A more neat defintion of 'Brand'

It has to be text-book sort of too as well, but I get more interested in how people who do things define concepts. As per Seth Godin, brand has to be more than design, texture or a logo. It represents to my mind essence. Rest is well-explained by Godin. I'd just like to give his textbook definition of it here:

A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another. If the consumer (whether it’s a business, a buyer, a voter or a donor) doesn’t pay a premium, make a selection or spread the word, then no brand value exists for that consumer.

Read rest of the blog post here.

Branding

Branding involves decisions that establish an identity for a product with the goal of distinguishing it from competitors’ offerings. In markets where competition is fierce and where customers may select from among many competitive products, creating an identity through branding is essential. It is particularly important in helping position the product (see discussion of product position) in the minds of the product’s target market.

While consumer products companies have long recognized the value of branding, it has only been within the last 10-15 years that organizations selling component products in the business-to-business market have begun to focus on brand building strategies. The most well-known company to brand components is Intel with its now famous "Intel Inside" slogan. Intel’s success has led many other b-to-b companies and even non-profits to incorporate branding within their overall marketing strategy.

Brand Names and Brand Marks

At a very basic level branding is achieved through the use of unique brand names and brand marks. The brand name, which may be either the individual product name or a name applied to a group or family of products, is important for many reasons including suggesting what the product is or does (e.g., Mop-and-Glow). The name is also what we utter when we discuss the product (i.e., word-of-mouth marketing).

The brand mark is a design element, such as a symbol (e.g., Nike swoosh ), logo (e.g., Yahoo! graphic), a character (e.g., Keebler elves) or even a sound (e.g., Intel inside sound), that provides visual or auditory recognition for the product.

Advantages of Brands

A strong brand offers many advantages for marketers including:

• Brands provide multiple sensory stimuli to enhance customer recognition. For example, a brand can be visually recognizable from its packaging, logo, shape, etc. It can also be recognizable via sound, such as hearing the name on a radio advertisement or talking with someone who mentions the product.
• Customers who are frequent and enthusiastic purchasers of a particular brand are likely to become Brand Loyal. Cultivating brand loyalty among customers is the ultimate reward for successful marketers since these customers are far less likely to be enticed to switch to other brands compared to non-loyal customers.
• Well-developed and promoted brands make product positioning efforts more effective. The result is that upon exposure to a brand (e.g., hearing it, seeing it) customers conjure up mental images or feelings of the benefits they receive from using that brand. The reverse is even better. When customers associate benefits with a particular brand, the brand may have attained a significant competitive advantage. In these situations the customer who recognizes he needs a solution to a problem (e.g., needs to bleach clothes) may automatically think of one brand that offers the solution to the problem (e.g., Clorox). This “benefit = brand” association provides a significant advantage for the brand that the customer associates with the benefit sought.
• Firms that establish a successful brand can extend the brand by adding new products under the same “family” brand. Such branding may allow companies to introduce new products more easily since the brand is already recognized within the market.
• Strong brands can lead to financial advantages through the concept of Brand Equity in which the brand itself becomes valuable. Such gains can be realized through the out-right sale of a brand or through licensing arrangements. For example, Company A may have a well-recognized brand (Brand X) within a market but for some reason they are looking to concentrate their efforts in other markets. Company B is looking to enter the same market as Brand X. If circumstances are right Company A could sell to Company B the rights to use the Brand X name without selling any other part of the company. That is, Company A simply sells the legal rights to the Brand X name but retains all other parts of Brand X, such as the production facilities and employees. In cases of well developed brands such a transaction may carry a very large price tag. Thus, through strong branding efforts Company A achieves a large financial gain by simply signing over the rights to the name. But why would Company B seek to purchase a brand for such a high price tag? Because by buying the brand Company B has already achieved an important marketing goal – building awareness within the target market. The fact the market is already be familiar with the brand allows the Company B to concentrate on other marketing decisions.

We provide more detail on branding in the Managing Products tutorial with a special emphasis on the strategies marketers follow in order to build a strong brand.

How To Choose An Effective Brand Name !!!

Every product in the market is known by a brand name, and it is very, very important to choose a good brand name as sometimes the key to success of a product is its brand name !!

Here are some tips on how to choose an effective brand name

MAKE IT EASY TO REMEMBER
MAKE IT UNIQUE
DON'T BE MISLEADING
MAKE THE NAME FIT THE COMPANY
MAKE YOUR NAME FIT YOUR BRAND IMAGE

Branding

Branding is an important element of the tangible product and, particularly in consumer markets. It is a means of linking items within a product line or emphasizing the new individuality of product items. Branding can also help in the development of a new product by facilitating the extension of a product line or mix, trough building on the consumer’s perceptions of the values and character represented by the brand name.
The common definition of brand, accepted by most marketers is that it consists of any name, term, design, style, words, symbols or any other feature that identifies the goods, and services of one seller from those of other sellers or that distinguish one product from another in the eyes of the customer.
Branding involves researching, developing and implementing brand names, brand marks, trade characters and trademarks. Branding is the art and cornerstone of marketing. Branding is a task that requires a significant contribution from marketing communications and is a long term exercise.
A successful brand is one which creates and sustains a strong, positive and lasting impression in the mind of a buyer. An organization’s approach to branding depends on its overall product mix and individual line strategy.
A brand is a complex symbol that can convey up to 6 levels of meaning
Attributes eg. Mercedes suggests expensive, well-built, well-engineered, durable, high-prestige automobiles.
Benefits attributes must be translated into functional and emotional benefits. The attribute "durable" could translate into the functional benefit.
Values producer’s values eg Mercedes stands for high performance, safety and prestige
Culture certain culture e.g. Mercedes represents German culture, organized, efficient, high quality
Personality project a certain personality
User the brand suggests the kind of consumer who buys a uses the product
Brand name: is any word or illustration that clearly distinguishes one seller’s goods from another. It can take the form of words or initials. Trade name: is the legal name of an organization, which may or may not relate directly to the branding of its products e.g. Procter and Gamble-do not display the company name, although it is shown on the back or side of the pack-Persil, Surf. Trade mark: is a brand, name, symbol or logo, which is registered and protected for the owners role use. Trademarks are valuable properties, as organizations invest much time and money in creating them and educating consumers about what they stand for e.g. coca-cola. Brand mark: is specifically the element of the visual brand identity that does not consist of words, but of design and symbols eg, McDonalds symbol (M)