This blog-post will help the readers to actually understand the concept of Brand, and to understand the difference between a Brand and a Product. For readers to have a better understanding of the concept of brand there will be some examples stated in the post as well, after you read the article I am quite sure your understanding of the respective term will increase.
BRAND
According to the American Market Association a brand is a -
-Name
-Term
-Sign
-Symbol or
-Design or
-Combination of them,
intended to identify the products and services of one seller or a group of sellers and to differentiate them from those of competition, that means, if a marketer creates a new name, logo, or symbol for a existing or a new product, he is actually creating a brand.
Therefore brand is that intangible part of any product or venture which creates a certain amount of awareness, reputation and prominence etc. in the market.
BRAND ELEMENTS
In the above stated definition of Brand there are a few terms stated as well which are- name, term, sign, symbol, design or combination of all, these terms are the individuals that are used as tools to create Brand and are called Brand elements.
For example, consider the variety of brand name strategies. Some companies, like General
Electric and Samsung, use their names for essentially all their products. Other manufacturers as-
sign new products individual brand names that are unrelated to the company name, like Procter &
Gamble’s Tide, Pampers, and Pantene product brands. Retailers create their own brands based
on their store name or some other means; for example, Big Bazaar, Spencer and EasyDay, etc.
Difference between Product & Brand
A product may be a physical good like a laptop, pen, automobile or a mobile phone; a service such as an event management company, digital marketing agency or a bank; a retail outlet like a departmental store; a person such as a journalist, an athlete; or any place such as London, San Jose or Mumbai.
Now in this time of innovation and development most of the companies which are in the game have somehow figured out how to manufacture a satisfactory product and that is the reason why if you just list your product somewhere it is not likely to get you the amount of profit which it is potentially capable of. The new competition is not between what companies produce in their factories but between what they add to their factory output in the form of packaging, services,
advertising, customer advice, financing, delivery arrangements, warehousing, and other things
that people value.
That means brand is a crucial attribute of a product that provide the dimension to the product which helps the buyer to differentiate one product from the other although both the products satisfy the same needs or wants of the buyer. Steady investment of time and finances in the innovation, product development and branding makes the businesses visible in their respective markets.
Conclusion
Branding is a very important aspect of any venture, it helps the buyer to differentiate a product and also helps them to choose one product over the other, all the attributes that you are planning to link to your products or your business as a whole must be carefully researched, and must be bold enough to have a emphasis on whosoever comes across your product and finally make them trust the seller, as if the buyer trusts you the half battle is won itself. Through branding, if done right, you can create your space in a saturated market and make people buy your product.
I hope the post is informative and you like the content, I will try to present you as much as I can about the important aspects of Branding, and other aspects using which you can increase your business's profits and help it establish better.
Which is your favorite brand? and the reason why you like that brand, tell me in the comment section.
SHARE THE ARTICLE IF YOU LIKE IT.
THANK YOU FOR READING
BRAND
According to the American Market Association a brand is a -
-Name
-Term
-Sign
-Symbol or
-Design or
-Combination of them,
intended to identify the products and services of one seller or a group of sellers and to differentiate them from those of competition, that means, if a marketer creates a new name, logo, or symbol for a existing or a new product, he is actually creating a brand.
Therefore brand is that intangible part of any product or venture which creates a certain amount of awareness, reputation and prominence etc. in the market.
BRAND ELEMENTS
In the above stated definition of Brand there are a few terms stated as well which are- name, term, sign, symbol, design or combination of all, these terms are the individuals that are used as tools to create Brand and are called Brand elements.
For example, consider the variety of brand name strategies. Some companies, like General
Electric and Samsung, use their names for essentially all their products. Other manufacturers as-
sign new products individual brand names that are unrelated to the company name, like Procter &
Gamble’s Tide, Pampers, and Pantene product brands. Retailers create their own brands based
on their store name or some other means; for example, Big Bazaar, Spencer and EasyDay, etc.
Difference between Product & Brand
A product may be a physical good like a laptop, pen, automobile or a mobile phone; a service such as an event management company, digital marketing agency or a bank; a retail outlet like a departmental store; a person such as a journalist, an athlete; or any place such as London, San Jose or Mumbai.
Now in this time of innovation and development most of the companies which are in the game have somehow figured out how to manufacture a satisfactory product and that is the reason why if you just list your product somewhere it is not likely to get you the amount of profit which it is potentially capable of. The new competition is not between what companies produce in their factories but between what they add to their factory output in the form of packaging, services,
advertising, customer advice, financing, delivery arrangements, warehousing, and other things
that people value.
That means brand is a crucial attribute of a product that provide the dimension to the product which helps the buyer to differentiate one product from the other although both the products satisfy the same needs or wants of the buyer. Steady investment of time and finances in the innovation, product development and branding makes the businesses visible in their respective markets.
Conclusion
Branding is a very important aspect of any venture, it helps the buyer to differentiate a product and also helps them to choose one product over the other, all the attributes that you are planning to link to your products or your business as a whole must be carefully researched, and must be bold enough to have a emphasis on whosoever comes across your product and finally make them trust the seller, as if the buyer trusts you the half battle is won itself. Through branding, if done right, you can create your space in a saturated market and make people buy your product.
I hope the post is informative and you like the content, I will try to present you as much as I can about the important aspects of Branding, and other aspects using which you can increase your business's profits and help it establish better.
Which is your favorite brand? and the reason why you like that brand, tell me in the comment section.
SHARE THE ARTICLE IF YOU LIKE IT.
THANK YOU FOR READING
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