There has been a consistent and continuous evolution of the concepts of brand and branding both in practice, research, and literature. This article aims at a wide literature review on brandingwith a research perspectiveto provide a broad comprehension of the areas like brand loyalty, brand awareness, perceived quality, brand associations and brand extensions. A
brand can be a name, symbol, design or mark that enhances
the value of a product beyond its functional purpose to
firms, trade or consumers. (Farquhar, 1989)
Branding
as a concept, is centuries old. Brands were betokened by
symbols in ancient Egypt and trade guilds in medieval Europe.
Names were used as brands first by whiskey distilleries.
However, brand, as a concept, evolved in 18th century when names and pictures of animals, places of origin
and famous people replaced many producers' names, to strengthen
the association of brand name with a product. The 19th century earmarked the period when brands were understood
as a tool to enhance the products' perceived value. The
focus in 20th century was to find the answers
of typical questions like how to build strong brands, how
to maintain and sustain the brands over time, and how to
expand by leveraging the existing brands. (Farquhar 1989;
Aaker 1992)
In
the late 1980s, the new ways of conducting business were
primarily through profits because of the rising influence
on the worldwide economic policies, due to the emerging
Pacific region countries, particularly Japan, and due to
more pressure by stockholders to increase or at least to
maintain huge profits (Aaker, 1992). At that time, corporate
marketing managers and researchers explored the ways to
attach the monetary value to their products, specifically
to brands. (Dyson, Farr and Hollis, 1996). |
