Product branding and corporate branding aim to encourage consumers to purchase the products or services provided by the company. Additionally, both product and corporate branding make certain promises to customers. These promises may include a promise of a certain product or service quality or price range. Finally, product branding and corporate branding focus on consumer recognition of the company's products and services.
There are many differences between product branding and corporate branding. The most obvious is the foundation of product branding is the individual products whereas corporate branding is the company. In product branding, the marketing department drives the branding and in corporate branding, it is driven by the whole organization. Product branding has a short term advertising focus and corporate branding has long term goals in mind. The audience receiving the message in product branding is the consumer, whereas all stakeholders receive the message in corporate branding – from shareholders to employees to the consumer. Finally, brand equity in product branding is created from solid advertising and communication of product attributes and it is created in corporate branding from the corporate identity, both visually and behaviorally. Also product branding focuses on the attributes of a specific product or service provided to the consumer. Corporate branding refers to the use of the company’s name for brand recognition.
Product branding has been criticized for having too narrow, external perspective, detached from the organization behind the product; corporate branding is an attempt to accommodate these weaknesses.
1b. Provide 2 examples of companies that benefited from corporate branding.
There are two companies that benefited from corporate branding, one is Progressive Insurance which combined with new strategy