BRANDING - Marketing

The selection of a proper brand name is the major step in managing a product. The branding of a product is like naming a new-born child. It basically serves to identify the offering. Branding can add value to a product and is therefore an intrinsic aspect of product strategy. Essentially, a brand is a promise of the seller o delivers a specific set of benefits or attributes or services to the buyer. Each brand represents a level of quality.

Some key definitions of branding are:

Brand: Brand is a name, term, sign, symbol or design or a combination of them, which is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. Thus a brand identifies the maker or seller of a product.

Brand Name: It is that part which can be vocalized – the utterable Example: Videocon, Dalda.

Brand Mark: it is that part of a brand which can be recognized such as a symbol, design or distinctive colouring or lettering. Example: ‘Butterfly’ of Co-optex’, ‘Maharaja’ of Air India or ‘Red India or ‘Red colour inverted triangle’ for Family planning.

Trade Name / Mark: it is brand name of symbol that is given ‘legal protection’ because it is capable of exclusive appropriation by the seller.

BRANDING DECISION

The first decisions is whether the company should put a brand name for its product. Historically, most products went unbranded. But to-day, branding has become such a strong force that nothing goes unbranded. For instances, salt is also now marketed in distinctive manufacturer’s brand.

REASONS FOR BRANDING

1. The brand name makes is easier for identification of the product both for the marketer and consumer.

2. It makes easier to process orders and track down problems.

3. The brand name and trade mark provide legal protection of unique product features which would otherwise be copied by competitors.

4. Branding gives the marketer the opportunity to attract loyal and profitable set of customers by creating brand image and brand loyalty.

5. Good brand helps build the corporate image.

6. Branding helps the marketer to markets.