PRODUCT Vs BRAND
· A brand is a product, but with additional dimensions, which differentiates it in some way from other products designed to satisfy the same need.
· These differences can be rational and tangible I.e., related to product performance. e.g. consumer durables.
· These differences can be more symbolic, emotional and intangible like customer’s observation about the brand. e.g. cold drink
o By creating apparent differences among products through branding, marketers create value and loyalty which provides financial benefits to them.
There are several fundamental differences between Brand and Product.
· COMPANIES MAKE PRODUCT AND CONSUMERS MAKE BRAND: A product is made by a company and can be purchased by a consumer in exchange for money, while brands are built through consumer awareness, expectations and experiences with all product or services under a brand umbrella. For example Toyota’s product is a car. Its umbrella brand is Toyota and each product has its own specific brand name to differentiate the various Toyota’s product line from one another. Without a product there is no need for a brand.
· PRODUCTS CAN BE COPIED AND REPLACED BUT BRANDS ARE UNIQUE: A product can be copied by competitors at anytime. But whereas brand cannot be copied as it has its own and distinctive value of different perceptions, expectations and emotions that the consumer develop for a brands through earlier experiences with them. Similarly a product can be replaced with the competitors product if the consumers believe that the two products provide a same features and benefits. Products with low emotional involvement are easily replaced.
· PRODUCTS CAN BECOME OBSOLETE BUT BRANDS CAN BE TIMELESS: As time passes technology upgrades and that’s one of the main reasons why products are getting obsolete. The main focus of every firm is to maintain a stable image through there brand name. this is necessary because an established brand can continue forever as long it is keeping with the current time.