Branding and marketing are two vital business function that works together with the aim of increasing revenue. The activities are used to bring awareness of a product or company among people. They are so closely interconnected that people often do not realise the difference between marketing and branding. While marketing involves an array of activities carried out to sell a product or service, branding encompasses activities that create a name or an image of a product, by occupying a place in the consumer’s mind
Content: Marketing Vs Branding
|Basis for Comparison||Marketing||Branding|
|Meaning||A range of activities carried out by the company to bring together buyers and sellers to promote exchange of goods and services is Marketing.||Branding is the practice of assigning a brand name to a product, that helps consumers recognize and identify the company producing it.|
|For whom?||For business||For customers|
|What it does?||Cultivates customers||Builds customer loyalty|
|Influences||Customer's immediate decision to buy.||Buying decision by leaving an impact on the consumer's mind.|
|Value||Promotes intended value||Reinforces value|
|Drives||Periodic sales||Enduring reputation|
|Speaks to||Intended audience||Emotions|
Definition of Marketing
Marketing is defined as the management process, that brings together the company and the consumers, that results in the exchange of goods and services for consideration. It encompasses a range of activities, i.e. exploring, creating, advertising, selling and delivering products or services that have value to people at a profit. It is not just telling and selling but includes all the activities done to acquire customers and build a relationship with them.
The process involves identifying the unfulfilled customer requirements, determining the size of the target market and profit aspects, ascertaining which unit of the enterprise will serve best to the customers, promoting the products or services with the aim of selling, building client and customer relationship and much more. The basics of marketing can be understood as a combination and coordination of 4P’s i.e. product, price, place and promotion called as the marketing mix.
Definition of Branding
To understand the term branding, first of all, you need to know what is a brand? A brand is a name, logo, sign, mark, slogan or a combination of thereof, used to recognise and differentiate products or services from other sellers. Branding is a set of activities that involves creating a distinct and memorable name or an image for a product or service that occupies a place in consumer’s mind, by using advertising tools.
Branding is a marketing practice, done with the aim of setting up a remarkable presence in the market to attract customers and retain them for a long time. It establishes trust, reinforces the value and enhances the experience with the product or company.
Key Differences Between Marketing and Branding
The differences between marketing and branding can be easily understood with the given below points:
- Marketing is a range of activities carried out by the company to bring together buyers and sellers to promote the exchange of goods and services. On the other hand, branding is the practice of assigning a brand name to a product, which helps consumers recognise and identify the company producing it.
- Marketing is for business while branding is for customers.
- Marketing is used to cultivate customers, whereas branding is used to build trust and brand loyalty among customers.
- Marketing influences customer’s immediate response to buy. As opposed to branding which influences buying decision by leaving an impact on the consumer’s mind.
- Marketing discloses benefits of the product or service offered by the company. Conversely, branding showcases dreams.
- When it comes to strategy, marketing is a push, but branding is pull.
- If we talk about value, marketing promotes intended value, but branding creates one.
- The ultimate result of marketing is sales. Conversely, branding brings enduring reputation.
- Marketing aims at creating customer needs. Unlike branding, that aims at building a strong and healthy relationship with customers.
- Marketing speaks to target audience. On the contrary, branding speaks to emotions.
Marketing is the first step taken by the company to cultivate consumer needs and a market for their product. In contrast to branding, that follows marketing and aims at creating value for customers.