A brand is an association that an audience makes with a person, product, company or service. These associations could be intentional or promoted through marketing activities. It is important to understand the influence branding has on business; some of the best colleges for BBA in Pune include this as an integral part of their course curriculum.
Since branding results from associations and perceptions in people’s minds, it is an attempt to harness, influence, and control such associations to help business perform better. A brand that presents a company as trustworthy, reliable, exciting, and distinctive is beneficial to the business. Total control over the brand isn’t possible due to the part external influences play in shaping associations, which is why elements such as intelligent use of design, advertising, marketing, and corporate culture can play an important role in shaping perceptions in people’s minds to positively impact the organization.
The surge of digital communication over the last few years has shifted the balance and made the consumer’s voice more powerful than anything a brand can claim. Consumers are publishing and sharing their experience of a brand, and the ability of a brand to respond to this can have a profound effect on the way it is perceived. There are brands whose primary branding strategy is to champion the consumer’s voice. Brands that do so, are extremely customer-focused, and have great responsive behavior that allows them to make great connections with their customers to thrive.
Branding helps businesses stand out from competition and add value to the business offering. Effective branding elevates a product or organization from being just one commodity among many and to something unique and with character. It has the ability to create emotional resonance with the consumer, who while choosing their products use both emotional and pragmatic judgment. This is one of the reasons people are willing to pay higher for a branded product. This not only adds value to business but also adds to the perceived value of the product/service in the mind of the consumer.
Due to the many desirable effects branding has on a business, it has a central role in the curriculum of some of the best courses in management studies in Pune.