The importance of branding to the new product.

https://www.blogger.com/blog/post/edit/1991252217317526875/5177396270223472268

Is a fundamental element of the tangible product and particularly, in consumer markets, also a means of linking items within a product line or emphasizing the individuality of product items.

. It is noted, that for brand building a ‘reliable’ product, effective communication and appropriate service and support are essential. Branding also paves the way to help in the development of a new product to facilitate the extension of a product line by building on the consumer perceptions of the values and character to represent the brand name. This sum-up up the most significant function of branding, hence the creation and communication of three-dimensional character for a product that is not easily copied or damaged by competitors' efforts.

However, from the prosaic definition of brand, accepted by most marketers which consist of any name, design, style, word, or symbol, singly or any combination that differentiate one product from another in the eyes of the consumer. Brands are used to establish status for more than religion or party. We are indeed graded by the brands that we are chosen, sometimes the football teams we support, the color of the car we drive, even the known foomjjjnnd we normally eat. By the way, these cues that we are using always classify an individual. This should not be amazing that brands are not often about physical characteristics but it is a set of values. Branding is also a process that involved creating a unique name and image for a product in the mind of consumers, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains total customers. Every successful company that exists today started with a great business idea, a vision, passion to solve the problem and strengthen its stand in the marketplace to buy into the idea. In considering the technological innovation taking over the business environment and the corresponding emerging business models, one will come to realize that old marketing strategies have to be jettisoned. With the growing client demand for quality services, the focus had been shifted from just delivering a service like everyone else in the marketplace to creating a long-lasting value. Branding is just a way to achieve this, it is also referred to as an intangible asset of a business idea or compelling vision, if employed it will bring honor to the propositions.

A co-authors of ‘’co-branding’’ Tom blanket, says the best service brands are built around a unique business idea or a compelling vision when employees are excited by the propositions. They help to sustain and communicate it to the customers, suppliers, and others through their enthusiasm and commitment.

The American marketing association defines the'' brand'' name or term, sign, symbol, or design or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. A brand is a product or service whose dimensions distinguish it in some way from other products and services, designed to satisfy the same need. These differences may be functional, rational, or tangible related to the product performance of the brand. They may be symbolic, emotional, or intangible related to what the brand represents. Branding has been existing for centuries as a means of differentiating of goods of one producer from those of another.

The definitions of brand provided above offered several mechanisms through which branding could be developed, the obvious ones are ‘names and logos’.

Branding name: is an illustration that distinguishes one seller's goods from another. This may be in form of words, such as T, 7up, Bigi, Pepsi to mention just a few. A number like 77 could be used to design a formidable brand name. The importance of brand to a company has led to a concept called ‘’brand equity’’, the added value a given brand name gives to a product beyond the functional benefits. The value is having two different merits, the brand equity provides competitive advantages, for instance, ‘’funky label for quality fruit, while Disney name indicates children's entertainment. The other advantage is that consumers are often willing to pay a higher price for a product with brand equity. In other words, brand equity is represented by the premium a consumer will pay for one brand over another when the functional benefits provided are identical for example Microsoft software.

Creating brand equity: it has not just happened, it has been carefully crafted and nurtured by marketing programs that carved out strong, favorable, and unique consumer associations and experiences with a brand. The said equity resides in the mind of consumers from what they have learned, left, seen, and heard about the brand over some years ago.

Benefits: The benefits derived from branding cannot be overemphasized. It is involved in the exchange process and the theory makes it easier to buy or sell products. The said benefits have been stated below:

Manufacturers: manufacturers determine the brand name using a multi-product or multi-brand approach, multi-product is when a company uses one name for all its products, such approach is referred to as blanket or family branding. Making use of brand equity again, who have a good experience with the product will transfer this favorable attitude to other items in the product class with the same name. The brand strategy makes possible line extensions. The practice of using a current brand name to enter a new market segment in its product class. Because of this, it will be easy to identify such a product at the point of sales, the connotation of quality, familiarity, and creation of three-dimensional product personality helps the producer. The key interest is to build dependable brand loyalty to the point where trust, linking, and preference for the brand overcome any lingering price sensitivity, hence allowing a reasonable measure of premium pricing and prevention of brand switching.

Consumers: the brand is a specific value to the consumers in a complex and crowded marketplace. In considering a supermarket visual images and brand names make it easier to locate and identify a named product, strong branding can speak volumes about the functions and the character of the product, then help the consumer to judge whether it is their soft of product, delivering the functional and psychological benefits they required. It is a well-defined, new and untried product. It can also evaluate the product suitability when there is an element of the corporate branding that hitherto offer reassurance about the product's quality pedigree. Eventually, aids in the shopping process and reduces some of the risks.

Brand valuation: It is obvious that successful brands provide a financial advantage for the brand owner. A fully established brand name is an economic asse