Concept of Branding

Branding Concept

Branding Concept

Branding is a major decision issue in managing products. Well-known brands have the power to command a price premium. Today, the brands Mercedes, IBM, Sony, Canon and others enjoy a huge brand-loyal market. According to Business Week, the Intel brand is one of the top 10 global brands, with a brand equity value of more than US 30 billion dollars. [ Branding Concept ]
The history of branding goes back centuries in time when craftsmen wanted to be identified for their skills and placed their distinct and identifiable marks on goods they crafted. This was the earliest form of branding to build a reputation of particular artisans by word-of-mouth. Buyers learned to look for distinctive marks just as we look today for brand names and trademarks on products. According to George S. Low and Ronald A. Fullerton, such marks have been found on early Chinese porcelain, on pottery jars from ancient Greece and Rome, and on goods from India dating back to 1300 B.C. The origin of “brand” is the Norse word brand, that means, “to burn,” and owners of livestock mark their animals to identify them. [ Branding Concept ]
Branding has always been an important aspect of marketing. Distillers in the 16th century burned or put their brand name on the wooden containers. This identified the whiskey of one distiller from that of others. The branding evolution continued and the real boost to branding came in the middle of the 20th century. American Marketing Association defined 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 competition.” Thus, according to AMA definition, the key to being able to create a brand is to choose a name, term, sign, symbol, logo, design, package, or other attributes to identify a product from those of others.[ Branding Concept ]

Branding Concept

OUR COURSES

Online Professional Certification