A brand is a name, term, sign, symbol, design or a combination of them, intended to differentiate the goods or services of one marketer or group of marketers from those of competitors.
Brand name
The pronounceable part of a brand is named as the brand name.
Trade mark
Sri Lankan business firms should register their brands in the Institute of Patent and Trade Marks under the Intellectual Property Act No. 52 of 1979.
Several features that should be there in a good brand are as follows:
Being short and simple
Easy to pronounce, recognize and remember
Giving a hint of basic qualities and usage of the product
Easy to recognize even in another language
Should be defferent from the brands used by competitive producers
Representing a particular culture
Various types of brands
National Brand
Private Brand
Family Brand
Individual Brand
Packaging
The function of designing and producing a package or a container for a particular product is known as packaging
The major function of a package is to give protection for a product.
The package can be recognized under three levels
Primary Package
Secondary package
Transportation package
Facts to be considered in designing a package
Nature of the product
Benefits to the product from the package
Technological eligibility
Features of the package
Colour and the legibility
Easiness to the trader
Easiness to the consumer
Environmental friendliness
Cost
Benefits of a package
Protection to the product
Easy recognition of the product
Provision of information regarding the product
Ability to use as a promoting tool
Giving an attractive look to the product
Facilitates storage, display and transportation
Labelling
The label is presented as a part of the package.
Information required to use the products are provided through labelling:
Information regarding the production
Product or the brand
Price
Contents
Manufactured date
Expiry date
Instructions to store and transport
Cautions / Warnings
Pricing
The amount of money charged for a particular good or a service is simply known as the Price.
Purpose of pricing
Survival
Maximize current profit
Maximize market share
Maximize market skimming
Product quality leadership
Factors to be cosidered in Pricing
Cost
Consumer’s demand
Competition
Techniques of Pricing
Cost-plus pricing/ mark up pricing
Target return pricing
Perceived value pricing
Value pricing
Going rate pricing
Auction pricing
Distribution
The process of providing with the products to the target customers successfully is meant by distribution.
Channels of distribution
The ways in which products are distributed from the producer to the customer are called the channels of distribution.
The distribution channel changes according to the nature of the product.
Promotion
Communicating to the customers interested about the products with the purpose of motivating them to purchase is meant by promotion.