Basics of Brand
The American Marketing Association (AMA) defines brand as follows:
“A Brand name is a part consisting of a word, letter, groups of words or letters to identify a product or a service of a seller or group of sellers to differentiate them from those of competitors”.
- Generic Brand:
A brand name over which the original owner has lost the exclusive claim because all offerings in the associated class of products have geneally known as the the brand name can be called a “Generic Brand”. Generic brand products are often of equal quality but lesser prices as that of a branded product.
- A Brand v/s a Trade Mark:
A brand that has legal protection and is granted solely to its original owner is a Trade mark.
- Brand preference / Brand Loyalty:
It is the degree to which customers are commitetted to a brand. It refers to the chances that a customer chooses the brand over another brand.
- Brand insistence:
The customer’s willingness to search a brand and insisting to buy a brand is brand insistence.
- Brand Equity:
It is the overall value of a brand in the market
- Brand awareness:
Brand awareness measures consumers’ knowledge of a brand’s existence. The extent to which a brand associated with a particular product is authenticated by potential and existing customers either positively or negatively is Brand Awareness. Creation of brand awareness is the primary goal of advertising at the beginning of any product’s life cycle in target markets. In fact, brand awareness has influence on buying behavior of a buyer. Brand awareness can be measured by showing a consumer the brand and asking whether or not they knew of it beforehand.
- Brand Recall
The extent to which a brand name is recalled as a member of a brand, product or service class, as distinct from brand recognition is brand recall. For example if I am asked to name a few favourite cars – I may recall Wagon R, Santro Xing, and so on…
Brand recall may be “unaided” and “aided” “Aided recall” measures the extent to which a brand name is remembered when the actual brand name is prompted. An example of such a question is “Do you know of the “Honda” brand?”
- Brand Recognition
The extent to which a brand is recognized for stated brand attributes or communications is Brand Recognition. It is basically an aided recall. If a product name can be associated with a certain tagline, logo or attribute, there is presence of certain level of Brand recognition.