Branding
Branding is a practice of giving a specified name to a product or group of products of one seller. It is a process of finding & fixing the means of Identification. In other words, we can say naming the product is known as BRANDING.
It can be in terms of sign, symbol or a combination of these. It is necessary for identifying the goods of one seller or group of sellers & differentiates them from those of competitors.
Purpose of Branding
3C of Branding.
Clarity
Strong brands are clear about what they are and what they are not. They understand their promise and set them apart from their competitors. It also allows them to attract and build loyalty among a desirable set of consumers.
Consistency
In addition to being clear about who they are, strong brands are also consistence. They are always what they say they are.
Constancy
It is not enough to be clear and consistent if you are not always visible your target, strong brands are constant: they are there for their customers and prospects.
Advantage of Branding
Advantage to Producer:
Easy to advertise, identify the products, to expand the product mix, creation of separate market and to increase the value of the good.
Advantage to Middle Man
Easy to recognize, availability of quality product, minimum fluctuation of price and mental satisfaction.
Advantage to Consumer
Easy to understand needs & wants of consumers, lesser risk, no need of advertisement and sales promotion, increase in sales & profit.
