A brand is a name, term, design, symbol or any other feature that identifies one seller’s good or service as distinct from those of other sellers. Brands are used in business, marketing, and advertising.
The practice of branding is thought to have begun with the ancient Egyptians, who were known to have engaged in livestock branding as early as 2,700 BCE. Branding was used to differentiate one person’s cattle from another’s by means of a distinctive symbol burned into the animal’s skin with a hot branding iron. However, the term has been extended to mean a strategic personality for a product or company, so that “brand” now suggests the values and promises that a consumer may perceive and buy into.Over time, the practice of branding objects extended to a broader range of packaging and goods offered for sale including oil, wine, cosmetics and fish sauce.Branding in terms of painting a cow with symbols or colours at flea markets was considered to be one of the oldest forms of the practice.
In the modern era, the concept of branding has expanded to include the marketing and communication methods that help to distinguish a company or products from competitors, aiming to create a lasting impression in the minds of customers. The key components that form a brand’s toolbox include a brand’s identity, brand communication , brand awareness, brand loyalty, and various branding strategies.
Brand equity is the measurable totality of a brand’s worth and is validated by assessing the effectiveness of these branding components. Special accounting standards have been devised to assess brand equity.
A concept brand is a brand that is associated with an abstract concept, like breast cancer awareness or environmentalism, rather than a specific product, service, or business.
