A brand is any feature that identifies your business' offering as distinct from your competitors.
Key benefits of having a distinct brand are that it:
Helps simplify choice
Reduces search costs
Creates a bond between your business and your customers
Reflects something about your customer in an appealing manner.
Four core steps are followed in curating a distinct brand for your business, which you may then use for your promotion initiatives, legal protection, communication with various stakeholders and asset valuation in your financial statements, amongst many other functions.
These steps are:
Brand Development
Brand Positioning
Brand Name
Brand Sponsorship
Here's a list of the top global brands and their stock prices to aid your understanding of the power of a brand:
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