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.
Investment dictionary. Academic. 2012.
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Brand awareness — is a marketing concept that refers to a consumer knowing of a brand s existence; at aggregate (brand) level it refers to the proportion of consumers who know of the brand.Measurement driven conceptualizationBrand awareness can be measured by… … Wikipedia
brand awareness — ➔ awareness * * * brand awareness UK US (also brand awareness) noun [U] ► MARKETING, COMMERCE the degree to which people are familiar with or prefer a particular brand: »The objective is to develop positive attitudes and build brand awareness… … Financial and business terms
brand awareness — noun The level of public familiarity with a branded product • • • Main Entry: ↑brand … Useful english dictionary
brand awareness — Il brand awareness identifica il grado di conoscenza, la notorietà del marchio da parte del pubblico target e la fedeltà degli utenti ad esso. Può essere rilevato e misurato attraverso le analisi di mercato, come le indagini a campione e i… … Glossario di economia e finanza
brand awareness — / brænd əˌweənəs/ noun consciousness by the public of a brand’s existence and qualities ● How can you talk about brand awareness when most people don’t even know what the product is supposed to do? ● Our sales staff must work harder to increase… … Marketing dictionary in english
brand awareness — Mktg the level of brand recognition that consumers have of a particular brand and its specific product category. Brand awareness examines three levels of recognition: whether the brand name is the first to come to mind when a consumer is… … The ultimate business dictionary
aided brand awareness — One of the variables used in ad tracking research; usually a researcher will ask respondents to indicate whether they are aware of various brands not mentioned in an unaided brand awareness question. Aided awareness is not regarded as a powerful… … Big dictionary of business and management
Brand extension — or brand stretching is a marketing strategy in which a firm marketing a product with a well developed image uses the same brand name in a different product category. Organizations use this strategy to increase and leverage brand equity… … Wikipedia
awareness — a‧ware‧ness [əˈweəns ǁ əˈwer ] noun [uncountable] knowledge or understanding of a particular subject, situation, or thing: • US investors awareness of international bond markets • They need to raise awareness of the product in markets such as… … Financial and business terms
brand management — ➔ management * * * brand management UK US noun [U] ► MARKETING, COMMERCE the process of controlling the way in which a company markets a product or brand so that people continue to buy it or buy more of it: »The company recognized as a leader in… … Financial and business terms