The main characteristic of a brand is that it has a specific identity which makes it easy to detect and differentiate in the market among other products and brands. A good brand usually evokes a positive association in the minds of the consumer pertaining to the brand. This leads way to the position of the brand in the market in terms of its competitors.
“The American Marketing Association (AMA) defines a brand as a “name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.” (Lake, 2007)
Essentially the branding concept identifies the brand to have an easy to remember name, the positioning of the brand depicts the benefits of the brand and its purpose, and clearly outlines the market segment being targeted by the brand. Aside from this the brand also can have physical differentiating features if it is being backed by a product or service level agreements if it is backed by a service. Brand associations however are the affiliations and the attributes of the brand which are associated with the brand in the minds of the consumer through direct nd indirect endorsement and supportive or co-branding strategies.
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