Q. What is a brand?
Ans. Brands are different from products in a way that brands are “what the consumers buy”, while products are “what companies make”. Brand is a promise that the product will perform as per customer’s expectations. It shapes customer’s expectations about the product. Brands usually have a trademark which protects them from use by others. A brand gives particular information about the organization, good or service, differentiating it from others in marketplace. Brand carries an assurance about the characteristics that make the product or service unique. 1. Brand identity stems from an organization, i.e., an organization is responsible for creating a distinguished product with unique characteristics. It is how an organization seeks to identify itself. It represents how an organization wants to be perceived in the market. An organization communicates its identity to the consumers through its branding and marketing strategies. A brand is unique due to its identity. Brand identity includes following elements - Brand vision, brand culture, positioning, personality, relationships, and presentations.
2. Brand personality is the way a brand speaks and behaves. When brand image or brand identity is expressed in terms of human characteristics, it is called brand personality & it is to achieve differentiation. These characteristics signify brand behavior through both individuals representing the brand (i.e. it’s employees) as well as through advertising, packaging, etc.
3. Brand positioning refers to “target consumer’s” reason to buy your brand in preference to others. Brand positioning is a medium through which an organization can portray its customers what it wants to achieve for them and what it wants to mean to them. Brand positioning forms customer’s views and opinions.In order to create a distinctive place in the market, a niche market has to be carefully chosen and a differential advantage must...