Chapter 15, Problem eWYWL

To determine

Economic significance of advertising and brand names

Concept Introduction:

Advertising It is an important audio-visual form of marketing strategy blueprint to create a market value for the product through consumer persuasion to buy the goods. The campaign serves to encourage the potential consumers to purchase the advertiser’s goods/services. Billboards, websites, television, newspaper, radio etc are means to execute the business strategy imbibing elements like geographic location, demographics and income group of the target group, special offers, market share etc. It is broadly classified into three types- Informative, persuasive and reminder.

Trademark The legal protection of the brand name is done through a trademark. It implies a word, sign, symbol or graphic specific to a company or product that makes it unique and distinct from the other products/companies. It is a business asset which prevents the others from copying or taking advantage of the goodwill in the owner’s brand name.