Brand may be defined from the brand owner’s perspective or the consumer’s perspective. There are various popular definitions of a brand −
● “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 brand is 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.” – American Marketing Association
● “A type of product manufactured by a particular company under a particular name.” − Oxford English dictionary
● “A name, term, sign, symbol, design, or a combination of these used to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.” − A product-oriented definition
● “The promise of the bundles of attributes that someone buys and provide satisfaction . . .” − A consumer-oriented definition
The fundamental purpose of branding is differentiation. A brand is a means of differentiating the seller’s product from other competing products.
Brand has the following characteristics −
Tangible characteristics − Price, physical product, packaging, etc.
Intangible characteristics − Customer’s experience with the brand, brand position, and brand image.
Here are some important objectives of a brand −
● To establish an identity for the product or a group of products.
● To protect the product or service legally for its unique features.
● To acquire place for the product in consumers’ minds for high and consistent quality.
● To persuade the consumer to buy the product by promising to serve their needs in a unique way.
● To create and send the message of strong reliable business among consumers.