What is branding and why is it important?

D = Definition. A brand is a name or image used to differentiate a product or business from its competitors.


Brands are included in the range of Product features in the marketing mix.


What do you think when you see the Nike Swoosh?



I = Importance. Brands are important because they are used to quickly identify a business and its products in competitive markets.

For example, you will instantly form an impression about the features, quality, pricing and so on of the products offered by this brand?




 

E = Example. Firms take branding very seriously. For example, Gap, the US clothing business got so much bad feedback from customers on social networks such as Twitter and Facebook when it tried to make changes to its branding recently that it abandoned its new brand image after only 1 week.

Have a look at this BBC link if you want to find out more about branding.