Marketing Mix — Part 2: Branding, Labelling, Packaging and Price: visual lesson, ISC Class 12 Commerce

Lesson

Branding, Packaging and Price

Part 2: branding, labelling and packaging, the factors that decide price, and five pricing strategies.

In this lesson you will

Explain the merits of branding and labelling, and state the features of good packaging
Explain factors such as cost, demand, competition and government regulation that affect pricing
Identify the pricing strategy used in a given product launch

Part 2 at a glance

Concept

Table of brand, brand name, brand mark and trademark with meanings and an imagined example of each
Term	Meaning	Imagined example
Brand	Name, sign or design that identifies a seller's product	Japfu Pickles with its chilli mark
Brand name	The part that can be spoken	Japfu Pickles
Brand mark	The part recognised by sight	Red chilli in a circle
Trademark	A brand registered for legal protection	The registered name and chilli mark

Compare

For the seller

Differentiation, loyalty, easier launches, a fair premium.

For the consumer

Easy identification, steady quality, satisfaction, easier redress.

Table of merits of branding to the seller and to the consumer
Merits to the seller	Merits to the consumer
Sets the product apart	Easy to identify and ask for
Builds loyalty and repeat sales	Assurance of steady quality
Eases new product launches	Some status and satisfaction
Allows a fair price premium	Easier to complain and get redress