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Chapter 10 Product, Price, and Place
Branding
A brand is a name, term, or design that sets a product or business
apart from its competitors. What do Kleenex®, Crock-Pot®, and Google
have in common? They are all established, registered products with
powerful brands. In fact, these brands are so strong that those names
are used instead of the product categories. For example, most people
ask for a Kleenex®, not a facial tissue.
Branding a product is using its personality, image, and history to
position it favorably in the minds of consumers. One goal of branding
is to equate the brand name with quality. In some cases, the brand is
the name of the company, such as IBM or Intel®. Well-developed and
well-promoted brands build brand loyalty.
A logo is a graphic symbol closely associated with a brand. It
may also be called a brand mark. A logo may or may not include the
brand name. Along with a logo, businesses often create a catchy or
memorable tagline to strengthen the brand. A tagline, or slogan, is
a phrase or sentence that summarizes some essential part of the
product. For example, almost everyone knows the Nike tagline Just Do
It and the You’re in Good Hands with Allstate slogan.
Packaging and Labeling
Another important strategy for product positioning of goods is the
choice of packaging. Attractive and colorful packaging draws attention
to the products and can become part of the brand. Packaging and
labels should be consistent with the desired brand image. Packaging
and labels are sometimes the first places consumers see information
about a product’s features, benefits, and performance.
Customers are very perceptive about the wrappers on the outside
of their favorite products. Many businesses make a conscious effort to
choose containers that are easily recycled or are made with recycled
materials. For these businesses, one of the primary packaging concerns
is to select green materials, or ones that do not harm the environment.
Increased brand
loyalty usually means
increased sales. For
this reason, strong
brands are worth
millions of dollars to
the companies that
own them. Companies
spend a lot of money
ensuring their brand-
name products are
protected and the
names are not used
elsewhere.
FYI
Green Entrepreneurs
Company Uniforms
If your employees or you will be wearing a company
uniform, consider purchasing clothing that is made from
recycled materials. Some manufacturers are using recycled
clothing to produce new clothing. Other manufacturers are
reusing over 1 million water bottles a year to produce a recycled fabric
used in clothing. Look for the green recycling symbol or ask your supplier
to show you clothing produced from recycled materials.