The Concept of Branding
Branding is a type of marketing practice where a company creates a name or a symbol or even a design that can be easily identifiable, about the belonging of the company. The brand acts as a true representation of the individuality of the business, and the way the business wants to flourish, this can be perceived from the brand of that particular company.
A brand concept consists of the core ideas behind a company's branding that pull together its purpose and goals. A brand concept is all about how a brand makes you feel, which becomes the base to build an entire brand and marketing strategy.
Branding
“A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers” - American Marketing Association.
A brand can be conceived as an idea or an image that people will have in their minds when they think about specific products and services or even the activities that are associated with the company.
Therefore, this is just not about the physical feature which creates a brand but moreover, it impacts the feelings of the consumers who develop belief and trust towards the company or in its product. This physical and emotional sign is triggered when they visualize the name, the logo, the identity, or even listen to the message communicated.
There are many identical products that flood the market, but brands are always unique. For example, Coke, Himalayan Products, products of Amul, there are similar, but not identical products of these ‘brands.’
“Branding is endowing products and services with the power of a brand” - Kotler & Keller.
Branding is identified as a process of giving meaning to a specific organization, company, product, or service by creating and designing an impact in the minds of the consumers. This is actually a strategy that is designed by the organizations which helps people to quickly identify and experience their brand, which eventually gives them a reason to choose their products over the competitor’s product.
Features of Branding
The features of Branding are as follows
Competitiveness
For a brand to truly be successful the needs are required to be focused as being competitive in today’s world is very important. A company has an entire team who is working behind a brand, to make that a hit. A successful brand goes beyond consumer expectations to give a competitive edge cutting to the industry.
Distinctiveness
To create an identity of the brand, the creation needs to be highly distinctive from the other. The world’s most popular brands, like Apple, Starbucks, or the BMW cars have successfully created this impact in the minds of the customers. Take for instance the Apple product which is renowned for its technical approach to design and technology gets appreciation for the innovation in its products. Starbucks promises services across the globe. Hence, we see that brands have a distinctive approach always.
Consistency
Being consistent is always the catch. It is highly important for the company to remain consistent with the devotion it does to create the brand. They should maintain the flow of efforts. Consistency will help the customers be familiar with the brand.
Leadership
The greatest brands in the world are always supported by the leaders who have the power to inspire and continually aspire for their greatness. This works the same for a sports team, and hence also for a large corporation or a small business, the most successful business ought to have an influential leader backing them.
Functions of Branding
The functions of Branding are achieved by a consistent effort. There is a whole team backing up the process of Branding and making efforts to keep a continued effect on the minds of the customers. Branding is totally a mind’s game hence, it is the mind that will help the branding to achieve its function effectively.
The features of branding are the actual function of branding as well, as the concept of branding is only dedicated as an overall process. The functions done by branding are as follows –
Differentiation.
Authenticity.
Value Setting and Centering.
Unification.
Importance of Branding in Today’s Age
Any company needs Branding so as to survive in the market and its credibility is built only because of branding. A product can be differentiated on the basis of brandings such as a bar of chocolate belonging to two different brands, hypothetically speaking Nestle and Cadbury. Branding is more psychological than physical as it leaves a deep impact on the consumers. The better a company is able to build its brand, the more chances are of it retaining its credibility in the market. Branding is one of the most important aspects of any company, no matter how big or small.
How to Revise Branding from Vedantu?
Go through Branding- Concept, Features, Functions, and FAQs on Vedantu.
Read the page carefully and then start taking notes.
Write down the subtopics in your own words.
Use illustrations as much as possible as they help retain concepts in the student’s mind.
Re-read those areas that seem a bit tricky.
Do not skip any portion of the page.
FAQs on Branding: Importance and Strategies
1. How can students prepare for a test on Branding online?
All students of Commerce can read from Branding- Concept, Features, Functions, and FAQs on Vedantu. This page has explained Branding in simple terms as well as all concepts related to the topic. They can read everything that’s here and then take notes of it. Revising from these notes will shed light on all those key areas that they may have overlooked towards the beginning. They can compare whatever they have written with what's on the page to know if they have picked up the right stuff.
2. How do students know about some features of branding?
Students can know about the features of Branding if they check out Branding- Concept, Features, Functions, and FAQs on Vedantu. Some features of branding are competitiveness, distinctiveness, consistency, and leadership. Each of these has been elaborated upon on this page. This page is like a comprehensive guide for the students who wish to know about the topic. Branding and its features have a high probability of coming for the tests and so, they must be understood well by the students.
3. Which online platform should I refer to if I want to learn about Branding?
Students who wish to learn about Branding can refer to Vedantu. Vedantu is India’s most reliable e-learning platform that only has the best material on its website. It keeps pertinent matters for the students to go through so that they do not get misguided. Students can read from Branding- Concept, Features, Functions, and FAQs. Vedantu has this material completely free of cost so that the student does not hesitate before referring to its platform. It aims to educate students in the best possible manner so that they score higher marks in the examinations and feel more confident about themselves.
4. Which sub-topics are included in the Chapter on Branding in Commerce?
All the subtopics and topics that have been included in the chapter on Branding have been provided on Vedantu. Students need to read Branding- Concept, Features, Functions, and FAQs so as to be aware. This chapter is like a guidebook for the students of Commerce as it has beautifully explained all the important pointers. They can revise from this page before an exam and get an estimate of the things that will come for the main exams. This page has been designed by Commerce teachers for this particular reason.
5. Where can students find the ideal definition of branding?
Students must read from Branding- Concept, Features, Functions, and FAQs on Vedantu to know more. All the apt definitions have been explained here so that the students know which definitions to use during the tests. The page is a perfect guide for all the students who need to study this topic in depth. It has covered all the key aspects and will help the students in revising before an exam. All students will find this on Vedanu if they log in using their credentials. All definitions must be memorized prior to a test-taking place as questions can come from any part of the chapter including the definitions. If the students have prepared themselves properly by going through the right resources, they will not feel anxious before an exam.
6. How to Remain Consistent About the Process of Branding?
Consistent is the blood that flows in the process of branding, consistency can be achieved by continuing to give the equal service and standard products to the customers to maintain their brand image, else they will land nowhere if continued efforts will be stopped. Consistency can also be approached with timely actions to the queries and problems faced by the customers.
7. What is the Image of Apple in Terms of Leadership?
When we think of the brand Apple, we immediately think of the great leader behind this that is Steve Jobs, being an extraordinary leader, he taught us many valuable lessons about strength and leadership. Thus, the company gets a different amplitude of value for this great leader. The values and the vibe created across the industry of Apple is unmatched to any other brand. Thus, we see the impact of influential leaders in the process of branding.
8. What Does the ‘Value Setting and Centering’ Function of Branding Tell?
Branding is a way of life that a company possesses in its brand formation. The company needs to set the values. A company’s branding process reaches far beyond the visualization concept and creating creative slogans. Branding covers the values that an organization truly believes in. Then the values are to be centered to the organization’s base to make an effective operating procedure.
9. What are the Steps of Branding?
Branding follows these steps:
Defining how the business wants to be perceived.
Organizing the brand based on the perceived value.
Communicate the idea and the values which formed the ideas.
Being consistent.
