The Importance Of Branding

Branding

Branding refers to the process of establishing the brand for a product in the consumers’ mind. According to Kotler (1988), branding is ‘a name, term, symbol or design or combination of them, which is intended to identify the goods of one seller or group of sellers and to differentiate them from those of competitors’. A brand is a combination of few elements, which are brand identity, brand image, brand mark, trademark and brand name. A brand identity is an ideal which is what an organization wants the publics to perceive while a brand image is a reality which is what the publics really think about an organization. Brand mark is a visual element for a product such as symbol, logo or character while a trademark is the legal designation

Firstly, the quality of the product. Consumers expect good quality products and the products or service offers by an organization should motivate and able to convince the buyer. Secondly, positioning plays an important role in building a successful brand. A strong brand should establish a clear and unique position in the target market which can be achieved through image, service standards, product guarantee, and the way it is delivered to consumers. When change is required, the challenge is to re-interpret the brand positioning in a way that is appropriate to the current time and culture. Thirdly, packaging of a product must be appealing, outstanding and attractive. A good packaging can help in building image and identity of the product. Fourthly, price should be appropriate which means equity between the value of the product and the price. Besides, the location selection of the product has a powerful effect. Products should be available at where consumers expect it to be. To create a strong brand, an organization needs to constantly advertise and promotes the product. This is because it can create awareness among the consumers. Lastly, analysis and evaluation need to be done. This is important in order to compete with the rivals of an organization, to know the effectiveness of the strategy used and for better planning for the

Firstly, it enhances product recognition. Brands provide multiple sensory stimuli to enhance customer recognition. For example, a brand can be visually recognizable from its packaging, logo, shape, etc. It can also be recognizable via sound, such as hearing the name on a radio advertisement or talking with someone who mentions the product. Besides, it helps to build brand loyalty. Customers who are frequent and enthusiastic purchasers of a particular brand are likely to become brand loyal. Cultivating brand loyalty among customers is the ultimate reward for successful marketers since these customers are far less likely to be enticed to switch to other brands compared to non-loyal customers. It also enables an organization to command a price premium. A strong brand will help an organization to differentiate the price from the rest and encourage their customers to pay for the intangible benefits they get from associating themselves with a brand that makes them appear cool fashionable, or clever. In addition, a brand provides a vital differentiator, especially when the basic product or service is widely