Value of Branding

A brand is a product that is easily distinguished from other products so that it can be easily communicated and effectively marketed. A brand name is the name of the distinctive product

Types of brands:

• Product brand

  • Brands associated with specific products. Fast-moving consumer goods brands (FMCG) are some of the best examples

• Service brand

  • Brands that add perceived value to services, either delivered face-to-face or via online and apps

• Umbrella ‘Family’ brand

  • Brands that are assigned to more than one product. Umbrella branding makes different product lines easily identifiable by the consumer by grouping them under one brand name

• Corporate and Own-label brands

  • Corporate branding refers to the practice of promoting the brand name of a corporate entity, as opposed to specific products or services

  • An example of corporate branding where retail outlets assign their corporate branding to a range of goods and services

• Global brand

  • The ultimate brands- easily recognised and operating worldwide. They epitomize ‘household names’. These brands are based on familiarity, availability and stability- even if they are amended to meet local customer needs and expectations

Key benefits of Effective Branding:

• Adds significant value (from the customer's point of view)

• Builds customer loyalty and aspiration

• Able to charge higher prices and demand is more price inelastic