Generic Brand - Definition & Meaning
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.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 1800 business concepts from 5 categories.
Continue Reading:
