MAY 13, 2020 BY DIGITAL SKY
What is Branding & How it Influences the buying behavior? “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. The legal term for a brand is a trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name.” Ref: American Marketing Association. Brands are so much more than just a name or a logo. Brands are essentially the set of associations that they form in the minds of target consumers. The name, symbols, taglines and design are mere representations of these associations. Brands is a very powerful term & it often drives the choices that consumer makes, gives confidence to consumers about their choice and also assures the security/value towards the brand. Take an instance of bottle water and the first name comes to our mind is Bisleri though there are various other brands available like Aquafina, Also when we think of Instant noodles and first name comes to our mind is Maggi though there are few other brands available in the market as well like Yipee noodles, Why is it like that it’s because these brands have occupied our mindshare over decades and have developed their brand recall value over time.
Is it necessary to BRAND? Yes, very much due to three major reasons : 1.) Due to increasing competition where people have too many choices available and most competitors have similar offerings. 2.) Buyers are more informed and aware than before.