., perfumes and alcoholic drinks), considerable effort has been devoted to promoting brands to reflect the personality of their likely purchasers [Law, p. 41]. This formed the basis of what is now known as brand management, one of the more powerful functions of marketing. In the 1990s, brands took on a new dimension of meaning. Branding became the most powerful aspect of the marketing mix. Advertising spending, which increased exponentially after the early 1990s recession, fuelled the cult of branding. The brand expanded its frontiers [Doyle, p. 42]. The perception of the brand in the minds of consumers. One of the significant roles of brand management is to create positive perceptions in the minds of target customer groups; these perceptions constitute the brand image. A vital measure of the success of the brand image is customers' preference towards this brand over other competing brands. This is closely connected to brand loyalty and repeat purchases of branded products and services [Doyle, p. 45].

Sources:

Doyle, C. (2016). A Dictionary of Marketing (4 ed.) Oxford: Oxford University Press.

Law, J. (2016). A Dictionary of Business and Management (6 ed.) Oxford: Oxford University Press.