Branding is the personalising of products to ensure a balance between various economic values. In order to sustain in the market, it is important for the creation of a brand image. Originally referred to a piece of burning wood, it later came to be known as mark to be cast on cattle with a hot rod to place ownership. Over time branding has gone onto build value for the company by providing a visual medium to identify it from its competitors to create consumer loyalty. A brand does not necessarily mean a product or company; it can also mean a service, product or person that has a personality of its own.
Today’s global market witnesses a volatile competition. The purpose of branding is to create markers to differentiate from the plethora of brands that have taken over the market. Companies create slogans, mascots, logos, advertisements and jingles to promote their brands and not just their products. These elements are used to create a connect with the target consumer base by giving the company a personality. Branding is an important feature of any business and is a vital part of their marketing strategy. It determines how people perceive the company. Apart from consumers the view of the employees of the organisation towards their company creates a sense of belonging and fulfilment.
Just like evolving trends branding too is unpredictable, as what worked last year, may not necessarily work this year. With the dawn of the Digital age the channel of branding too has changed and has encompassed the social media domain. The millennial consumers value brands that support causes and value what they value and hence are ready to pay more for these brands.
An effective and comprehensive branding strategy helps the product and its company to sustain in the market. It also provides strongest competitive advantage for the manufacturer as well as for the retailer.
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