What do you understand by Brand and Product?
Discuss the difference between Brand and Product.
Brand or Brand Name:
Brand is a name given to a product or service or an idea by which it takes on an identity by itself.
A brand is a unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and distinguish it from its competitors.
It can apply to a single product, an entire product range, or even a company (e.g. Virgin, Ferrari, Bang and Olufsen). A brand name is usually associated with a logo or other graphical representation of the brand in order to strengthen the brand image.
Over time, this image becomes associated with a level of credibility, quality, and satisfaction in the consumer’s mind (see positioning). Thus brands help harried consumers in crowded and complex marketplace, by standing for certain benefits and value.
A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented. In FMCG (Fast Moving Consumer Goods) parlance, a brand can be revamped, re-launched or extended to make it more relevant to the segment and times, often keeping the product almost the same.
In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. In manufacturing, products are bought as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market. In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project. In insurance, the policies are considered products offered for sale by the insurance company that created the contract. In economics and commerce, products belong to a broader category of goods. The economic meaning of product was first used by political economist Adam Smith.
Difference Between Brand and Product:
1. Product can be anything which provide a facility or fulfill a customers need but when you think about that need a specific product provider comes in your mind that is a brand.
2. Product is made by the company in the factory and is purchased by the consumers in exchange of money however; Brands are bought and built by the consumers. Products can be quickly outdated but Brands are long lasting, timeless and unique.
3. In other words brand is what differentiates a product from other competitive products in the marketplace.
4. Product is an object but brand is composed of a name, trademark, logo, and other visual elements such as images, colors, and icons. Laptop is a product and Apple is a brand.
5. Brand name can be used to refer to products. Products is made by a company for consumers. For example Toyota’s product is cars and brand name is Toyota. Products can be copied and adaptable and flexible to change but brands are unique.
In-Short the simple, easy and attractive way is
A product is physical or Service.
A brand is emotional.