Very Short Question and Answers - Product

A brand is a name, term, sign, symbol, design, or some combination of these used to identify goods or services of one seller or group of sellers and to differentiate them from competitors.

The verbal component of a brand is called a brand name.

A brand mark is the part of a brand that can be recognized but not spoken; it appears as a symbol, design, distinct color scheme, or lettering.

A trademark is a brand or part of a brand that is given legal protection against use by other firms.

Price represents the sum of values that consumers exchange for the benefit of having or using a product or service.

Pricing is important because no product can be launched without a price tag, and it significantly affects demand, revenue, and profits of a firm.

An increase in price generally leads to a decrease in demand for that product.

Sales promotion refers to short-term incentives designed to encourage immediate purchase of a product or service.

Sales promotion activities include cash discounts, sales contests, free gift offers, and free sample distribution.

Advertising is a paid form of communication, while publicity is a non-paid form of communication that presents favorable news about a product or service in the mass media.

The principal goal of sales promotion is to boost sales through immediate buyer incentives.

Some common brands include Bata, Lifebuoy, Dunlop, and Parker.

In a competitive environment, firms often use pricing as a weapon to attract customers and compete with competitors.

The two categories of brand elements are brand name and brand mark.

Pricing is the single most important factor affecting the revenue and profits of a firm; it directly impacts how much can be earned from sales.

Publicity serves to create awareness and positive perceptions of a product or service without the cost associated with advertising.

A cash discount is a reduction in the price offered to encourage immediate payment or purchase.

It is important for a company to protect its trademark to have exclusive rights to its brand and prevent other firms from using it.

An example of a short-term incentive in sales promotion is offering a free sample of a product.

The main purpose of sales contests is to motivate staff or distributors to increase sales through competition.