by Brand and product are among the basic factors for a company to achieve and maintain a competitive position in the market. The customers use these factors to differentiate and choose the solutions to their problems offered by different manufacturers and/or sellers.
Brand:
A brand is a difference between just a car and a Mercedes. A brand is what people feel about a particular company and its products, services or ideas. Branding is about emotions, and it is how customers feel about a company, it provides market authority to companies. Brands are focused on a specific agenda; they stand for something. For example, the brand slogan of Coca-Cola is “open happiness”. To simplify things further, a brand is the image of a particular product that tells a story about the product. A Brand is value addition to the base value of a product.
The brand is not just a name but an image in the minds of the customers. The image is associated with reliability, credibility, and quality that gives a sense of satisfaction to the customers. The legal identity of a brand is known as a trademark.
Factors that contribute toward building a brand:
- Personality: It is essential to display the character of a brand.
- Uniqueness: Brands must be built on an original idea.
- Reliability: A brand needs to be trustworthy.
- Consistency: No brand can survive without consistently engaging their customers.
- Presence: Branding is all about having a bold presence and visibility.
- Competitiveness: A brand should be able to provide competitive value.
Product:
A product is a commodity, merchandise or deliverable. Goods, services, ideas or anything that offers a solution to a problem are products. Product is sold to customers, and it is something buyers will pay to make a purchase. Generally, Products are classified in accordance with the service they provide or the brand they belong to.
Every product is different in itself regarding size, colour, brand name, shape, packaging, features, after sales services and much more. However, the difference in the product is psychological, not physical. These factors are more or less used by the companies to persuade customers to buy their product. e.g., sunglasses, Handbags, jeans, , belts, shoes, etc.
Components of a product:
- Key benefits: Every product must offer a core value or values.
- Availability: Consumers must have easy access to a product.
- Consumable: A product is consumable if a customer can derive the benefits from it.
Difference:
| Product | Brand |
| A product is an item which is ready for sale in the market. | A brand is something which distinguishes a product from other products in the market. |
| A product is What you need? | A brand is What you want? |
| A product can be easily copied. | A brand has a distinguished identity, that cannot be copied. |
| A product performs the functions. | A brand offers value. |
| A product may be tangible or intangible in nature. | A brand is intangible. |
| A product can be outdated after some time. | Brand remains forever. |
| Created by Manufacturers | Created by Customers |
