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Branding is more than just a business buzzword. It has become the crux of selling in the new economy. If the old marketing mantra was," Nothing happens until somebody sells something," the new philosophy could be" Nothing happens until somebody brands something."
The brand is the major tool of product or service differentiation. When a person or an organization is able to build a brand for itself, himself the person or the organization is able to stand apart in the job market or in the product market.
· An organization can charge a higher fee for its product or service simply because the name of the company the brand has a favorable influence on the target audience.
· It is the main reason why a consumer would buy say a Lee jeans or Luis Phillip shirt at a higher price perceiving better quality.
· Yes brand building is a laborious job. You need to provide customer delight in every product or service you sell and ready to recall a product or part from the market when something malfunctions.
· Points of parity and difference- Points of parity with the best producers in the market. If the best mobile company is providing international roaming we also need to do that
· Point of difference –For example VISA brands point of difference –Most widely available card.
Products have the same generic factuality but they are wrapped in brands, look at cars for example they all take you from place A to place B, brand distinguishes one product from another.
There is a deference between evoked set and consideration set, evoked set is when you are thirsty and you want a soft drink for example, all the brands that come in mind for soft drinks is the evoked set in our minds, but the consideration set is the top of mind brand that we consider to purchase (this is called Brand Awareness).
Brands are intangible asset and communicates value, brands have identity and personality. Brands must be strong, unique, protectable, and favorable.
Brand consists of:
- Logo: (which is mostly not found in the dictionary) like "Nike"
- Symbol: Is a none word mark like the drawings.
- Tag line: Is what companies use to positioning their brand in the minds of target group like “securing your world” used by G4S for example. The Tag Line does not change that often.
- Trade dress: is the color associated with the brand name, like Coca Cola is red for example
- Slogan: Is basically the key message for an advertising campaign and changes every certain period of time.
- Packaging: is the wrapping around the product, for example how the bottle of Coca Cola looks like.
I hope that I answered your question…..
branding is mainly, how do you present your self and where are you within the market, how would you like people seeing your service or product and if you know that well, you should know how would you be able to adjust your image in the right way in order to have a good brand
It about acquiring a unique identify and a unique space in the consumers' mind. Varous mediums are used such as advertising, promotions etc to build a brand.. Building a brand means giving a product a identity that stands out from other products in the same category. A brand communicates the quality of the product . Over the long term people become associated with the brand.
A strong brand will certainly improve sales and if the company is focusing on ensuring a product becomes a market leader, then the company has to consistently ensure the consumer's interaction with the product and the brand is a positive one and the product must deliver on its promises to the consumer.
