Branding-Its Meaning, Definition, Qualities, and Importance

Branding refers to the unique name of the business/company which makes its product differ from other company's product. To understand this concept we have to know about its meaning  in detail. So let's start:

Meaning of Branding:

It is more than the identification mark. With this everyone can easily identify the product, belong to the particular company. When firms/business units develop their goodwill by providing best quality then brand helps them to control over the customers and develop brand quality.

Important terms:

• Brand Name: (Dettol, Nike, Nirma surf etc.)
• Brand Mark: Maharaja sign of Air India, Red and Blue Ball are not spoken but recognized.
• Trade Mark: Brand which gives the legal protection no one can use the same.

Definition:

A"name, term, sign symbol (or a combination of these) that identifies the maker or seller of the product"

-Philip Kotler/Gary Amstrong

“The intangible sum of a product's attributes: its name, packaging, and price, its history, its reputation, and the way it's advertised.

-David Ogilvy

Qualities of Branding:

There are some important qualities which make one company 's product differ from other company's products.So lets start with the qualities of the brand which should be mentioned by every business unit:

1. It should be short and simple and easy to pronounce.
2. The names should be unique and defferent.
3. It must be suggest the utility of the product. Like: Ujala suggests brightness, Hajmola suggest digestive properly.

Importance of Branding:

Branding play vital role by describing its features which are as follows:

1. Helps in product identification:

It makes the product unique from the compititors products by descring the different features or usage of the product. For example: Colgate different from pepsodent, Nestley Maggi different from Sunfeast Yipee nuddles. having different logo and brand name.

2. Helps in advertising:

It enable the company to promote and advertise the product more effectively and aware the people about the features of the products.

3. Ensures quality:

Brand gives the quality assurance to the customers with no doubt about regarding the quality of the products.

4. Status Symbol:

By using the quality branded products the customer feels more confident and make their status high. It provides the customer more delighted.

5. Easy introduction of new product:

The companys use their exisiting brand names while introducing the new products in the market. It make easy for such company to popularize the nwe product.

6. Differential pricing:

With established image the company can easily change the price of the product as compare to its compititor's products.

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1. 1. https://tutorstips.com/financial-accounting/
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