What is the difference between Product and Brand?

Business & Management
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#1

The key distinctions between product and brand are as follows:

• A product is an item or service that the company produces and sells in the market. A brand is an entity that corporations use to distinguish their products from other products in the marketplace, such as a logo, symbol, or name.

• A product can fulfill a need, but a brand is more than that. You can visualize it by imagining that you have a need to wear clothes and footwear, but you want to wear Gucci outfits and Nike footwear.

• It is simple to imitate a product, but it is difficult, if not impossible, to copy a brand.

• Products are created by companies. On the other hand, we, the customers, construct the brand; it takes years and years to develop a brand and brand loyalty.

• Because items become obsolete over time, they might be replaced by other ones. Brands, on the other hand, last forever.

• A product fulfills its basic functions, but a brand adds value to the customers’ experience.

• The product can be either tangible or intangible while, a brand is intangible and can only be felt.