Branding is the process of giving a name or a sign or a symbol etc., to a product. Without a brand name no one could differentiate a product from other similar products. Branding requires a lot of investment but it also gives a higher return to the marketers after its success.
Important Terms related to Branding are as follows:
Brand: A brand is a name, term, sign, symbol, design or some combination of them, used to identify the product-goods or services of one seller or group of sellers and to differentiate them from those of the competitors. For example, some of the common brands are Lux, Bata etc. Brand is very comprehensive containing the following term:
Brand Name: That part of brand, which can be spoken, is called a brand name. For example Asian paint , Lux.
Brand Mark: That part of brand through which brand is recognized is called brand mark. It appears in the form of a symbol, design etc. For example Gattu of Asian paint
Trade Mark: A brand or part of a brand that is given legal protection is called trademark.
Characteristics of Good Brand Name are as follows
- The brand name should be short and easy to pronounce, spell and recognized
- A brand should suggest the product’s benefits and qualities
- A brand name should be distinctive
- It should be capable of being registered and protected legally.
- Brand name should be applied to new brand easily
Advantage to the marketers from a popular brand name:
- Enables Marking Product Differentiation
- Helps in Advertising and Display Programmers
- Differential Pricing
- Ease in Introduction of New Product
Advantage to Customers from a popular brand name:
- Help in Product Identification
- Ensure Quality
- Status Symbol
Popular brand name differentiates a new product from other similar products.