A brand identifies a seller’s product from a competitor’s product. There are three main purposes for branding product identification, which is the most important purpose, repeat sales, and new-product sales. Branding has a lot of terms that marketers use there is brand equity, global brand, and brand loyalty. Marketers also have different brand strategies that they use for different products or customers. It all depends on the consumer for them to decide which strategy they will use. The different strategies are generic products, manufacturer’s brands, private brands, individual brands, family brands, and co-branding. The branding purposes and the branding strategy make up the importance of branding.
Different Branding Terms
Brand equity is one of the terms marketers use. How much is a brand worth? Brand equity is the value of the brand it doesn’t develop instantly. A brand has to be nurtured and marketed so consumers trust the brand. Brand equity can also affect the buyout price of a company. There are three different meanings of brand equity. The first is the total of brand as a separate asset when it is sold. The second is how much a consumer is attached to the brand. And lastly to describe the beliefs and associations that consumers have about the brand. Marketers tend to define brand equity differently from accountants.
Global brand is another term marketer’s use. Global brand is the name of the product that has worldwide recognition. It also has been referred to brands where at least 20 percent of the product is sold outside the region and the home country. Marketers have to make sure that there is nothing offensive in terms of the name or packaging in the different cu...
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