What is Branding?
A brand is the combination of a name, words, symbol, or design that identifies the product and a company and differentiates it from the competition. Branding serves as a way for consumers to quickly and easily identify one product from another and to associate them with quality attributes related to the brand name.
Benefits of Branding
Companies use branding and the consumers’ ability to identify brands to improve sales in four ways:
- To market new products,
- To protect market position,
- To broaden product offerings,
- And to enter new product categories