The Concept of Branding
Branding is a type of marketing practice where a company creates a name or a symbol or even a design that can be easily identifiable, about the belonging of the company. The brand acts as a true representation of the individuality of the business, and the way the business wants to flourish, this can be perceived from the brand of that particular company.
A brand concept consists of the core ideas behind a company's branding that pull together its purpose and goals. A brand concept is all about how a brand makes you feel, which becomes the base to build an entire brand and marketing strategy.
Branding
“A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers” - American Marketing Association.
A brand can be conceived as an idea or an image that people will have in their minds when they think about specific products and services or even the activities that are associated with the company.
Therefore, this is just not about the physical feature which creates a brand but moreover, it impacts the feelings of the consumers who develop belief and trust towards the company or in its product. This physical and emotional sign is triggered when they visualize the name, the logo, the identity, or even listen to the message communicated.
There are many identical products that flood the market, but brands are always unique. For example, Coke, Himalayan Products, products of Amul, there are similar, but not identical products of these ‘brands.’
“Branding is endowing products and services with the power of a brand” - Kotler & Keller.
Branding is identified as a process of giving meaning to a specific organization, company, product, or service by creating and designing an impact in the minds of the consumers. This is actually a strategy that is designed by the organizations which helps people to quickly identify and experience their brand, which eventually gives them a reason to choose their products over the competitor’s product.
Features of Branding
The features of Branding are as follows
Competitiveness
For a brand to truly be successful the needs are required to be focused as being competitive in today’s world is very important. A company has an entire team who is working behind a brand, to make that a hit. A successful brand goes beyond consumer expectations to give a competitive edge cutting to the industry.
Distinctiveness
To create an identity of the brand, the creation needs to be highly distinctive from the other. The world’s most popular brands, like Apple, Starbucks, or the BMW cars have successfully created this impact in the minds of the customers. Take for instance the Apple product which is renowned for its technical approach to design and technology gets appreciation for the innovation in its products. Starbucks promises services across the globe. Hence, we see that brands have a distinctive approach always.
Consistency
Being consistent is always the catch. It is highly important for the company to remain consistent with the devotion it does to create the brand. They should maintain the flow of efforts. Consistency will help the customers be familiar with the brand.
Leadership
The greatest brands in the world are always supported by the leaders who have the power to inspire and continually aspire for their greatness. This works the same for a sports team, and hence also for a large corporation or a small business, the most successful business ought to have an influential leader backing them.
Functions of Branding
The functions of Branding are achieved by a consistent effort. There is a whole team backing up the process of Branding and making efforts to keep a continued effect on the minds of the customers. Branding is totally a mind’s game hence, it is the mind that will help the branding to achieve its function effectively.
The features of branding are the actual function of branding as well, as the concept of branding is only dedicated as an overall process. The functions done by branding are as follows –
Differentiation.
Authenticity.
Value Setting and Centering.
Unification.
Importance of Branding in Today’s Age
Any company needs Branding so as to survive in the market and its credibility is built only because of branding. A product can be differentiated on the basis of brandings such as a bar of chocolate belonging to two different brands, hypothetically speaking Nestle and Cadbury. Branding is more psychological than physical as it leaves a deep impact on the consumers. The better a company is able to build its brand, the more chances are of it retaining its credibility in the market. Branding is one of the most important aspects of any company, no matter how big or small.
How to Revise Branding from Vedantu?
Go through Branding- Concept, Features, Functions, and FAQs on Vedantu.
Read the page carefully and then start taking notes.
Write down the subtopics in your own words.
Use illustrations as much as possible as they help retain concepts in the student’s mind.
Re-read those areas that seem a bit tricky.
Do not skip any portion of the page.
FAQs on Branding: Importance and Strategies
1. What is branding in simple terms?
Branding is the process of creating a unique identity for a product or company in the mind of the consumer. It involves choosing a name, logo, design, and message that makes it distinct from competitors. Think of it as the company's personality and the promise it makes to its customers.
2. Why is branding considered so important for a business?
Branding is crucial because it helps a business achieve several key goals:
- Builds Trust: A consistent brand makes a company seem more professional and reliable.
- Creates Recognition: A strong brand identity makes it easy for customers to spot and choose your products.
- Supports Marketing: It's much easier to advertise a product with a strong, established brand.
- Fosters Loyalty: Customers often develop an emotional connection to a brand, leading to repeat business.
3. What are the key elements of a good branding strategy?
A successful branding strategy is built on a few core elements. It must clearly define the brand's purpose (why it exists), its target audience (who it serves), and its unique value proposition (what makes it special). Consistency in messaging, visuals, and customer experience is also essential to reinforce the brand identity over time.
4. Can you provide some examples of successful branding in India?
Certainly. Some great examples of successful branding in India include:
- Amul: Known for its reliability, quality, and the iconic 'Amul Girl' cartoons, it has established itself as 'The Taste of India'.
- Patanjali: Built its brand on the platform of Ayurveda, natural ingredients, and Indian wellness traditions.
- Tata Group: Represents trust, quality, and corporate social responsibility across a wide range of industries.
5. What is the main difference between a 'brand' and a 'product'?
A product is a physical item or a service that is offered for sale. A brand is the perception, idea, and feeling that consumers have about that product or its company. For example, a smartphone is a product, but 'Apple' or 'Samsung' are brands that represent innovation, design, and a certain lifestyle. You make products in a factory, but you build brands in the minds of consumers.
6. How does good branding help a company charge a higher price for its products?
Good branding builds perceived value. When customers trust a brand and associate it with high quality, reliability, or a desirable image, they are often willing to pay more for it. This is because the brand offers more than just the physical product; it offers assurance and a positive experience. This allows the company to move beyond competing solely on price.
7. What does it mean for a brand to be 'consistent'?
Brand consistency means that all aspects of the brand—from the logo and colours to the tone of voice in advertisements and customer service interactions—are uniform and aligned. This repetition helps to reinforce the brand's identity and message, making it more memorable and trustworthy for the audience. An inconsistent brand can confuse customers and weaken its identity.
8. What are the main functions of branding from a marketing perspective?
From a marketing viewpoint, branding performs several vital functions. It primarily helps in product differentiation, making a product stand out from a sea of similar options. It also aids in advertising and sales promotion, as a recognisable brand is easier to promote. Furthermore, it eases the process of launching new products, as the company can leverage the trust and reputation of the existing brand name.
