Product Naming Concerns and Intellectual Property Protection – Tangible Product
Product Naming Concerns and Intellectual Property Protection
Product Naming Concerns and Intellectual Property Protection
Product naming begins with thorough assessment and understanding of the market that the product is targeting as well as the competition situation. A proper process of product naming will influence the outcome of its success in the market and the future new products (Elliott 2009). Orb Audio is a recently new product in America made with a combination of fantastic sound and an attractive design. They make home theater speakers and stereo speaker systems. Selling directly to the customers enables the company to focus on quality and innovation. The new products are of high-quality audio elements with reasonable prices.
Products names have a purpose and information that they relay to the market in different ways. Functional names may be descriptive of what the user effects of the product. They are best for the products at the time the company sees need to build direct brand equity to other parent brands. These products include BMW 325 and the Oracle Database 11G. The right name for the product is the one that will reinforce the company and the position of the brand (Elliot, 2009). An invented name would sell through approval though the name needs a big budget to market for it to work successfully.
For the success of a new product, one has to develop a commodity with the desirable name. It has to be unique in the market in which it is new and should have its features communicated to the consumers for support.
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New products may fail if there is no differentiating advantage over other products. Poor planning and timing would also be a reason for a new product launching to fail in addition to other factors like poor quality and low market access.
A few companies name new products much sooner than they are really accessible or available to the outside market. Past research has explored the impacts of such new product name on consumer and contender reactions. Besides, the studies have gone ahead to find out that new product originality and name moderately affects the outcomes of the other new products in the market (Elliott 2009). There is an effect to such an extent that the positive overflow impacts are more purported for truly new products than for other future incrementally new products. New product name swells members’ translation levels of another product in that the more the new product named stays as the future; the higher is their interpretation level.
The brand image may refer to the impression of a brand the consumers get in mind. According to Elliott (2009), the image is developed with advertisements with themes that are consistent; authenticated through the direct experience of the customer. It is one of the most crucial concepts when it comes to customer behavior. As Elliot explains, brand image will include a strong message that is enhanced with tagline featuring the logo of the company and establishes an identity in the minds of the customers. It makes easy for customers to remember and this improves repeat purchases. Also, the consumers get enlightened and educated through the brand image. As such, companies get recognition among the consumers in the new the market. Consumers tend to give more consideration to the product giving it credibility and trust. Moreover, the consumers develop a positive perception towards the product which creates a good emotional attachment.
Intellectual property protection or rights are the ideas and expressions that give a base to which there is a public will of property status bestowal. The rights provide certain protection to the manufacturer or inventor of a product (Stoll, et al. 2011). This enables the right people to reap commercial benefits from the work of their innovation. It provides protection against piracy and unauthorized use of the original idea one of a particular business entity. Intellectual property rights can play a positive key role in the development of a new product and encourage business development. They, however, may bring harm to the prospects of development by leading to a rise in the cost of imitation. They may bring about monopolistic behavior by owners of the rights (Stoll, et al. 2011). According to Stoll et al., the benefits and the cost of intellectual property rights and protection will depend largely on the market structure as well as the efficiency of the regulation guiding the business.
The naming of a product has a significant role in influencing customer reception and acceptance. According to Kalanje (2012), the product name helps distinguish one product brand from another of another company in the same field of business (Kalanje 2012). As Stoll et al. (2011), explain, from the stage of concept formulation to the success of launching a new product in the market, protection rights are important for the successful growth of the product without piracy or other malicious acts against the new product. Intellectual property protection hinders unfair competition which enables the company’s product developers to engage in continuous improvement depending on customer feedback. Hence, the growth of the market share in regards to the new product becomes smooth and steady due to controls against sabotage.
Elliott, R. H. (2009). Brands and brand management: Critical perspectives on business and management. London: Routledge.
Kalanje, C. M. (2012). Role of Intellectual Property in Innovation and New Product Development. Retrieved from http://www.wipo.int/sme/en/documents/ip_innovation_development_fulltext.html
Stoll, P.-T., Busche, J., & Arend, K. (2011). WTO, trade-related aspects of intellectual property rights. Leiden: Nijhoff.
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