· In most everyday use a brand is a named product or service.
· In some context brands are trademarks.
· In other contexts, brand refers to costumers’ and others’ belief
Brand is the set of emotional and sensory inputs a consumer associates with a particular product or service in their episodic memory system. It is the sum of all available information about product, service or company. Retail facilities, social responsiveness, and service appeal/quality, sales/marketing, public and community relations, trade exhibits, even advertising or promotions make a company the brand.
It is a series of associations that determine how customers think about the company and the services that company offer. It is defined as ‘a name, term, sign, symbol or a combination of these, that identifies the maker or seller of the product’. It is a marketing tool that allows consumers to recognize the maker of a product.
The image of brand creates expectations. It defines the product, how it operates, and how it is different from the competitors. In essence, the brand image is a promise to consumers that must be kept. Brand equity is the worth of that image and its strength, as judged by its ability to remain unaffected by temporary changes in the market place. It refers to the value of the brand. Brand equity does not develop instantaneously. A brand needs to be carefully nurtured and marketed so consumers feel real value and trust towards that brand.
Branding is an important decision designed to enhance the identity of the product through the use of unique brand names, symbols and other distinctive measures.
The way of branding also suggests the position of the brand and the targeted consumers and age group of consumers for that particular brand. For example, Vicco and Nirma are two of the very famous and old companies from India. Their approach of branding and marketing suggest that these brands are affordable and suitable for the middle class consumers. Thus they them self define the position of their brand and targeted consumers. On other hand, Liril and Lux are also the famous and old companies always known for the glamorous way of branding which brings out the desires of the consumer which make them buy their products irrespective of the class.
The way of branding also suggests the position of the brand and the targeted consumers and age group of consumers for that particular brand. For example, Vicco and Nirma are two of the very famous and old companies from India. Their approach of branding and marketing suggest that these brands are affordable and suitable for the middle class consumers. Thus they them self define the position of their brand and targeted consumers. On other hand, Liril and Lux are also the famous and old companies always known for the glamorous way of branding which brings out the desires of the consumer which make them buy their products irrespective of the class.
Brand equity can be a useful measure of the value contained in a brand. It can help evaluate brand extensions, create partnerships and provide certainty around market share expectations. But it's a difficult measure to calculate, and as a result can be extremely deceptive. It isn't just a function of brand awareness – it's also dependent on the brand's meaning. And while awareness is a straightforward, quantitative measure, meaning is a much more complicated factor, shaped by a blend of actions, communications, opinions and experiences.
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