What is meant by 'Brand Name’? State any four characteristics of a good 'Brand Name'.
Brand Name is a part of a brand consisting of words, letters and group of words or letters comprising a name which is intended to identify the goods or services of a seller or a group of sellers and to differentiate them from those of competitors. Example, Promise tooth paste, Safola, Maggie, Lifebuoy, Dunlop, and Rexona are the brand names.
Characteristics of Good Brand Name:
Following are the characteristics of a good brand name.
i) The brand name should be short, easy to pronounce, spell, recognise and remember e.g., lux, VIP, Rin, Vim, etc.
ii) A brand should suggest the product’s benefits and qualities. It should be appropriate to the product’s function. e.g. Trust me, Promise, Fair and lovely and Boost.
iii) A brand name should be distinctive e.g., Liril, Sprit, Zodiac.
iv) The brand name should be adaptable to packing or labelling requirements, to different advertising media and to different languages.
v) The brand name should be sufficiently versatile to accommodate new products, which are added to the product line e.g., Maggie, Colgate.
Vi) It should be capable of being registered and protected legally.
Consumer products are classified on different basis. 'Shopping Efforts Involved' is one of them. Explain any three types of products in this category.
Choice of channels of distribution depends on various factors. Explain any four factors which affect the choice of channels of distribution.
Name the element of Marketing-mix in which a set of firms and individuals creates possession, place and time utility and helps in market offering. Also explain any five important functions performed by this element.
Identify and explain the promotional tool of Marketing-mix which plays a persuasive, service and informative role and thereby link a business firm to its customers. Also explain by giving any four reasons how this tool helps in increasing the sales of businessmen.
