Value Chain Glossary: Branding
From microLINKS Wiki
| Please use the discussion tab to comment and suggest changes to this definition. |
|---|
Branding
Establishing recognition within an industry for particular attributes. This is achieved through marketing or emphasizing specific qualities of a product or service that distinguish it from others in the industry. Along with improving product differentiation and operations, branding is one way that an industry can achieve or maintain an edge over market rivals.
Branding can be done in a number of ways:
1. Company name: the company that is producing the product promotes its name as the brand. Example: Starbucks, Nike
2. Individual product branding: (or mulitbranding): as the name suggests, this branding strategy promotes individual products which are produced by a single company. Example: the Unilever company makes a multitude of products including Lipton tea, Lux soap, Breyers ice cream, all with their own brand and marketing strategies.
3. Product source branding: creating a brand based on quality for a certain product that comes from a common source. To achieve this, the industry must create a set of quality criteria that firms must meet in order to be able to use the logo. Example: Jamaican Blue Mountain coffee, Philippine mangoes
National branding - most frequently used for export or investment promotion, national branding involves developing and marketing an image for all products from a country. Example: Ecuador - Quality of Origin (see logo below)
