One of the most significant decisions that a marketer has to take in the area of ‘product’ is in admiration of branding. Branding aims to set up an important and differentiated presence in the market that attracts and retains reliable customers. The marketer has to decide whether the firm’s products will be marketed under a brand name or a generic name.
Thus, most marketers give a name to their product, which helps in identifying and distinguishing their products from the competitors’ products. This procedure of giving a name or a sign or a symbol etc., to a product is called branding. Branding makes reliable customers, advocates, even evangelists, out of those who buy.
Branding is also a way to build an significant company asset, which is a good standing. Generic name refers to the name of the whole class of the product. For example, a book, a wristwatch, camera, toilet soap, etc. We know that a camera is a lens surrounded by plastic or steel from all sides and having certain other features such as a flash gun and so on. Similarly book is a bunch of papers, which are in a bound form, on which some useful information about a subject is printed. Branding can be applied to the entire corporate identity as well as to individual product and service names.