what is brand and how does branding work
TRANSCRIPT
A brand is an intangible asset that communicates value about an organization,
its people and its products and services
The American Marketing Association defines a brand as “a name, term, sign, symbol or design, intended to identify the goods or services of sellers
and to differentiate them from competitors
Much more than a logo or design, a brand conveys
positive or negative perceptions in multiple ways, including
human behaviour
Brand Differentiation
Related to Product Performance 1. Functional 2. Rational 3. Tangible
Related to Brand Identity 1. Symbolic 2. Emotional 3. Intangible
What Brand does for the customer?
Helps to identify the source of manufacturer of the product
Experience of customers with products of same brand
quickens their purchase decision
Brands bring with them a certain level of
quality assurance
What Brand does for the
firm?
The brand provides legal protection towards unique features or
aspects of the product.
Product can be copied, but brand cannot. Once a brand
is established, it’s the invaluable asset
for an organization.
Firms can charge a premium for owning a brand
boosting profit on every sale
A well established brand adds towards the overall
value of the firm while calculating its net worth
Manodhar Allu National Institute of Technology, Jamshedpur.