Branding refers to the marketing practice of creating a name, symbol, sign or anything that identifies and differentiate a specific product from other products.
Branding entails not just the creation of a brand, but strategies to increase a positive brand awareness, both in the current market territory and prospective future ones.
An effective brand strategy gives a company a big edge in the market. The process of branding is continuous, meaning that newer branding for the same product is created whenever the market signals a need for something fresh (think Pepsi’s brands over the years).
Changes in branding is very common with logos–designs change yearly for some companies. Reasons for change in branding can include:
Negative product image – By change branding the same product may get a more positive image.
Outdated designs – In this case the brand name usually stays the same but the packaging and logos might change.
New or increased competition – In order to keep the market share a product must always ensure that its branding stays on par, if not ahead, of the competition. This means ensuring a continuous presence in the public eye, which usually means newer and better ads.
Buyouts and mergers – Changes in the company structure might mean a need for change in the logos, design, and motto for a specific product.