The name brand comes from the word brander which means “to burn”. As still seen in our country in the olden days cattle owners burned the skin of animals to identify them with their own specific mark. So the core concept of branding is still the same and it serves to identify and differentiate from others of your product
AMA defines a brand as “Name, term, sign or symbol or design or a combination of them intended to identify the goods and services of one seller or group of sellers and differentiate from those of competitors.”
There are so many ways that brands could be formed and used. However, according to the Intellectual Property Code of Sri Lanka there are many restrictions to registration of brands as Trade marks. If one needs to obtain exclusive right for the usage of a brand that brand has to be registered under the IPC.
There are two different sections applies to the brand name registrability. ( objective grounds and third party rights)
The augmented product( remote controlled A/C and TV, silently operated A/C, mini fridge, a hair dryer, set of toiletries, travel Guide, writing pad, hot and cold water dispenser, laundry service on call)
Potential product( Complimentary fruit basket, free ticket to the Disco or spar, computer with internet connection, cable TV, Mini coffee maker, bottle of wine on the house, computer with internet connection, SIM Card and a phone, free foot massage, dedicated room service, many other facilities)
It could be observed from the market place that most of the products do not make a big difference upto the expected level. The difference is seen basically at the augmented level where marketers play a big role to show that their product differs from others.
Harvard’s Ted Levitts points out that “ the new competition is not between what companies produce at factory level but between what they add to their product in the form of packaging, branding, advertising, delivery, after sales, guarantees that people value.”
In my opinion a wider meaning of the brand could be described as a product that the marketers have attached various attributes more of emotional than logical. Further in this process marketers have made simple product concept into a complex one to make it much different from others in front of the eyes and minds of consumers. E.g. Expresso Coffee, Levis jeens, Coca Cola, Benz,
Simply the brand equity is the” value placed by customers on a particular brand”. However, it is more of subjective and intangible values given by the customers rather than its objectively perceived value.
Brand names are not just trade marks for customers but “trust marks” or rather a “love marks” when it is concerned with brand equity. It is a wider concept for the consumer.
Strategic Brand management Process plays a vital role in developing Brand Equity