business competition

The significance of credit brands

A brand is a design, name or identity that is given to a product or service in order to differentiate it from its competitors. Brands are likely to remain a potent force in the future, not least because, in an increasingly unclear and uncertain world, they help customers understand what they are buying or are being offered. If you buy a Rolls-Royce, for example, you expect certain brand values such as quality, reliability and prestige.

Brands are complex assets, and like people they possess, to some degree, distinguishing features. One increasingly popular method of managing brands is to view them as having “personalities”. The Rolls-Royce brand has a high-class, high-quality appeal throughout the world, and retailers such as Wal-Mart and K-Mart built their reputations on homely convenience and low price. It is this concept of brand personality that highlights their power.