What is brand?

Paresh: what is brand?

My reply:

Hi Paresh,

Here's my view on BRAND

For marketers point of view , Brand is the trademark(name, logo, slogan etc) used by marketers to distinguish their products from other products in the market and to position it rightly. e.g. Levi's has launched a new cheaper brand Levi Strauss to target medium-budget consumers.

For consumers, it represents the perception about the product in their mind, either created by the provider itself through advertising or developed with time. Perception can be about the performance of products or the class of society who uses that product. It may be positive as well as negative. e.g. on one side the so called BRAND "CHINESE PRODUCT" in Indian consumer market is associated with "A cheap product with no warranty/ guarantee" and on the other side people associate the Brand TATA, SONY, BOSE, with good quality and durable product.

For some niche consumers, what brand one uses has become a measure of living standard and marketers are using it in every way to enjoy high-margins.

In monetary terms, value of a good brand is equal to the extra amount which a consumer is ready to pay even if a non-branded product with same quality is available at cheaper price.

Please contribute and post you views as comments....