Abstract
Branding is a Guarantee, an assurance for a defined standard of quality
for the first time and for every time but not the vice versa. Brands do not
compete in the product area but compete for the mind space of the customer. A brand once established in the mind of the customer
becomes indelible when customer identifies itself with that particular Brand.
Branding therefore is an effective marketing strategy
tool that has been used with frequent success in the past. Branding can be an effective
and powerful tool for all types of business organizations. If brand owners use
their product correctly, the payoffs can be substantial. However, if brands are
mismanaged, the results can be damaging. This report is aimed to investigate
the impact of branding on consumer preference. How much consumers are prepared
to pay for branded products, how important they consider price, branding or
other factors during their purchasing decisions. The Report comprehensively
reviewed literature on branding, brand loyalty, brand awareness, brand equity
and brand perceptions, price sensitivity and willingness to pay.
