The American Marketing Association defines branding as the process of making sure that perceptions of the customers about the company are shaped by a name, logo, color, form, symbol, design, or any other tangible way rather than by default. Branding has become more popular as it helps the company to create instant brand awareness, build brand image, attract the competitors' customers much easily and bring in profits. Many marketing connoisseurs have appreciated the fact that the brands are the vital blocks in building and upholding competitive advantage in the marketplace. If companies want to be ahead of such competition, it is a prerequisite to take an energetic role in determining the customer's perception and its product prospects in order to ensure its products' acceptability in the customer's mind. Hence, effective branding is a prerequisite in today's competitive business scenario.
The
companies that engage in branding measures achieve enhanced performance with regard
to customer satisfaction, loyalty and income.To accomplish such results, the companies
had to offer their customers a superior and an absolute set of solutions that
satisfies their expected and unperceived needs and wants. Business firms, to attract
and to retain customers, are trying to adopt branding strategies that penetrates
into every walk of the customer's life. For example, the range of Tata's products
right from bath soaps, Westside clothes, cell phones, food products to cars and
Tata insurance. |