Types of brands

Brand - product that is easily distinguished from other products so that it can be easily communicated and effectively marked. A brand name is the name of the distinctive product.

The key business benefits of effective branding are:

▪ It adds significant value (From Customer POV)
▪ Business is able to charge higher prices and demand is more price inelastic.
▪Branding builds customer loyalty and aspiration.

Types of Brands

Product Brand - Brands associated with specific products. Fast moving consumer goods brands (FMGG) are some of the best examples. Examples of such products are; Marmite, Persil, PotNoodle, Crest.

Service Brand - Brands that add perceived value to services, either delivered face to face or via online and apps. Examples of such products are; Dropbox, View, Uber, Netflix

Umbrella (Family) Brand - Brands that are assigned to more than one product. Umbrella branding makes different product lines easily identifiable by the consumer by grouping them under one brand name. Examples of such products are P&G, Dove, Cadbury

Corporate and Own label brands - Promoting the brand name of a corporate entity, as opposed to specific products or services. Examples of such products are Nestlé, Unilever, BBC

Own - label - An example of corporate branding where retail outlets assign their corporate branding to a range of goods and services. Examples of such products are Tescos Finest, Essential Waitrose.

Global brand - Easily recognised and operative worldwide. These brands are based on familiarity, availability and stability. Examples of such products are Ikea, McDonalds, Coca-Cola, Pepsi, DHL