what is brand, and how does branding work?
TRANSCRIPT
Brand A brand is a name, term, sign, symbol, design, or
some combination of these elements, intended to identify the goods and
services of one seller or group of sellers and to
differentiate them from those of competitors.
Brands identify the source or maker of a product and allow consumers to assign responsibility for its performance to a particular manufacturer or distributor.
Brand for a Consumer
They simplify product handling.
Help to organize inventory and accounting records.
Offers legal protection for unique features or aspects of the product.
Brand for a Firm
Signifies a certain level of quality which convinces buyers to choose the product again and again hence winning the trust of consumers and barring the entrance of any other competitive firm.
Brand for a Product
For branding strategies to be successful and brand value to be created, consumers must be convinced there are meaningful differences among brands in the product or service category.
Scope of Branding