In economic terms the "brand" is, in effect, a device to create a "monopoly" — or at least some form of "imperfect competition" — so that the brand owner can obtain some of the benefits which accrue to a monopoly, particularly those related to decreased price competition. In this context, most "branding" is established by promotional means. However, there is also a legal dimension, for it is essential that the brand names and trademarks are protected by all means available. The monopoly may also be extended, or even created, by patent, copyright, trade secret (e.g. secret recipe), and other sui generis intellectual property regimes (e.g.: Plant Varieties Act, Design Act). In all these contexts, retailers' "own label" brands can be just as powerful. The "brand", whatever its derivation, is a very important investment for any organization. RHM (Rank Hovis McDougall), for example, have valued their international brands at anything up to twenty times their annual earnings.
Related Articles on Branding
- Brand Management
by Lance Williams
The discipline of brand management was started at Procter & Gamble PLC as a result of a famous memo ... - How does branding help in retaining and getting repeat customers
by William King
This article explains how branding can help a business in retaining customers and getting repeat bus... - What image does a good brand name have on customers?
by William King
This article explains the effect of branding on the image of a business in the mind of a customer.... - Do brands matter to customers?
by William King
This article highlights the importance of branding and some key things that management should consid... - Brand Strategy: Where do I begin with branding? Design a logo?
by Tina Schweiger
A brand is much more than a logo. It is the roadmap your business uses to define relationships with ... - Branding Your Business Online
by Nazeer Daud
Branding your business on the Internet is both important and achievable, regardless of the size or n...
