Strategies for branding development
1. What is product and what is brand
2. Why is branding important
3. How do we build successful brands
4. How do we manage Brands
In order to properly evaluate brands and branding theories, we should explain the difference between products and brands. A Product is a physical good, service, idea, person, or place that is capable of offering tangible and intangible attributes that individuals or organisations regard as so necessary, worthwhile or satisfying that they are prepared to exchange money, patronage or some other unit of value to acquire it. A Brand is a term, symbol, name or combination of these, which is used to identify the goods or services of one seller or a group of sellers and to differentiate them from the products and services of the competitors. The brand identifies the maker of the product. Let’s take the cola drink for example. Any manufacturer can produce that drink, but only the Coca-Cola Company can produce Coke. Branding is not a new phenomenon, in fact they have been developing for more than 100 years and nowadays they are legally accepted as intellectual property. But apart from other intellectual properties like patents a copyrights, brands don’t have expiration date. Today, marketing recognizes 3 main types of brands: manufacturer (that make the products like Coca-Cola), distributor (huge wholesalers like Sainsbury’s or HMV) and generic brands (show only product information required by law. Known as ‘white carton’ goods and is typical for plain flour or pharmaceutical products) 2.
With their development, brands are gaining more and more market importance as they are providing benefits both for consumers and producers. Brands advantages for consumers are:
Based on consumer experience, Branding helps people to identify the products and services that satisfy their needs and wants and to avoid those brands that don’t meet their taste. Reduce levels of perceived risk and uncertainty of...
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