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Definition of 'Brand'

A brand is a name, term, design, symbol, or other feature that identifies one seller's product or service as distinct from those of other sellers. Brands are used in business, marketing, and advertising. Brands may be legal trademarks or simply distinctive names, designs, or symbols. A brand is more than just a name, logo, or symbol. It is a promise to consumers about the quality, consistency, and value of a product or service. Brands create value for companies by building customer loyalty and increasing sales.

There are three main types of brands:

* **Manufacturer brands** are owned by the company that produces the product or service. Examples include Nike, Coca-Cola, and Ford.
* **Private-label brands** are owned by a retailer or wholesaler and are sold under the retailer's name. Examples include Target's Good & Gather brand and Walmart's Great Value brand.
* **Generic brands** are unbranded products that are sold at a lower price than branded products. Examples include store brand cereal and generic drugs.

Brands can be created through a variety of marketing and advertising techniques, including advertising, public relations, and social media. Brands can also be created through word-of-mouth marketing.

Brands are important for businesses because they can help to:

* Increase customer loyalty
* Generate sales
* Differentiate products from competitors
* Protect intellectual property
* Build brand equity

Brand equity is the value of a brand to a company. It is based on the brand's awareness, loyalty, and perceived quality. Brand equity can be measured in a variety of ways, including brand value, brand awareness, and brand preference.

Brands are important for consumers because they can help to:

* Identify products and services
* Make informed purchase decisions
* Get value for their money
* Build relationships with companies

Brands are a valuable asset for businesses and consumers alike. They can help to create value, build relationships, and drive sales.

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