Generic Name

Posted in Marketing and Strategy Terms, Total Reads: 542
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Definition: Generic Name

In the brand continuum, product starts from generic name to a brand through private label, controlled label and licensed brand. Generic labels are unbranded products and goods available in the market.


They have ordinary and plain packaging, cheaper version of common products like noodles, paper towels, lentils etc. The prices are very lower than the existing brands (private or brand) of the same product or goods. The lower prices are because of zero advertising, lower-cost packaging and ordinary or lower quality of ingredients.


Generics can be widely found in medicines. Generic drugs has been a great development in the pharmaceutical industry. Consumers in the emerging markets cannot always afford high priced branded drugs and are ready to pay minimum amount of premium for a drug. Hence, the emergence of generic drugs has been widely accepted by consumers as well as the drug manufacturing company.

 

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