Brand refers to an identifying word, name, sentence, logo, mark, or symbol that an organization uses to differentiate its product from other rival brands.
The Brand also refers to how an individual, organization, or company is perceived by others. It is also a promise to offer distinct advantages and characteristics to the consumers.
It is possible to brand
– Product – Tesla
– Service – KFC
– Firm – Google
– Person – George Clooney
– Place – New York
– Sports & Entertainment – Real Madrid
Marketing Advantage of Strong Brands
1. Understand product performance
2. Trade cooperation
3. Customer loyalty
4. Competitive advantage
5. Licensing opportunities
6. Less susceptibility to a crisis in the market
7. Opportunities for brand extension
8. Larger margins
9. Employee retention
10. High market returns
Branding refers to the process of creating a distinct image in the mind of the customer that will help it in understanding the organization’s offerings and why it is different from that of the rival brands.
Example – Coca Cola, Pepsi
Importance of Branding to Consumers
1. Makes the shopping experience easy as the buyer can pinpoint what he wants
2. Reduces waste
3. Adds value to the product
4. Branding with help of deals and incentives creates habitual customers who are loyal
5. Swift and easy decision-making
6. Minimizes risk in product decisions
Importance of Branding to Firms
1.Identifies markets that it serves.
Example – Coca Cola
2. Provides legal protection to the branded products through copyrights, patents and trademarks. Example – Starbucks
3. Plants images and emotions in customer’s mind and creates a unique association
Example – Coca Cola
4. Builds financial value as brands can be bought and sold
Example – WhatsApp
5. Helps the customers to associate with a specific product can remember
Example – Netflix
This video explains what is a Brand and Why a Brand is important. It has the following sub-topics.
01:31 Marketing Advantage of Strong Brand
03:12 Importance of Branding to Consumers
04:57 Importance of Branding to Firms
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