The following are few of the decisions that marketers and advertisers must take in order that they can give a new image to a product in terms of branding.
• Is it necessary to brand the product?
• Who will be sponsoring the brand?
• What quality level should go into the making of a brand?
• Should there be individual brand names, or should there be a family brand?
• How about having some product versions in same product category?
• Is it necessary to reposition the brand?
Brands are a means of differentiating a company’s products and services from those of its competitors.
There is plenty of evidence to prove that customers will pay a substantial price premium for a good brand and remain loyal to that brand. It is important, therefore, to understand what brands are and why they are important.