If you are venturing into a market place then, you would come across no-name products as well as branded products. Of course, these two types of products would be differentiated on their quality, price, manufacturing process, longevity, and so on. However, branded products are backed up with a warrantee on the products, whereas, the no-name products could be a waste of money if it is not backed up with a warrantee. The following factors go into making branded products
The name of the brand factors greatly into making branded products, and it adds a value to the brand as well. The name of the brand could be associated with the name of a company or, it could be inspired by the brand line or product line of the product.
One cannot simply decide the name of the brand—the value attached with the brand also plays a monumental task in determining the brand’s name. For instance, Google or Apple is common brand names, and its naming was inspired by the value preposition attached to it.
Manufacturing costs may not play a direct role into factoring brand naming; however, it plays a crucial role into determining the miscellaneous factors, which are often associated with naming branded products.
When it comes to product naming, a majority of the companies consider making an elaborated labeling strategy to help them brand their products. The labeling strategy may take several factors into account; however, it mostly focuses on brand value for naming a product.
Positioning of a brand plays an imperative role in brand naming, as it helps a customer in associating itself with how a product would help with its daily routine.