Branding is a strategy that is used by marketers. Pickton and Broderick (2001) describe branding as Strategy to differentiate products and companies, and to build economic value for both the consumer and the brand owner.
Brand occupies space in the perception of the consumer, and is what results from the totality of what the consumer takes into consideration before making a purchase decision (Pickton and Broderick 2001).
So branding is a strategy, and brand is what has meaning to the consumer.
There are some other terms used in branding. Brand Equity is the addition of the brand’s attributes including reputation, symbols, associations and names. Then the financial expression of the elements of brand equity is called Brand Value.
There are a number of interpretations of the term brand (De Chernatony 2003). They are summarized as follows:
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