Some important terms related to Brand

1. Brand

A brand acts as the identification of a product and can be in the form of a symbol, name, design, etc. For example, Bata, Nike, etc. are brands. 

2. Brand Name

That part of a brand that can be spoken is known as a Brand Name. Simply put, the verbal part of a brand is the brand name. For example, Lux, Dettol, Dell, etc. 

3. Brand Mark

That part of a brand that cannot be spoken but one can recognise by looking at it, is known as Brand Mark. For example, the ‘swoosh’ of Nike, an apple with a small bite sign of Apple, bird sign of Twitter, etc.

4. Trade Mark

That part of a brand that is given legal protection so that other organisations cannot use it is known as Trade Mark. It means that no organisation can use the sign or name of a company for which it got legal protection. 

Banding is one of the most important components of product mix as a marketer has to make an important decision on whether the product of the firm will be marketed under its generic name or brand name. Here, the Generic name means the name of the whole class of the firm’s product. For example, laptop is a generic name but Dell, Acer, and Lenovo are brand names. Now, if a marketer sells its products under a generic name say, laptop then it will be difficult for the firm to sell the product and customers to differentiate between different companies and buy the product. Therefore, it is essential to provide a brand name to the product, so that it can be differentiated from its competitors. 

A Brand is a product’s identification and can be in the form of a symbol, design, or name, etc. The purpose of branding is not to just identify the seller or producer, but also make the product superior than the competitor’s product. 

Branding along with providing an identification mark shows a seller’s promise to deliver the product with quality and satisfaction as per the expectations of the buyer. Simply put, branding helps an organisation in product differentiation, advertising, pricing, introducing a new product or product lines, ensuring quality, etc. Branding can help the customers easily identify which product belongs to which company. Once an organisation has developed a good reputation in the eyes of the customers for its quality, then it can have greater control over the customers and can easily develop brand loyalty.