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What is a brand?
The American Marketing Association defines a brand as “a name, term, sign,
symbol, or design or a combination of them, intended to identify the goods or services
of one seller or group of sellers and to differentiate those of competitors.” A brand is
thus a product or service whose dimensions differentiate it in some way from other
products or services designed to satisfy the same need. These differences may be
functional, rational, or tangible – related to product performance of the brand. They
may also be more symbolic, emotional or intangible- related to what the brand
presents.
Most of the retail managers does brand management and their merchandise
mix is intended to improve overall gross margins and enhance retail brand awareness.
Most of the retailers have implemented their own brands, called private brands. The
private brands decrease prices to consumers, refer their prices with national brand
prices and get profits.
McDonald’s
McDonald's is the world's largest and fastest-growing food service
organisation, with more than 26,000 restaurants in 119 countries serving food and
drink to nearly 43m customers daily. In the UK McDonald's operates over 1,060
restaurants that generate a combined annual turnover of more than £1bn.