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.