The word “brand” refers to a notion used in business and marketing which assists consumers in recognizing a specific business, product, or person. There is no physical manifestation of a brand; hence it is considered an intangible asset. As a result, they influence how people see businesses, their goods, and particular people. Brands often employ distinguishing characteristics to develop their identities in the consumer market. They add significant value to a business or individual and provide them with a competitive advantage in the same industry. To safeguard their brands legally, numerous business register trademarks.
A product’s brand is the collective impression of customers, clients, or other stakeholders of that product, business, or individual. A brand is an unmistakable emotion that a business name and emblem inspire in customers. A brand is more than just a logo. It includes:
Now, let’s consider any brand. Let’s take the example of the Apple brand since they’re a colossal company and everybody admires them.
So, what does “Apple brand” mean?
We can’t live without technology, but it’s not just phones and laptops. These are the things that Apple provides.
And it has nothing to do with flashy TV advertisements, highly produced presentations, or stylishly minimalist stores. All of it is marketing and advertising. Even so, their marketing and promotion are indeed very good.
But Apple’s name and symbol fall short of capturing the spirit of the Apple brand. It seems that the Apple brand itself is not a “thing” in the term’s traditional meaning. It is impossible to hold, hear, or even touch.
Because of this, brands exist only in customers’ minds. Employees, investors, the media, and, perhaps most crucially, consumers all have a psychological impression of it.
To put it simply, brands are perceptions.