A group of related products manufactured by a single company. For example, a cosmetic company's makeup product line might include foundation, concealer, powder, blush, eyeliner, eyeshadow, mascara and lipstick products that are all closely related. The same company might also offer more than one product line. The cosmetic company might have a special product line geared toward teenagers and another line geared toward women older than 60, in addition to its regular product line, that can be used by women of any age. A good way for a company to try to expand its business is by adding to its existing product line. This is because people are more likely to purchase products from brands with which they are already familiar. For example, a frozen pizza company may want to increase its market share by adding frozen breadsticks and frozen pastas to its product line. A distinguishing symbol, mark, logo, name, word, sentence or a combination of these items that companies use to distinguish their product from others in the market. Once a brand has created positive sentiment among its target audience, the firm is said to have built brand equity. Some examples of firms with brand equity -- possessing very recognizable brands of products -- are Microsoft, Coca-Cola, Ferrari, Sony, The Gap and Nokia. Legal protection given to a brand name is called a trademark. A set of human characteristics that are attributed to a brand name. A brand personality is something to which the consumer can relate, and an effective brand will increase its brand equity by having a consistent set of traits. This is the added-value that a brand gains, aside from its functional benefits. There are five main types of brand personalities: excitement, sincerity, ruggedness, competence and sophistication. Customers are more likely to purchase a brand if its personality is similar to their own. Examples of traits for the different types of brand personalities: Excitement: carefree, spirited, youthful. Sincerity: genuine, kind, family-oriented, thoughtful. Ruggedness: rough, tough, outdoors, athletic. Competence: successful, accomplished, influential, a leader. Sophistication: elegant, prestigious, pretentious. A product or service that has an energetic and loyal customer base. A cult brand, unlike others, has customers who can be described as near-fanatical, true believers of the brand and may feel a sense of ownership or vested interest in the brand's popularity and success. Cult brands have achieved a unique connection with customers, and are able to create a consumer culture that people want to be a part of. Examples of modern cult brands include the Mini Cooper, Harley-Davidson, Vespa, Zappos and Apple. A brand, by definition, is a distinguishing logo, mark, sentence, symbol or word that identifies a particular product. Companies use various strategies to improve brand recognition and build brand equity. Very recognizable brands include Nike, Coca-Cola and Microsoft. Cult brands are different than fads. A fad is a short-lived "craze" where a particular product suddenly gains a lot of attention among a large population, marked by a temporary and excessive enthusiasm and then just as quickly fizzles out of style. Where fads are unsustainable and last only a short period of time, cult brands typically begin small and gradually build a steady following. The categories that can be controlled int he marketing of a good or service: product, price, place and promotion. The four Ps, often referred to as the marketing mix, are all constrained by internal and external factors in the overall environment. Designs made in the "product" component determine the name, design and packaging of the good. "Price" involves the cost of the good and if volume or seasonal discounts will be offered. "Place" decisions outline where the product will be sold and how it will be delivered to the market. "Promotion" involves advertising, public relations, and promotional strategy. The four Ps and the marketing mix were popularized in the 1950s by Neil Borden. Until the advent of the internet and greater integration between businesses and consumers, the marketing mix helped companies take into account the physical barriers that prevented widespread adoption of a product. Extensions to the Ps have included "people", "process", and "physical evidence" as important components in their models. Usually referring to E. Jerome McCarthy's 4 P classification for developing an effective marketing strategy, which encompasses: product, price, placements (distribution) and promotion. When it's a consumer-centric marketing mix, it has been extended to include three more Ps: people, process and phyiscal evidence, and three Cs: cost, consumer and competitor. Depending on the industry and the target of the marketing plan, marketing managers will take various approaches to each of the four Ps. The term "marketing-mix", was first coined by Neil Borden, the president of the American Marketing Association in 1953. It is still used today to make important decisions that lead to the execution of a marketing plan. The various approaches that are used have evolved over time, especially with the increased use of technology. A colloquial term for a sector or business that is in its infancy, but is growing at a rapid pace. A sunrise industry is typically characterized by high growth rates, numerous start-ups and an abundance of venture capital funding. Sunrise industries generally have plenty of "buzz" surrounding them as public awareness about the sector increases and investors get attracted to its long-term growth prospects. Examples of sunrise industries include alternative energy in the period from 2003 to 2007, and social media and cloud computing in 2011 and 2012. A sunrise industry is often characterized by a high degree of innovation, and its rapid emergence may threaten to push into obsolescence a competing industry sector that is already in decline. Because of its dim long-term prospects, such an industry is referred to as a sunset industry. Over a period of years or decades, as an industry grows and matures, it may pass from the sunrise phase to maturity, the sunset stage. The compact-disc industry is a typical example of such a transition. It was a sunrise industry in the 1990s as compact discs replaced vinyl records and cassette tapes, but the rapid adoption of digital media in the 21st century could mean that the compact-disc industry's days are numbered. The transition from the sunrise to sunset stages is likely to be more rapid in dynamic sectors, such as technology.