A brand is a word or a symbol, which uniquely identify a product or its manufacturer form its competitors (Kotler, 2002). It is actually a unique perception in the mind of the consumer about the company or its products that helps him or her to differentiate it from the other offerings. Kotler (2002) also enunciated that people use products to satisfy their needs or wants and brands is the offering from a well known source.
These offerings could be services, experiences, information or ideas. For example, when a consumer looks or hears the name of McDonalds’, certain things come in his mind regarding the fun, fast food or golden arches etc (Kotler, 2002). All these elements like quality, style, color are strongly attached to this brand and people remember these qualities just by looking at the logo of company. Actually brand image is the sum of all these associations. By considering the benefits of branding, every company tried to build brand and enjoy the high level of recognition and premium of their offering.
According to Jobber (2009), the most important factors involved in building brands are quality, positioning and communication etc. The details of every one of it are as follows.
Consistent quality product is the primary requirement for building a brand of high repute. By quality products means a product which customer wants, the value they drive from using it and willing to pay for it. There are many companies which have quality products but they cannot charge premium prices of their products because they didn’t have premium quality brands at hand. So there is something intangible factor associated to the product that helps it to earn above average revenue. Researcher has studied that superior quality brands are able to achieve a greater market share which ultimately results in the form of more profitability for the company as compared to rival firms.
It is the uniqueness of position in the mind of a customer about a certain brand. The brands which are very popular usually occupy very distinct position and separately identified by the target customers. This image is build through words, excellent services, product packaging and communication etc. This position is often refreshed by the companies over time in order to rejuvenate their brands.
Effective communication is a very vital ingredient to build a successful brand. As mentioned above, brand is the image or perception in the mind of the consumer. This perception is initially built by creating awareness about the particular brand which gives a specific type of personality to the brand. After establishing this brand personality, it is reinforced by advertising and different promotional activities.
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