Question

1. What are the elements of brand? How do brands add value to an organization’s products and services?

Answer 1

A brand makes product identifiable and differentiable. A brand defines the visceral and frequently intangible aspects of the company's identity and covers everything from the brand voice to the personality. A brand consists of all the features that distinguishes from one seller from another.

The important elements of brand include:

1. Company's vision to understand the purpose of the business and what aspect sets us apart from competitors? The most successful examples of company's vision or mission statements are to aim at improving the quality of life to others and also conduct day-to-day business.

2. Emotion is the critical component of the brand. How the current as well as potential customers feel about the identity. A brand is successful if it is able to generate particular and consistent emotion.

3. Remaining consistent across the branding is essential to build a strong brand image. The product should be relatable to brand, vision and image that we are building.

4. Customer perception is important. It is important to understand that customers are the ones who decide how the brand is seen. How the audience and customers perceive the brand will ultimately define how successful the branding is. It is customers that builds brands.

Brands add value to customers products and services by creating loyalty. It decreases the risk of loosing market share to the competition by establishing a competitive advantage. Branding can be a great vehicle for reaching the target audience and positioning the company relative to the competition. Strong brands can often command a premium pricing and the customers are willing to pay more for a product offering a good value.