Chapter 8: Elements of Product Planning for Goods & Services
“Branding” is the use of a name, term, symbol, or design – or a combination of those – to identify a product (Essentials of Marketing).
The manner in which our society has progressed over the last couple of decades has caused branding to become very important for product planning within organizations. It’s unfortunate to say, but many people focus on the brand name just because they feel as if it is “socially acceptable”. When creating a product, companies strive to have the product be successful, but also to create a “brand” that will interest people and keep their business. It is very common for people to buy things based on their knowledge of a brand, or simply by listening to reviews about a brand. Although price, quality, and other facts contribute into the definition of a good “product”, when people are buying certain goods or services the “brand” has become an important aspect in their decision making. The more popular a brand is the more likely it is for someone pick the brand product over the no-brand product, regardless of the price.