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Branding

Branding. N5 Business Management. What is Branding?. We hear the term branding all the time – but what does it mean? The process of creating a unique name and image for a product in the consumers’ mind

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Branding

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  1. Branding N5 Business Management

  2. What is Branding? We hear the term branding all the time – but what does it mean? • The process of creating a unique name and image for a product in the consumers’ mind • Branding aims to establish a significant presence in the market that will attract and retail loyal customers. • Branding can be a logo, name or symbol that is given to a group or a type of product.

  3. Why Brand Products? Businesses create a brand for a number of reasons: • It becomes recognisable and can act as a marketing/promotional tool. This helps to distinguish businesses from their competitors. • To encourage customers to become repeat customers – they become “brand loyal” • Higher prices can be charged for branded products because people can associate them with high quality – this can increase profit. • New products can be introduced to the market easily as the brand is already known – Apple releasing iPhones.

  4. Disadvantages of branding? There are some key issues with having a brand: • If a product within the brand becomes poor or gets a bad reputation then it can damage the reputation of the whole brand name. • Competitors can begin to copy the product giving customers the opinion that it is not a genuine product. • Establishing a brand can be lengthy and expensive – may have an impact on profitability.

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