THE IMPORTANCE OF BRANDING TO ENTERPRISES WHY ARE ENTERPRISES STRESSING ON BRAND BUILDING AND BRAND

Branding is a major issue in product strategy well known brands commands a price premium they spend oodles of money on binding a unique brand. The American Marketing Association defines a brand as a name, term, sign, symbol or design a combination of them intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. Branding is not about getting your target market to choose you over the others but it is about getting your prospects to view you as the only one that provides ultimate solution to their problems. The brand resides in the heart and minds of customers, clients and prospects. It is an aggregate of their perceptions and experience a strong brand is invaluable as the battle for customer intensifies day by day. Companies invest a lot of time in researching defining and building brand. As it can be clearly stated that today he biggest distinction between two products is the brand that represents them