According to American Marketing Associations: i. Brand is a name, term, symbol or design or a combination of them which is intended to identify the goods or services of one seller or a group of sellers and to differentiate them from those of competitors.
ii. Brand name may be in the form of words, letters or numbers which may be localised.
iii. A brand mark is that of a brand which appears in the form of a symbol or design or distinctive colouring or lettering.
In short, brand name refers to the product, trade name refers to the company, trade mark refers to the brand name with legal protection. In certain cases, brand name and trade name are combined. Trade mark should be registered with the authorities specified under the relevant law.
Branding Process:
Branding is done normally in the following way. A brand name is selected. It then becomes a part of the product. Whenever it is put in the market, it carries the said name. In course of time, the impression spreads. The branded product is generally marketed independently. If a new name has been adopted, it has to be followed by intense advertising and promotional efforts to develop consumer awareness and acceptance. Thus branding has almost the same effect as monopoly in marketing.
Branding Objectives:
The main aim of branding is to build an image about the product which is associated with the brand. A powerful brand name is said to have consumer franchise. This is evidenced when a sufficient number of customers demand that brand and refuse a substitute even if the price is somewhat lower. Distributors want brand names as a means of making the product easier to handle, identifying supplies and increasing buyer preference. Customers want brand names to help them identify quality differences and shop more efficiently.
Types of brand name:
