It is the process of creating a unique name and image of a product or service in the mind of consumers. Branding is an important marketing tool used to stimulate recognition when a product is branded. It develops a personality and a reputation. A successful branding campaign results in a name, design, logo or other recognizable symbol that stand out among its competitors. Its aim is to generate a significant and differentiated presence in the market that’s attracts and retains repeated customers. Branding defines what a company represents, the promise it made to serve its customers and the personality it forecast.
Examples of famous branding name are:
Adidas …show more content…
THE IMPORTANCE OF A GOOD BRANDING
• In today’s global market, it is important to stand away from the crowd. Branding is the most important aspect of any business large or small.
• Branding helps to be able to compete with competitors, add value to the products and services as well as build a good relation with the customers.
• Branding is a good way to make a company offer different product and services and to be more desirable than anyone else.
• An effective branding makes a product have a unique character.
• If a branding is easy to recognize, this will help customers feel more at ease to purchase the product.
• A proper and clear branding makes a customer at ease when buying the product and services, as they know exactly what to expect each and every-time they experience it.
• It is important to note that your brand represent your company, as branding are the main connectors between the company and its customers.
• A good brand strategy helps to fulfill the mission and vision of the company.
• Research has proved that branding have a powerful role, especially in industrial market, where it is difficult to maintain meaningful differentiation on the goods quality or …show more content…
Consumers are loyal to that company because of the brand.
The popularity of the brand has a big effect on the non-customer as their closed ones use that brand's product; they see the ads on local buses.
(4) Premium Price
People wants to pay more to buy a particular product of a brand rather to those of competitors.
With a well-established brand, company can produce new products.
(6) Greater company equity
With a brand name, company can get more money when the owner decides to sell it.
(7) For Consumers, less risk
A confused customer tends to buy a brand's product over a no-branded product.
DRAWBACKS OF BRANDING Expensive to Design
Designing and creating is expensive and also time consuming.
Difficult to maintain
It is not always easy for companies to maintain brand identity. Marketers must always be careful of not tarnishing their brand identity. Difficult and Expensive to change
Changing and modifying brand identity is difficult as customers will be doubtful about the