Human needs can only be satisfied by a product. Additionally, such products need to have a distinct identification. Such identification adequately distinguishes the new product from those that exist in the market. This identification creates a product brand. Additionally, besides branding, packaging and advertising contribute towards a brand name. For instance, Coca Cola is globally identifiable for its name and brand that uses red writings against white backgrounds. Brand naming may be used as a strategy in successful business. Therefore, a brand name can only be launched after thinking of the long term effects of the name on the consumers. Once established, changing of brands may incur huge expenses. A brand of a product serves both the buyer and seller since it helps the consumers to differentiate the products form other varieties. Sharp, effective, memorable and distinguishable branding helps in ensuring customer loyalty. Consumers are believed to use a product repeatedly only when they are fully satisfied by the product (Haig 2005, pg. 65).
For new products in the market, branding involves various terminologies that are distantly distinctive. These terms include trademark, brand, brand mark and the brand name. According to (Haig, 2005) a brand can be a format, design, term, symbol, name or a combination of these elements. Mainly, a brand needs to distinguish the manufacturer and distributors of the product from those that exist in the market. Alternatively, a brand name refers to the pronounceable brand identity of the product. A good brand name may contribute towards product popularity. Often, a brand name needs to be patented to hinder replication and imitations. On the other hand, a brand mark needs to identify its products using a distinguishable symbol. In most cases, consumers identify the manufacturer of a product using the symbol.