The Concept of Branding - A Comprehensive Guide to Brand Strategy and Marketing for Businesses
Understand the concept of branding and learn how to develop a successful brand strategy and marketing plan for your business. Discover the importance of brand identity and differentiation in today's market.
Brand plays an important role in 21st century business. A brand is a logo, or business name that comes to the mind of customers while thinking about any product or service. The word Brand is closely linked to a product or image of a place and a dignity as it conveys the idea of visible, esteemed and portable dignity.
The name term, brand, symbol, or design, or combination of them, is intended to identify the goods or services of one seller or group of sellers and to distinguish them from competitors. A brand is a product or service or an organization, considered in connection with its name, its identity and its reputation. Brand is a powerful tool for communicating with the image of popular products, services, or real places.
In searching the definition of a product it is illuminating to consider the differences between a brand and the product:
- You buy a product for what it does: you choose a brand for what it means.
- A product sits on retailers’ shelves; a brand exits in consumer’s mind
- A product can quickly be outdated; a brand is timeless.
- A product can be copied by a competitor; a brand is unique.
A product becomes a brand when a physical product is augmented by something else - images, symbols, perceptions, feelings - to produce an integral idea greater than the sum of its parts. A brand may be made up of a single product, or it may be made up of many products that combine many categories. But at its core their remains a soul, a unique identity and image that goes with its customers and strengthens its physical representation in terms of the product format. Goldstar is a brand; Goldstar Super Zed 5 White Sneaker is a product.
Brand simplifies the purchase decision of the buyer. Over time, consumers find varieties that meet their needs. If a consumer identifies a particular type and is knowledgeable about it, then he or she makes a quick decision that helps him or her save a lot of time, and can search the product. Consumers remain committed to the product and are faithful to the product as long as they believe and have a clear understanding that the product will continue to meet their expectations and perform in their desired way on an ongoing basis. As long as consumers are profitable and satisfied with the use of the product, there is a good chance they will continue to purchase that product. Brands also play an important role in highlighting certain aspects of the product to the consumer.
To get the seller's opinion on what the brand means and what it means:
- Sign of quality to satisfied customers
- Financial returns means
- Way of legal protection of products
- Process of identification to easy handling
- Basic of competitive advantage
From a consumer perspective on what a brand means and what it signifies:
- Time management
- Low risk
- Quality Symbol
- Source of Product
- Low search costs
In short, a brand can be defined as a seller's commitment to continuously provide a unique set of benefits, features, and service to the consumer/buyer. Some of the most popular brands are Goldstar, CG, Nepal Telecom, Ncell, Websurfer, Worldlink, Ruslan Vodka etc.