Describe marketing uses of branding
Brand can be defined as a sign, symbol or name which is to be used by the companies to build an identity of the company in the market. A brand name is required for a product or service so that customers can identify it in the market from the offerings of other companies. Branding can be referred to as combination of several attributes which can be both tangible and intangible. It helps in creation of influence and value to the customers as well as for company.
Brands can be of different types such as manufacturers brand and label-owned brand. Manufacturers brand is the brand which is created by the producers of the product whereas, a label-owned brand is one which is created by the distribution channels of the business. Both manufacturers brand and label-owned brand are sometimes used together by the retailers in their outlets.
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