A brand is a collection of images and ideas representing an economic producer; more specifically, it refers to the descriptive verbal attributes and concrete symbols such as a name, logo, slogan, and design scheme that convey the essence of a company, product or service. Brand recognition and other reactions are created by the accumulation of experiences with the specific product or service, both directly relating to its use, and through the influence of advertising, design, and media commentary..
A product is something made in a factory and a brand is something that is bought by the customer. A product can be copied by a competitor; but a brand is unique. A product can be quickly outdated; a successful brand is timeless.
To the buyer: Help to identify the product that they like/dislike Helps to reduce the time needed for purchase Help to reduce buyer’s perceived risk of purchase The seller: Differentiate product offering from competitors Reduce price comparisons
Low-cost leadership strategy approach is one in which a business offers just a good basic product or service, with few frills, in an acceptable quality and with limited selection option Brand differentiation approach ,by ensuring verity of products that focus on emphasising the differentiating features from those offered by the competitors. Best-cost provider product branding strategy ,focus on establishing good to excellent product features with a few or a lot of up- scaled features. Focused low-cost and differentiating strategy wherein a product or a service is customised to be well suited to the specialised needs of a target market.