What is the Difference between a Product and a Brand?
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What is the difference between a product and a brand?
In marketing, product is anything that can be offered to the market that may satisfy the need, want, and demand of a certain individual or market. It is also called as goods or service. Product is more than just a material object. It is also an inclusive package of benefits or satisfactions that the consumer or buyer may achieve upon purchase or usage. A product is the total amount of all physical, psychological, symbolic, and service attributes. Several examples of products are the following: hamburger, fries, and soft drink.
On the other hand, brand is a symbolic manifestation of all the information connected with a company, product, or service. A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons. It is believe that a brand puts an impression to the consumer on what to expect to the product or service being offered. In other application, brand may be referred as a trademark, which is legally an appropriate term. In summary, a 'brand' is a symbol of a product (Coca-Cola), service (Eurostar trains), company (Campari) or even an individual (Michael Jordan) to identify what it is. Specifically, an example of brand is McDonald’s fast food restaurant, which carries the world’s most popular Golden Arches.
Why do companies develop core products into brands?
In quest for market leadership and inevitable competition, companies worldwide develop their core products into brands in order to present and maintain their company’s name existing in the marketplace through the product/service itself. They utilize the brand to present their company’s symbol, color, goal (as to some cases of brand taglines), and some interesting and persuasive features of the company to all the consumers. The development of core products into brands is an innovative way to leave a lasting impact on memory of consumers on what the product/service is and who manufactures or makes it. This is a simple way to established awareness on the specified target market of the product/service or company.
What role does packaging play in marketing a brand?
At the very heart of a strong brand sits the product/service package. This is what the customer is buying. A product, a service or, more and more is a total package. A package serves as the protector of the product itself. It is very important for the product to have an innovative yet practical package. Packaging is of great significance in the final choice of the potential buyer. Consumers always look for something new. People choose a product that involves convenience, appeal, information and branding in the package.
In this case, constant research and development of the product packaging should be done. Product package and packaging is absolutely critical for a product in order to survive the increasing competition. It is also argued that product innovation is absolutely the key to long-term competitiveness. Customer information in more traditional industries is of course also useful. Traditionally, product improvements and development of new products have been based on a combination of analysis of market trends and creativity/intuition. The combination of the two will always be required.