Marketing and Branding are both interrelated terms in marketing management. The activities are used to bring awareness of a product or company among people. They are so closely interconnected that people often do not realize the difference between marketing and branding.
What is Marketing?
Marketing is a process that involves identifying potential customers, analyzing their needs, targeting them with the product and services, and inculcating an interest to buy a product or service. Marketing is a process that brings both the company and the customers together to exchange goods and services. The aim of marketing is not only selling a product or service but also building a relationship with the customer, maintaining that relationship, and generating revenue for a long time. The essential elements of marketing, the 4Ps – Product, Price, Place, and Promotion determine the growth of a product that leads to profitable sales.
What is Branding?
Branding is an amalgamation of different things like name, logo, sign, and slogan that helps the customers to recognize and differentiate a company from other sellers. Branding involves creating a unique name, images, and logos for a product that settles in the mind of the customers. The uniqueness helps the customers to recognize a particular product, establish fondness and build trust. Brading is one of the marketing practices that aims to place a remarkable presence in the market, attract customers, develop confidence, enhance their experience and retain them for a longer time.
Differences Between Marketing and Branding
|Meaning||A range of activities carried out by the company to bring together buyers and sellers to promote an exchange of goods and services is Marketing.||Branding is the practice of assigning a brand name to a product, that helps consumers recognize and identify the company producing it.|
|What it does do?||Cultivates customers.||Builds customer loyalty.|
|Influence||Motivates customers to buy products immediately.||Influence customers to buy a product by leaving an impact in their minds.|
|Creates||Aims at creating customer needs.||Creates a healthy and strong relationship with a customer.|
|Policy||Push customers to buy.||Pull customers to buy.|
|Target Audience||Marketing is for business.||Branding is for Customers.|
|Value||Promotes intended value.||Creates value.|
|Result||Marketing results in sales.||Branding brings reputation.|