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 groupin...