According to the American Marketing Association, brand is a form of representation of the consumer experience with a certain product or service and often refers to logo, name, and slogan. The factors influencing branding are the expectations of the consumer, design and product packaging, advertising, public relation, etc. (AMA, 1995). Traditionally, people considered marketing and salesmanship as the most important criteria for a successful business, but in today’s world, it is very important to develop and enhance the brand or else the product will be considered as a commodity. Branding is an integral part of Marketing Strategy as it creates an image in the minds of the people who are in direct and indirect contact with the product, for example, clients, employees, vendors, shareholders, etc. Successful branding can help in delivering the message of the company clearly, enhances credibility, motivates the buyer, builds brand loyalty of the user, and creates an attachment with the target audience. Organizations perform market research to measure the various aspects of their current products and new upcoming products. Similarly, they should perform brand research to understand how their customers perceive the brand, the reasons for differentiation from its competitors, and various other factors related to a brand. It helps in identifying the reasons the consumers prefer the brand over its competitors and the level of brand loyalty present in the mind of the consumers. So if market research helps in determining the price elasticity of a product, brand research helps in judging if a premium price can be charged for the product (Benson, 2009). Brand Research can be done in situations when a new company and a new brand is launched, existing company and to check brand elasticity, when two companies are merging then the two merging brands are measured, and when the company is revitalizing the brand needs to be rejuvenated.
About the Brand