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Selling Proposition or MSP came forward which describe the strategy of consumerstaking ownership of the brands. Then onwards the concept of branding moves forwardwith Holistic Buying Proposition or HBP. That means building a complete multi-sensory branding is concerned rather than implementing a part of it.
Brands & Branding
The American Marketing Association (AMA) defines the term brand as
a name,term, sign, symbol, or design, or a combination of these, intended to identify thegoods or services of one seller or group of sellers and to differentiate them from thoseof competitors.
However, some professionals define the term in a more generic waysuch that branding is not only concerning products & services but also companies,commodities, groups & people. A brand is carefully designed to present the qualitiesthat will at
tract the targeted public. It depends on its creator’s belief & is created
focusing on its durability & long term consistency. The branding can have manymeanings. There are six levels of branding meaning are described by Philip Kotler inhis book Marketing Management, Millennium Edition .
Levels of Brand Meaning1.
A brand that can bring certain attributes to the consumer’s mind. For example,
when thinking of Maruti, the thoughts people would people may be cheap, small,high cost effective vehicles. Also Jaguar brings the attributes of sophisticated,high prestige vehicle.