What term identifies a business product or service and distinguishes it from competitors?

The term that identifies a business product or service and distinguishes it from competitors is a brand. A brand encompasses the overall identity of a product or service, including its name, messaging, and the perception it creates in the minds of consumers. This external representation is crucial for building recognition and loyalty among customers, making it easier for potential buyers to choose it over alternatives.

While trademarks, logos, and labels are related concepts, they serve different purposes. A trademark provides legal protection to a brand name or logo, preventing others from using it without permission, but it does not inherently describe the broader concept of the brand itself. A logo is a visual symbol that represents the brand, contributing to brand recognition but not fully embodying the entire brand identity. Labels primarily provide information about a product, such as ingredients or usage instructions, and do not encompass the branding strategy that sets a product apart from its competitors. Therefore, branding is the comprehensive term that captures the essence of distinguishing a business’s offerings.