Branding Challenge in Today's Scenario

The battle for a share of the consumer's wallet and cut throat competition for every bit of market space has resulted in search for a powerful weapon that delivers sustainable competitive differentiation. In the beginning itself it is of great relevance to quote Philip Kotler, marketing guru about his perception on brands, "Branding is expensive and time consuming and it can make or break a product." But even then, today, branding is such a strong force that hardly anything goes unbranded. No one had thought that commodities like "Aata", & "Rice" would be branded. Today, one does not go to the shop and ask for just salt but will ask for Tata Salt or Captain Cook Salt or Annapurna Salt. These brands have become part of our daily life. Developing of an effective brand allows the organization to create a distinctive presence in the market and compete more effectively by leveraging its organizational strengths. In the current competitive market, brands are identified as an intangible asset that can be revenue generating in the long run.

Branding-An Overview

An Overview"
A brand is a collection of images and ideas representing an economic producer; more specifically, it refers to the descriptive verbal attributes and concrete symbols such as a name, logo, slogan, and design scheme that convey the essence of a company, product or service. Brand recognition and other reactions are created by the accumulation of experiences with the specific product or service, both directly relating to its use, and through the influence of advertising, design, and media commentary. A brand is a symbolic embodiment of all the information connected to a company, product or service. A brand serves to create associations and expectations among products made by a producer. A brand often includes an explicit logo, fonts, color schemes, symbols and sound which may be developed to represent implicit values, ideas, and even personality. The key objective is to create a relationship of trust.