Generic Brand
This article covers meaning & overview of Generic Brand from marketing perspective.
What is Generic Brand?
A generic brand refers to the brand that do not have a brand name because of lack of promotions like advertisements which otherwise raises the popularity of the product and hence its price. Generic brands are usually very less expensive. The preference of generic brands hence increases in recessions when they work as a substitute for the expensive brands. They are also preferable by the cost conscious consumers.
The generic brands have increased over the years .
Characteristics of Generic Brand:
• Very less expensive
• Plain label
• Very less packaging
• Often equal in quality to a branded product
Generic brands can be supermarket goods or “generic” drugs. Generic drugs are marketed using its chemical name and ingredients.
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