2. A brand is a collection of images and
ideas representing an economic producer;
more specifically, it refers to the
descriptive verbal attributes and
concrete symbols such as a name, logo,
slogan, and design scheme that convey the
essence of a company, product or service.
Brand recognition and other reactions are
created by the accumulation of
experiences with the specific product or
service, both directly relating to its
use, and through the influence of
advertising, design, and media
commentary..
3. A product is something made in a
factory and a brand is something
that is bought by the customer.
A product can be copied by a
competitor; but a brand is unique.
A product can be quickly outdated;
a successful brand is timeless.
4. To the buyer:
Help to identify the product that
they like/dislike
Helps to reduce the time needed for
purchase
Help to reduce buyer’s perceived
risk of purchase
The seller:
Differentiate product offering from
competitors
Reduce price comparisons
5. Low-cost leadership strategy approach is one in
which a business offers just a good basic
product or service, with few frills, in an
acceptable quality and with limited selection
option
Brand differentiation approach ,by ensuring
verity of products that focus on emphasising
the differentiating features from those offered
by the competitors.
Best-cost provider product branding strategy
,focus on establishing good to excellent
product features with a few or a lot of up-
scaled features.
Focused low-cost and differentiating strategy
wherein a product or a service is customised to
be well suited to the specialised needs of a
target market.