In class this week, we discussed the topic of branding. Branding is the main tool marketers use to distinguish their products from those of their competitors. Branding consists of a brand, a brand name, and a brand mark. A brand is a name, term, symbol, design or combination that identifies a seller's product. A brand name is that part of a brand that can be spoken, including letters. A brand mark is the elements of the brand that cannot be spoken.
We also went deeper into branding with its benefits. Branding has three main purposes:
1. Product Identification: Branding allows marketers to distinguish their products from all others.
2. Repeat Sales: This is the best generator to satisfy customers. Branding helps consumers identify products that they want to buy again.
3. Facilitate New-Product Sales: Having a well-known respected company and brand name is extremely useful when introducing new products.
With these benefits, a company can continue to gain sales, have their customers identify their products, and keep them interested when introducing new products.
Do you believe that one of these purposes are more significant than another when it comes to branding? If so, why do think so?