The essence in creating brand is to choose a name, logo, symbol, package design or other characteristics that gives a product its own identity and distinguishes it from others.
Brands act as efficient differentiating devices. Brands differ from their core commodity form because they have ‘added values’.
Customer equity is the preamble of financial equity. Brands have financial value because they have created assets in the minds and hearts of customers, distributors, prescribers, opinion leaders.
These assets are brand awareness beliefs of exclusively and superiority of some valued benefit and emotional bonding.
A good name helps; that is, one that is easily pronounceable around the world and spontaneously evokes desirable associations. But what really makes a name become a brand is the fact that this name commands trust, respect, passion and even engagement.
Brands are particularly common in product sectors with Interbrand in 2013 recoding Apple as the most valuable global product at $98.3 bn. While Google in 2013 was the second most value global brand, valued at $93.2 bn.
Definition of Brands
