What Is Brand Awareness? Brand awareness is a marketing term for the degree to which consumers recognize a product by its name. Ideally, consumers’ awareness of the brand may include positive perceptions of the qualities that distinguish the product from its competition. Creating brand awareness is a key step in promoting a new product or
What Is Brand Equity? Brand equity refers to a value premium that a company generates from a product with a recognizable name when compared to a generic equivalent. Companies can create brand equity for their products by making them memorable, easily recognizable, and superior in quality and reliability. Mass marketing campaigns also help to create brand
What Is Brand Extension? A brand extension is when a company uses one of its established brand names on a new product or new product category. It’s sometimes known as brand stretching. The strategy behind a brand extension is to use the company’s already established brand equity to help it launch its newest product. The company
What Is Brand Identity? Brand identity is the visible elements of a brand, such as color, design, and logo, that identify and distinguish the brand in consumers’ minds. Brand identity is distinct from brand image. The former corresponds to the intent behind the branding and the way a company does the following—all to cultivate a certain image in consumers’ minds:
As Harvard Business Review (HBR) has reported, companies with high scores on two often-overlooked (and closely related) market research metrics—brand loyalty and customer loyalty—not only grow revenues 2.5 times faster than industry peers, but also deliver two to five times the returns to shareholders over 10-year time frames. The fact that brand loyalty—a long-term commitment
What Is Brand Management? Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Effective brand management enables the price of products to go up and builds loyal customers through positive brand associations and images or a strong awareness of the brand.
What Is Brand Piracy? Brand piracy occurs when a product features a name or logo similar to another well-known brand or product. It is common among products that are easily replicated, and consumers will often mistake a counterfeit product for the original brand name. Brand piracy occurs because companies attempt to take market share from their more popular competitors. Brand
What Is the Brand Potential Index (BPI)? The brand potential index (BPI) is a measure of the correlation between a brand’s development index (BDI) and its market development index (MDI) for a specific market or area. The Brand Potential Index (BPI) takes the number of actual and potential customers within a market area and compares
What Is a Builders Risk Coverage Form? A builders risk coverage form is an insurance policy that covers residential and commercial structures while they are under construction or being remodeled or renovated. The policy appears on a reporting or completed value form, as there is no standard form or contract to fill out. A builders risk
What Is a Breach of Contract? A breach of contract is a violation of any of the agreed-upon terms and conditions of a binding contract. The breach could be anything from a late payment to a more serious violation, such as the failure to deliver a promised asset. A contract is binding and will hold
