A brand is a promise by a company to its consumers, with an intention to establish trust and create loyalty.
The brand helps a company or entity to distinguish itself from the rest of its competitors in the industry. This is different from the company itself or even its products. Without a brand, it is difficult for potential customers to identify and distinguish your products from the rest.
How companies create a brand that is distinguishable from competitors:
- By focusing on quality, beyond what is offered by the other firms in the same industry.
- By focusing on a specific niche that is easier for the customers to identify the brand with.
- Creating a community of stakeholders that brings different groups together for a common purpose.
What are the benefits or functions of a brand:
- Add value to a product
- Communicate product quality, a factor of authenticity.
- Prevent copying by competitors hence a source of differentiation.
A brand is basically a promise by a company to its consumers, with an intention to establish trust and create loyalty. A brand is a value addition to the product and helps the consumers distinguish between the competitors and its products.
Every time a consumer is making a purchase, they usually use the brand in determining which product to purchase in accordance to the quality associated with each.