A brand is a recognisable name; term; symbol or design that allows customers to identify the goods and services offered by businesses and differentiate them from competitions. Brands are very important to businesses, generating high revenue, promotion, repeat purchases and inspiring brand loyalty.
Many of the most successful brands are the first in the market; the first products to reach a target market or to utilise new technology, for example. This may also mean taking advantage of a gap in the market or of new developments.
Choosing the right brand name is an important aspect of the branding process, needing to be easily spelt and pronounceable (for foreign markets); short and to the point, in order to be easily remembered; able to indicate something about the benefits of the product or its uses; be identifiable to the customer and be distinctive and different so that it can be trademarked.
Another fundamental way brands are successful is with aunique selling point (USP), differentiating them from other products and ensuring sales. The brand must be positioned in the right place on the market in order to be successful.The marketing mix (or four Ps) is important to positioning the brand within the market.