Conversational knockout is not very good thing to happen during a meeting. And, it’s not only regarding a meeting, certain terms bring more clarity if known. So here are the Four Branding terms every businessman should know –
1.) Brand Architecture
A certain title that names the company. That company offers different products and services. These products and services form the different sub-brands. And, these sub-brands probably are further divided into several categories. So, there needs to be a pyramid structure mentioning the brand hierarchy. This structure is termed as brand architecture.
2.) Brand Equity
It is the value of the brand that customers prize. Attaining a high Brand Equity may take years of perseverance. The durability of the product, High-quality packaging, designing – every factor comes into account.
3.) Brand Experience
All brands evoke some sensations, they could be positive as well as negative. There are numerous ways a customer can experience the brand; be it the quality of paper in which it is packaged, color composition, or the content. An intelligent branding leaves positive imprints on the minds of consumers.
4.) Brand extension
Before reaching a successful stage, a business goes through many challenges and changes. There could be more product ranges that come into the picture after few years. But, since the umbrella brand is already established, the new product launch won’t necessarily struggle to carve a niche. This phenomenon is called Brand Extension.
It’s important to understand the terms related to Branding so as to understand the process better.