Generic product

Definition
A good that is sold using the name for the type of good that it is, rather than a brand name. A
generic product is typically not heavily marketed and competes with other brand
name products largely on a price basis. Packaged food and drugs are commonly offered to
shoppers as generic products.


A type of consumer product that lacks a widely recognized name or logo because it typically isn't
advertised. Generic brands are usually less expensive than brand-name products due to the lack of
promotions, which can inflate the cost of a good or service. Generic brands are designed to be
substitutes for more expensive brand-name goods.

Generic brands are known for their trimmed-down packaging, and often plain labels. For example, a
supermarket may offer its own generic product next to a name-brand product in the hope that a cost-
conscious customer will select the cheaper substitute. Generic brands have grown in popularity in
recent years, and many retailers now offer in-house generic products to customers.

Investopedia explains 'Augmented Product'

A consumer has a host of choices across a wide price range when purchasing this type of electronic. In
order to differentiate themselves from the competition, companies selling computers will augment the
basic computer - the actual product - with warranties, customer service hotlines and other add-ons in
order to make their products stand out.

The consumer then has the choice of buying a basic computer or an augmented product that has more
bells and whistles. A company's success in selling an augmented product is heavily dependent on
consumer perception of the value the add-ons bring, which makes marketing the product very
important.


A conceptual set of qualities or characteristics capable of development into
an actual product. Typically a product definition is formed based upon market
research and other information, and then a prototype is created. Once reviewed, the
prototype is adapted or accepted as a product model.
Brand Recall
In market research, we often hear the use of the terms recall, aided recall and unaided recall.
These terms are all a subset of Brand recall. Brand recall is the extent to which a brand name is
recalled by the respondent, or the audience, as being part of a brand, product or a service.
Commonly, it is regarded that high level of unaided recall is beneficial for the brand. This is
because unaided recall is nothing but the first brand name which comes to the mind of the
respondent. It is often known as top of the mind recall. Eg: A respondent may be asked to list all
the names of cars he knows, or the list of shampoos that he/she uses. Companies look for high
levels of unaided recall with respect to competition. This is because of the fact that the first
recalled brand has a distinct competitive advantage and also is the first brand for evaluation or
purchase.
Aided recall on the other hand measures the extent to which a brand name is remembered. Eg. a
respondent might be asked, whether he knows of the Brand Bajaj, or does he remember the
advertisement of a particular brand. This aids in capturing, how well a respondent, is aware of the
brand.

Definition of 'Brand Recognition'

The extent to which the general public (or an organization's target market) is able to
identify a brand by its attributes. Brand recognition is most successful when people
can state a brand without being explicitly exposed to the company's name, but
rather through visual signifiers like logos, slogans and colors.

10 Ways to Better Brand Recognition

1. Provide great customer service.
Todays customers are looking for guarantees, prompt turn around time and
exceptional service after the sale. When making an Internet purchase, customer
service can often become a major factor in the final buying decision.
2. Develop a heart-felt story that speaks to why you are in business.
Your Internet clients and customers, as with all clients and customers, want to
know, like and trust you. I believe your target market needs to accept you as the
person behind the brand before they will buy what you are offering.
3. Work to keep your name in front of your market.
I believe in the saying out of sight and out of mind. Heres a fact of Internet
business life: If you are not consistently reminding your target market that you are
actively doing business, they will forget about you and go elsewhere.
4. Provide value exceed their expectations.
Providing on-going value to your target market is vital to better brand recognition
and becoming the well-respected go-to person in your field. Are you offering
webinars, teleconferences or classes to your market?
5. Regularly send tips and how tos in either a newsletter or email.
Ill say it again, Out of sight, out of mind. If you arent regularly staying in touch
with your customers and/or target market, youre going to lose business.
6.Write a blog.
One way to help your target market know, like and trust you is to write a blog that
informs, entertains and educates. The key to a successful blog is consistency. You
develop a loyal following by regularly providing blog posts that offer quality
information and ongoing value to your target market.
7. Develop, produce and host a Blog Talk Radio show.
You can increase your rating as an expert and reach a broader market by
developing a free Internet radio show on Blog Talk Radio. An added benefit to
hosting your own show is that once the show is recorded, you can download it to
your blog or website.
8. Host a Facebook Group.
Another free marketing resource for your current Internet customers is inviting
them to participate in a Facebook Group. In your Facebook Group, participants can
share tips, ask questions and network with one another. The benefit to you is that
you can stay in touch with your target market in real-time.
9. Write a book.
If you regularly write blog posts or newsletter articles, you have the makings of a
book. It is easy and inexpensive to write an Amazon.com Kindle book or self-
publish using a service such as CreateSpace.
10. Use the same photo/logo in all your marketing materials.
This tip seems obvious but is often overlooked. Be consistent in your branding. Use
the same photo and logo on your blog, e-signature, newsletter banner and all other
forms of Internet communication. Its one additional way youll be instantly
recognizable to your target market.


Investopedia explains 'Brand Awareness'

Brand awareness is an important way of promoting commodity-related products.
This is because for these products, there are very few factors that differentiate one
product from its competitors. Therefore, the product that maintains the highest
brand awareness compared to its competitors will usually get the most sales.

For example, in the soft drink industry, very little separates a generic soda from a
brand-name soda, in terms of taste. However, consumers are very aware of the
brands Pepsi and Coca Cola, in terms of their images and names. This higher rate of
brand awareness equates to higher sales and also serves as an economic moat that
prevents competitors from gaining more market share.

The Importance of Brand Awareness

A brand is the meaning behind your company's name, logo, symbols and slogans.
Having a unique and memorable brand helps you build brand awareness and create
a long-term position in the marketplace. Brand awareness is a measure of how well
your brand is known within its target markets.

First Step
Creating brand awareness is usually the first step in building advertising objectives.
Before you can create a favorable impression or motivate customers to buy, they
have to become aware of your brand and its meaning. Marketing messages
delivered through various media are often used to communicate the brand name and
important messages tied to its products. Making people aware that you exist helps
drive traffic to your business and create a buzz in the market.
Top of Mind
The highest level of brand awareness is top of mind awareness. This is when
customers think of you first when they need to make a purchase within your product
category. You can build top of mind awareness through repeated exposure and
consistent delivery of a good product or service over time. This is a huge advantage
in the market when customers enter a buying situation and your brand immediately
comes to mind first.

Build Equity
Equity is the value of your brand beyond your physical assets like buildings and
equipment. To develop a strong brand equity you have to develop a high level of
brand awareness. The more people are aware of you and the stronger your
reputation, the greater your profit potential and overall brand value. Word of mouth
in the market plays a strong role in helping your brand grow its customer base and
develop loyal relationships with top customers.
Digital Impact
The importance of brand awareness has become increasingly significant with the
evolution of the Internet and digital technology. The public is more equipped with
mobile and social media tools to communicate quickly about your brand -- good or
bad. This means that establishing a strong reputation for good products or services,
integrity in your business practices and community involvement are even more
critical to long-term success.



Definition of 'Standardization'

A framework of agreements to which all relevant parties in an industry or
organization must adhere to ensure that all processes associated with the creation of
a good or performance of a service are performed within set guidelines. This is done
to ensure the end product has consistent quality, and that any conclusions made are
comparable with all other equivalent items in the same class.


Definition of 'Mass Customization'

The process of delivering wide-market goods and services that are modified to
satisfy a specific customer need. Mass customization is a marketing and
manufacturing technique that combines the flexibility and personalization of
"custom-made" with the low unit costs associated with mass production