What does a brand consist of?

A brand principally consists of two parts – the tangible called ‘product’ and the intangible called ‘perceptual’.
The ‘product’ is the real thing which you can see, touch, hear, smell and taste. When we say coffee, the real thing is beans, powder, aroma, a jar, the price, colour etc. Products are ‘manufactured. In case of a service, say a bank – it is quality of interaction, service, layout and spatial ambience.
The ‘perceptual’ part is what is being perceived (image) and is intangible. Nescafe is perceived as being refreshing, trusted, international, etc.
Let’s say there are two shirt labels – one is called Browne and the other is ColorPlus. The difference between the two is at a perceptual level. ColorPlus is seen as corporate. The brand is active, and engages with its consumers. It has built a brand image with advertising and other communications. While Browne remains passive, insular and low profile. Nobody knows about Browne and therefore it is not considered a ‘brand’. Browne remains just a name.
If the owning company wants to sell Browne, it would not have the benefit of monetising it. There is no goodwill or reputation, whilst ColorPlus is loaded. The brand is strong, carries considerable good will and reputation. It has financial value.

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