Marketing vs Branding - NCERT Solutions for Class 12 Business Studies
Marketing vs Branding – NCERT Solutions for Class 12 Business Studies
We have all used the terms marketing and branding interchangeably in our lives several times. After all, every business needs to undertake strategies that would benefit them at the end of the day.
But now, as we prepare ourselves for business studies and business management, it is integral to understand the difference between the two terms.
We have all seen how incredible the Ad world is. We have all come across more than one ad that convinces us to try out their commodities. Let us take Lays, for example – We all “Love to love it!”
And how easily they tempt their viewers with a celebrity crunching on a packet of Lays. What a simple ad and yet so effective!
That is what marketing does! It is a process of bringing together tools and strategies to involve customers in their brand and convincing them to buy it. Marketing is a long process that involves a thorough assessment of potential customers and their needs. Based on their needs, it is integral to give customers an idea of the value the commodity offers.
It helps build a connection between the seller and the customer.
Furthermore, it is also essential to understand the Marketing elements, famously called the 4 Ps of marketing. Thus, refer to them below –
1. Product – Product is the commodity that a seller offers. Everything in the marketing process revolves around the product. Therefore, it holds utmost importance in marketing, selling and advertising domains.
A product intends to satisfy some needs of customers. That can either be by causing new demand for a product that does not exist or by competing with other sellers for an existing product. The type of product determines the target industry, the motto of the company, etc.
2. Price – Price, as the name suggests, is the amount of monetary compensation that a buyer would pay to the seller in exchange for the product. Since buyers are at the paying end, it becomes vital for sellers to ensure that the demanded price justifies the product value.
Costs, discounts, prices of competitors, among other things, determine the price of a product. Therefore, it requires evaluation and analysis to find a price that deems fit for both the buyer and the seller.
3. Place – As stated above, a product helps defined the future pathway for marketing. As such, sellers decide on a Place to determine their geographic concentration. Based on that, they figure out logistics and how to get their product to customers.
4. Promotion – Promotions are a hard-selling marketing strategy that encourages customers to buy products. Most promotional strategies involve advertising, public relations, etc. Promotions provide customers with the knowledge they need to make their purchases.
As the saying goes,” Marketing is all about putting the right product in the right place, at the right price, at the right time”.
If we were to define branding in textbook language, branding is the process of giving a name or a sign or a symbol, etc., to a commodity. But it is integral to understand why branding is essential to the life of a commodity. It essentially gives identity to a commodity and ensures that it has a long life. Branding defines the values, the goals and the mission of the company and the commodity and helps the company set itself apart from all other competitors. It brings out the factor of uniqueness and gives the customer something rememberable about it.
Further, it is also integral to understand the factors that impact branding. Thus, refer to the factors below –
1. Brand: A brand is a name, term, sign, symbol, design or a combination of these items. It gives the product a unique identification. This unique identification helps the seller distinguish themselves from their competitors. Whenever you think of a brand, a lot of names will come to your mind.
Let us consider Nike, for example. Whenever we think of Nike, its ✔ logo comes to mind. So you see, there are two essential things to make a good brand – A brand name and a brand mark.
a. Brand Name: Brand name is a part of the brand which can be spoken or written in words. Therefore, it is the verbal part of the brand. It is the first thing used to discuss a brand. Hence, it becomes vital to think of a name that attracts or intrigues customers.
b. Brand Mark: Bran mark is the other part of the brand that provides visual appeal to the customers. It is the non-verbal part that appears as a symbol, design, distinct colour scheme or lettering.
2. Trade Mark
Have you ever heard of two Nike’s existing in the market? Both owned by different companies? Have you ever seen another company having ✔ as their symbol?
Of course, you have not! That is because Nike trademarked this symbol to create its unique image.
As such, a trademark is that part of a brand that has legal protection. Once a brand gets trademarked, no other firm is allowed to use its logo or name.
Now let us briefly understand the difference between Marketing & Branding.
Difference between Marketing & Branding.
Marketing is the link between customers and sellers.
Branding is the strategy that leaves an impact on the customer.
What comes first?
Marketing comes second.
Branding comes first.
Convince customers to buy.
Set itself apart from competitors.
Push customer to buy.
Pull customers to buy.
Marketing results in sales.
Branding brings reputation.
To get a better understanding of this concept, check out the video below.
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