Branding is the perceptional value of a customer about a product or service. The perceptional value is determined by the delivered value of commitment by the brand in terms of quality, security, consistency, pride, and service. Branding is creating an emotional chord with the product or service offered by a vendor. When a customer buys his favorite SWISS watch, he would involuntarily weigh all these aspects. He takes pride in possessing the product. He would flaunt it with zest.
Branding is equally a sensitive exercise. Any slightest deviation in the commitment by the vendor would undo the decades market stand and place.
Pricing of favorite brand would not be a prohibitive element to buy the product. The brand is respected by the haves and have nots globally and equally. The difference is price affordability in a given situation.
The majority view that media management is branding. Wide publicity, aggressive marketing, PR efforts might generate a surge in demand for the product. However, that would not create a lasting brand value unless the customers, stakeholders continue receiving the committed value from the product. It is like spending millions on publicity of a bad movie. It might generate an instant market. But not a lasting market.
The cardinal factors that create branding would be:
(a) Product / Service Quality
(b) Service & support efficiency
(c) Effective and user-friendly packing of the product or presentation of the service
(d) Value for money
(e) Consistency in all the above aspects
Any other factor that contribute in brand building would be supplemental to the above cardinal aspects.