Professional Tips

Brand and Branding; What You Need To Know

The market situation is all about competition, strategy development, creating advantage and winning war. A tool to take advantage of the market war and drive corporate performance is the brand. With that, firms and consumers no longer compete on product attributes only but on brand offering and perception. This article entails basic things you need to know about Brand and Branding.

Brand and Branding; What You Need To Know

Branding is pervasive of every entrepreneurial process. Brand starts with the idea of conception of the need to be served, business name and location and the naming of the product and service.

From inception to end of the product life span, Branding is involved, and without brand there is no business and consumer choice.

THE CONCEPT OF BRAND AND BRANDING

Brand represents a picture or perceptual entity that lives and governs consumer mind and choice. It means uniqueness, distinction and differentiation of product that helps to satisfy needs.

A way to explain brand is to look at the concept of a new dimension that differentiates a product from others. A universal definition is the one given by the American Marketing Association as a “name, term, sign, symbol or design or a combination of them, intended to identify goods or services of one seller or group and differentiate them from those of competitors”.

Recommended: 6 Lucrative Businesses You Can Start With A Low Budget

What creates a brand distinction may be how functional, rational, quality, emotional or intangible the product is perceived by consumers. Similar brand concepts may be:

Brand name as the aspects of brand that can be spoken, verbalised and vocalised e.g turn soap, omo, coke etc.

Brand mark is the aspect that cannot be vocalised but represented with sign, colour, shape, symbols and design.

Trade name is the aspect of brand which has legal protection from relevant authorities like Corporate Affairs Commission (CAC). Similarly, branding is the process of giving a product a brand or a name.

For Branding to take place, several managerial, behavioural and organizational activities of endowing and giving products and services the value attached for a brand. It is concerned with creating difference between products.

See Also: Sources of Revenue for an e-Business

ROLE OF BRAND

Brand play roles to firms as well as consumers. In recent times, the role of brand has transcended just Identification and differentiation of firm and product. Brand assumes a big asset to firm and the customer, which includes the following:

  • It serves as an identifier or maker of a product: Products are known by their makers. This allows consumers the right to assign responsibility and claim for damages from manufacturers. When products fail to perform, the consumer can sue the brand and its maker. Also, there are so many products in the market, brand allows each to be identified as a unique product version.
  • To the consumer, brand helps to simplify buying decision making and reduce risk and probability of wrong valuation of choice of product.
  • Brand provides valuation function for the firm. It provides opportunity for entrepreneurs to categories and assesses the various brands a firm has. It assigns weight to stock and market value.
  • It helps in Inventory, material handling and tracking and accounting records. Without the brand it will be very difficult and clumsy to know, account and manage the Inventory stock.
  • Brand gives unique intellectual property right by ensuring that firms reap from their investment. As such legal protection is guaranteed for unique product. With that, legal registration and market security is assured.
  • It provides financial return. Good brands are source of assets, goodwill for firm.
  • Brand serves as a communicator to the consumers.

CHARACTERISTICS OF A GOOD BRAND

Before we choose a brand, certain criteria must be available. Brand do not just sell, they possess unique qualities that make them sellable. These qualities may be used to build or develop the early value of the brand while others may be used to defend the existing equity.

The following are qualities of a good brand:

1.) Memorable: Every good brand must be easily recalled, recognized and pronounced at both pre-purchase, purchase and consumption time. Advisably, one short or two syllabus word is better e.g Glo, Tide or three short stress patterns is encouraged e.g Toyota. It provides cognition power that leads to equity and purchase behaviour.

2.) Meaningful: A good brand should suggest to the product category the product ingredient and must be seen to be credible and have cultural basis, for instance, Choco Milo which suggests that the milo is made of chocolate.

3.) Likeable: How appealing and aesthetically pleasant the brand is in the ears and minds of tge customers. The name of the brand must be admired and should not be public and cultural offensive within a given market.

4.) Transferable: A good brand should have the capability of being used to introduced new products in the same product category. Can new brand spring up from the old brand name? Does it have the property of sharing with other brand identities? You can see Agofure Motors, now have and transfer to Agofure bread, filing station. Sony has transferred from workman radio to television, fridge, DVD, etc.

5.) Adaptable: How current, adjustable, updatable and adaptable is the brand element? Is it such a brand that its name dies as time passes by. When the brand moves to a new market, can its attribute still stand the test of the time? For example, Guinness bitter taste has remained over the years.

6.) Protectable: Is the brand legally protected? Does it have the ability of providing intellectual property right? Can it be easily registered by the relevant authorities? A good brand should  kt be easily initiated and copied. Difficulty in this provides competitive advantage and allows intellectual property right to reap the investment.

Conclusion

Brand and Branding is very essential in any business you want to get into. It is important that you know all that has been stated above before you start up your brand.

Have any question about this? Do let us know in the comment section below. Do you find this article informative? If yes, kindly use the share button to get it to those you think might benefit from it.

Admin

An experienced blogger whose top aim is to share knowledge and give out information.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button