Almost every business has a trading name, from the smallest market trader to the largest multi-national corporation. Only a minority of those businesses however, have what could be classed as a ‘brand’ or a ‘brand name’. A brand can take many forms, including a name, sign, symbol, color combination or slogan. The word branding began simply as a way to tell one person's cattle from another by means of a hot iron stamp. A legally protected brand name is called a trademark. The word brand has continued to evolve to encompass identity - it affects the personality of a product, company or service. A concept brand is a brand that is associated with an abstract concept, like breast cancer awareness or environmentalism, rather than a specific product, service, or business. In consumer based marketing branding plays a vital role. To succeed in branding one must understand the needs and wants of your customers and prospects. It can be done by integrating brand strategies through company at every point of public contact. Brand resides within the hearts and minds of customers, clients, and prospects. It is the sum total of their experiences and perceptions, some of which one can influence, and some that one cannot. A strong brand is invaluable as the battle for customers intensifies day by day. It's important to spend time investing in researching, defining, and building your brand. After all, brand is the source of a promise to consumer. It's a foundational piece in marketing communication.
The American Marketing Association (AMA) defines a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers. Therefore it makes sense to understand that branding is not about getting target market to choose over the competition, but it is about getting prospects to see as the only one that provides a solution to their problem. The objectives that a good brand will achieve include:
• Delivers the message clearly
• Confirms your credibility
• Connects your target prospects emotionally
• Motivates the buyer
• Concretes User Loyalty
Fig: Branding in individual product decision
3. FORMATION OF BRANDING
Branding comprises of brand name, brand mark and trade mark.
1. BRAND NAME
The brand name is quite often used interchangeably with "brand", although it is more correctly used to specifically denote written or spoken linguistic elements of any product.
Types of brand names
Brand names come in many style. A few include:
Acronym: A name made of initials such as UPS or IBM
Descriptive: Names that describe a product benefit or function like Whole Foods or Airbus Alliteration and rhyme: Names that are fun to say and stick in the mind like Reese's Pieces or Dunkin' Donuts Evocative: Names that evoke a relevant vivid image like Amazon or Crest Neologisms: Completely made-up words like Wii or Kodak
Foreign word: Adoption of a word from another language like Volvo or Samsung Founders' names: Using the names of real people,and founder's name like Hewlett-Packard or Disney Geography: Many brands are named for regions and landmarks like Cisco and Fuji Film
2. BRAND MARK
That part of a brand which can be recognized but is not utterable, such as symbol, design, or distinctive coloring or lettering
3. TRADE MARK
A trademark or trade mark or trade-mark is a distinctive sign or indicator used by an individual, business organization, or other legal entity to identify that the products or services to consumers with which the trademark appears originate from a unique source, and to distinguish its products or services from those of other entities. A trademark may be designated by the following...