Definition
Generic brands of consumer products are distinguished by the absence of a brand name. It is often inaccurate to describe these products as “lacking a brand name”, as they usually are branded, although with either the brand of the store where they are sold or a lesser-known brand name which may not be aggressively advertised to the public. They are identified more by product characteristics.
Generic Brand
What is ‘Generic Brand’
A type of consumer product that lacks a widely recognized name or logo because it typically isn’t advertised. Generic brands are usually less expensive than brand-name products due to the lack of promotions, which can inflate the cost of a good or service. Generic brands are designed to be substitutes for more expensive brand-name goods.
Explaining ‘Generic Brand’
Generic brands are known for their trimmed-down packaging, and often plain labels. For example, a supermarket may offer its own generic product next to a name-brand product in the hope that a cost-conscious customer will select the cheaper substitute. Generic brands have grown in popularity in recent years, and many retailers now offer in-house generic products to customers.
Further Reading
- Financial incentives and physicians' prescription decisions on the choice between brand-name and generic drugs: Evidence from Taiwan – www.sciencedirect.com [PDF]
- Recent trends in brand-name and generic drug competition – www.tandfonline.com [PDF]
- Generic substitution: additional challenge for adherence in hypertensive patients? – www.tandfonline.com [PDF]
- Updated trends in US brand-name and generic drug competition – www.tandfonline.com [PDF]
- Projected economic impact of clinical findings of generic entry of topiramate on G4 European countries – www.tandfonline.com [PDF]
- An exploration of the meanings of hotel brand equity – www.tandfonline.com [PDF]
- Event Study Analysis in Cases with Multiple Brand-Generic Reverse-Payment Settlements – www.tandfonline.com [PDF]
- Comparing policies to enhance prescribing efficiency in Europe through increasing generic utilization: changes seen and global implications – www.tandfonline.com [PDF]
- The measurement and determinants of brand equity: A financial approach – pubsonline.informs.org [PDF]
- Economic consequences of underuse of generic drugs: evidence from Medicaid and implications for prescription drug benefit plans – onlinelibrary.wiley.com [PDF]
