Due to the rapid modernization of the society, now every person is concerned about, How they look? What they wear? What do they carry? What do they eat? etc. This modernization made them brand sensitive. Have you guys ever wondered what a brand is? And How will you be able to differentiate an ordinary product with a branded one? The product is created by the company while a brand is built by the people using them i.e. customers. So, here in this article, we have compiled the paramount differences between brand and product, which will help you to understand the terms better.
Content: Brand Vs Product
|Basis for Comparison||Product||Brand|
|Meaning||A product is an item which is ready for sale in the market.||A brand is something which distinguishes a product from other products in the market.|
|What is it?||A product is What you need?||A brand is What you want?|
|Uniqueness||A product can be easily copied.||A brand has a distinguished identity, that cannot be copied.|
|Can it be replaced?||Yes||No|
|What they do?||A product performs the functions.||A brand offers value.|
|Appearance||A product may be tangible or intangible in nature.||A brand is intangible.|
|Time Horizon||A product can be outdated after some time.||Brand remains forever.|
Definition of Product
The product is a good or service or the combination of the two that is made available by the companies in the market for sale to the end consumer. It can be in physical or non-physical form.
The producers manufacture a product. The raw materials which are procured by the manufacturers, then they are converted into finished goods, which are offered by them for selling purposes. The cost of production is the investment made by the company in producing a product and it is sold at a price known as a selling price.
The product has its own life years. After the expiry of that period, the product becomes obsolete. In such a case every product needs to be reinvented or regenerated, to attract the target audience. Sometimes, products are relaunched by the companies with some new or exciting features that will be able to grab the attention of more and more customers.
Every product is different in itself regarding size, color, brand name, shape, packaging, features, after sales services and much more. However, the difference in the product is psychological, not physical. These factors are more or less used by the companies to persuade customers to buy their product.
Definition of Brand
The market is flooded with millions of products, the name, symbol, sign, product, service, logo, person, or any other entity that makes you distinguish a product from a clutter of products, is a Brand. It is something; that helps the customers to identify the product as well as the company behind it. Look it another way, a product that has a name, which we can recall and relate to, is a brand. A Brand can neither be seen nor touched; it can only be felt. The brand is not built in a day; it takes years and years to gain the trust of customers.
A brand is a combination of three things, i.e. promise, wants and emotions. It is a promise made by the company to its customers that what they get after they buy the company’s products? It fulfills all the wants of the customers. It is an emotion to which the customers are attached to. The Brand creates an expectation in customers which the promises made by the company under the brand umbrella will be fulfilled by those products they use.
The brand is not just a name but an image in the minds of the customers. The image is associated with reliability, credibility, and quality that gives a sense of satisfaction to the customers. The legal identity of a brand is known as a trademark.
Here are some examples of top brands, Gucci, Rolex, Nike, Reebok, Starbucks, Armani, RayBan, Apple, etc.
Key Differences Between Product and Brand
The following are the major differences between product and brand:
- The product is an item or service produced and offered by the company for sale in the market. A brand is an entity like logo, symbol or name used by the companies, to make their products identifiable among other products in the marketplace.
- A product can be your need, but the brand is something more than that. You can understand it with an example like it is your need to wear outfits and footwear, but it is your want to wear outfits of Gucci and footwear of Nike.
- Copying a product is easy, but it’s hard or say impossible to copy a brand.
- Companies create products. On the other hand, Brand is created by us i.e. customers; it takes years and years to build a brand loyalty.
- Products can be replaced by other products because it becomes obsolete over time. In contrast to this, brands are forever.
- Product performs its general functions, but a brand offers value to the customers.
- The product is tangible or intangible in nature. However, a brand is intangible it can only be experienced.
At first instance, the two seems same, but if you start searching the differences, then you will come to know their actual meanings. The significant difference between product and brand is that a product is a single entity, but there can be millions of products under a single brand. So, the brand is a wider term than a product. The name of a product among people is just because of the brand.