A brand is a name, logo, symbol, set of behaviors, or anything that can be used to identify and differentiate a specific product, service, business, or even person. Brand awareness is considered essential in any business because it determines whether the customers can easily recognize and remember the brand.
Businesses usually work hard on their branding in order to get brand recognition in their target market. A solid brand makes a product and/or service more relevant and valuable in the eyes of their customers.
Brands are usually trademarked or copyrighted to keep them competitive. In some instances, brand can be non-proprietary as in the case of famous celebrities like Bono or Madonna. However, when these celebrities venture in business, they can brand their name in order to protect product lines that may end up selling, just like Mariah Carey with her perfumes.
Global brands are brands that are perceived to have the same value internationally. These brands are at an advantage since they can more easily enter a local market in any country: Immediate brand recognition means lower marketing costs.
Due to the popularity of the internet, it has become easier for companies to work on global branding by starting their marketing strategy online. They do this in many ways, from getting people around the world to answering online surveys to bombarding local markets with online ads. Examples of global brands include Nike, Ikea, and McDonald’s.