What is a brand? What are the various terms used, when you talk about brands? Here’s a list of most used brand terminology:
Brand
A brand is a product, service, or concept that creates value and can be easily communicated and marketed to the customers.
Brand Architecture
A brand can have many sub-brands or products or services. Brand Architecture is a system that organizes all brands, products or services related to a particular brand so that customers can identify them.
Brand Equity
Brand Equity is the commercial value derived from consumer perception of the brand name of a particular product or service. It is the goodwill and the recognition a brand earns over time, which helps in purchase decisions and higher profits.
Brand Experience
It is a type of experiential marketing, created by a company to influence the customer about a particular product or service or company. It is how a consumer interacts with a brand. Brand owners try to create an association between the brand and a specific need or emotion.
Brand Extension
Brand extension means using an established brand name or trademark on new products, so as to build on its goodwill and brand loyalty to increase sales.
Brand Identity
What makes your brand unique? Brand identity is the visible elements of a brand, including attributes like colour, design, and logo, which the consumer sees.
Brand Image
Your brand image depends on the general impression or perception of a product or service held by real or potential consumers.
Brand Licensing
Under brand licensing, a manufacturer or service provider grants the right to develop, market or sell approved products to approved retailers in exchange of royalty and/or guaranteed sales as specified in the license agreement.
Brand Personality
Each brand has its own personality – the human characteristics that are attributed to a brand name. It suggests a brand’s latent appeal and becomes the tone of communications to the target audience.
Brand Strategy
Brand strategy refers to a long-term plan for the systematic development of a brand to achieve specific goals. A well-defined and executed brand strategy leads to strong brand equity and connects to consumer needs, emotions and competitive environments.
Co-branding
It is a strategic partnership between two brands to help in better sales of both the brands. It is often done between complementary brands to give a better experience to consumers.
Rebranding
Sometimes, old strategy and old approach does not work, you need to change it. Rebranding is a marketing strategy to change a significant element of a brand, for example, name, symbol, design, etc to develop a new and better identity in the minds of all stakeholders.
Repositioning
When sales decline continuously or you need to target a different set of customers, repositioning is a must. Repositioning refers to the major change in positioning for the existing brand/product to create a new position in consumers’ minds.
