Generic brands are products sold without a brand name, often at a lower price. They were first introduced in the 1970s and have since expanded to include store brands and prescription drugs. They offer cost savings for manufacturers and consumers.
A generic brand is a product that is not marketed and sold under some type of brand name. The term was first coined to identify consumer designs sold in supermarkets during the latter part of the 1970s. Since that time, the generic brand designation has come to include any brand sold exclusively under a particular retailer name, and includes prescription drugs and supermarket products. In some cases, generic products are sold at a much lower price than any branded product.
The first generic products developed in the 1970s typically featured packaging devoid of any type of packaging name or design. The packaging, on the other hand, was a simple white body with black writing identifying the contents of the package. These generic branded products were introduced in parts of Europe, the UK and the US and quickly caught the attention of consumers who were looking for ways to save money on food and other household products.
One of the main advantages of generic products was cost. For manufacturers, the savings on packaging were often significant, allowing them to continue generating profit from product sales. Consumers benefited from the low unit price, which was sometimes drastically lower than even the cheapest brands.
While the generic brand originally focused on staples like canned goods, cake mixes, and juices, enterprising entrepreneurs quickly expanded the line to include household items like dish soap, laundry detergent, and cleaning supplies. of the floors. At the height of the no-name brand fad, there were even a few dispensers that sold generic beer.
Eventually, the concept of generic branding came to include the introduction of store brands. While many retailers carried lesser-known designer brands that were only available in select chain stores, the idea of putting the retailer’s name on the packaging led to a new way to market a generic product. While the packaging still tended to be very simple in appearance, the name of the chain store that sold the product was now prominently displayed. During this phase, frozen fruits and vegetables joined the ranks of generic products sold in supermarkets around the world.
Over time, the idea of a generic brand name also became popular with the development of a line of prescription drugs. Generic drugs have the same ingredients as brand-name drugs, but are sold at a significantly lower price. Believed to be as effective as any brand-name drug, generics are now found in most major drug chains and locally owned drugstores. In some cases, health insurance coverage requires that if a generic brand-name drug is available, the drug coverage will apply only to the generic product.
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