Chapter 4 Branding and differentiation Flashcards
Chapter 04
How can a business manage its brand?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
- Through their product
- Through their promotion
- Through their place (location)
- Through their prices
Chapter 04
How can a business differentiate itself?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
- Give the product a USP
- Make it more convenient
- Lower prices
- Offer faster delivery / service
- Better value for money
Chapter 04
What is an “own” brand?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
A product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product
Chapter 04
What is branding? (What is a brand?)
Edexcel 2BS01 Business Studies GCSE Unit 3.1
A named product which consumers see as being different from other products and with which they can associate
Chapter 04
What is differentiation?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
Making one product different from another in some way, for instance through quality of a product, its design, packaging or advertising
Chapter 04
What is the role of branding in a business? (Why is it important to have a strong brand)?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
- To allow a product to stand out in the marketplace
- Increases repeat purchase
- Allows the firm to add value
Chapter 04
Why is it important for a business to differentiate?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
- To make them stand out against their competitors
- Enables them to add value
- Increases their sales
- Increases their market share
Chapter 04
What is a generic product?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
A product made by a number of different businesses in which customers see very little or no difference between the product of one business compared to the product of another business
Chapter 04
What is penetration pricing?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share
Chapter 04
What is premium pricing?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
A price which above the average for products of a particular type
