MGT252H5 Chapter Notes - Chapter 9: Brand Management, Final Analysis, Weno
Document Summary
Note: lo 4 & lo 5 are not included! The basic definition of a brand is a name, symbol, icon, design, or a combination of these, that identifies the maker or marketer of a product. If used for the firm, the preferred term is trade name but a brand is much more than just a trade name. Brands have personality, and so they involve our emotions as consumers, and as human beings. In today"s information-rich modern society, where each purchase requirement offers a multitude of choices, we no longer have time to make comparisons based on features and benefits. We base our choices on more symbolic attributes, like what kind of people buy it, and what other people are saying about it. In other words, we make our purchase decisions based on what we know, feel, or believe about the brand. Brand names help consumers identify products that might benefit them. Brands also say something about product quality and consistency.
