Learn about brands and brand values

I. What is a brand?

In Marketing, a brand is a name, term, or symbol that helps people recognize a company, product/service, or individual. We often call a trademark, logo, or company name a brand.

According to the definition of a brand by the World Intellectual Property Organization (WIPO): A brand is a special sign (tangible or intangible) to identify a product or service produced or provided by an individual or organization.

2. What is a brand?

In Marketing, a brand is a name, term, or symbol that helps people recognize a company, product/service, or individual. We often call a trademark, logo, or company name a brand.

According to the definition of a brand by the World Intellectual Property Organization (WIPO): A brand is a special sign (tangible or intangible) to identify a product or service produced or provided by an individual or organization.

It can be said that the terms "trademark" and "brand" are used in different contexts. Specifically, from a legal perspective, "trademark" is often used, and from a corporate governance perspective, the term "brand" is used.

Therefore, according to the provisions of law, only "trademarks" are recognized and protected by competent state agencies by registering for trademark protection at the Intellectual Property Office and being granted a trademark registration certificate. As for "brands" formed from the process of building and developing a business, through consumer evaluation, the brand will become valuable when products and services are widely used and create a certain reputation.

A trademark will be protected by law for 10 years, but can be renewed many times in a row. On the contrary, a brand will not be protected by law but its value is not limited over time, because it is the result of the process of building and developing a business.

3. The value of brand to business

The process of forming and building a brand includes the name and image of the product/service in the minds of customers. This is to create a difference in the current market. In addition, creating a brand also helps attract customers' attention and maintain long-term relationships with them.

There is a very classic saying about branding: "Brand is the last thing left when the business has nothing left."

Brand is considered as a form of intangible asset of a business, one of the important tools to promote commercial business activities today.

Not only that, brand value also plays an extremely important role in marketing strategies. This is a factor representing the brand's commitment and trust in products/services or customer experiences.

Brand value can also be understood as the financial value of that brand when it is bought and sold. To determine brand value, individuals/organizations need to estimate their value in the market.

4. The role of Branding – Brand management

The goal of brand management is to build customer trust in the brand. In addition, the goal of this process is to maintain the brand's position in the market and help it attract and stand out from hundreds of other brands in the same field.

Brand management and maintenance are also extremely important to build that brand. Because a brand has high value, position and is famous at a certain stage. However, at some stage, the brand can also "fall", lose trust and value with users. To avoid this situation, you need to come up with a thoughtful brand management and "maintenance" plan and implement it continuously.

A high brand value will be extremely beneficial in building a business's reputation, trust and market reach. Therefore, the products/services you provide will have higher value.

For example, why do consumers consistently choose brand-name pain reliever Tylenol over unbranded options that offer them more value? Because the brand is consistent, recognizable, and trustworthy.

Having strong brand equity will help businesses charge more for their products as well as create brand extensions such as launching new products – Tylenol PM for example.