Branding is a process that involves creating a specific name, logo, and image of a particular product, service, or company. This is done to attract customers. It is usually done through advertising with a consistent theme. It aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. A brand is a name, term, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer. Brands are used in business, marketing, and advertising.
Differences Between Marketing and Branding
|Meaning||Marketing brings the company and the customers together for an exchange of goods and services||Branding is a creative process that helps customers to remember a product by its name, logo, image, etc.,|
|What does it do?||Cultivates customers||It builds trust|
|Influence||Motivates customers to buy products immediately||Influence customers to buy a product by leaving an impact on their mind|
|Creates||Aims at creating customer need||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|
In a management context, branding is a symbolic representation of information associated with a product or service. A brand particularly consists of a name, logo, and other visible features including color combinations, fonts, images, symbols, etc. A brand raises several expectations in the minds of individuals concerning particular goods or services.
Advantages of Branding
- A brand helps buyers in identifying the product that they like/dislike.
- Identifies the marketer.
- It helps reduce the time needed for purchase.
- The buyer may derive a psychological reward from owning the brand.
- It helps reduce buyers’ perceived risk of purchase.
- A brand distinguishes product offerings from competitors.
- Helps segment the market by creating tailored images.
- It identifies the companies’ products making repeat purchases easier for customers.
- Reduces price comparisons.
- Helps the firm introduce a new product that carries the name of one or more of its existing products.