256 Chapter 10 Product, Price, and Place Copyright Goodheart-Willcox Co., Inc. Branding a product is using its personality, image, and history to position it favorably in the minds of consumers. One goal of branding is to equate the brand name with quality. In some cases, the brand is the name of the company, such as IBM or Intel®. Well-developed and well-promoted brands build brand loyalty. The tangible elements of a brand are its name, tagline or slogan, and logo. A logo is a graphic symbol closely associated with a brand. It may also be called a brand mark. A logo may or may not include the brand name. Along with a logo, businesses often create a catchy or memorable tagline to strengthen the brand. A tagline, or slogan, is a phrase or sentence that summarizes some essential part of the product. For example, almost everyone knows the Nike tagline Just Do It and the You’re in Good Hands with Allstate slogan. Packaging and Labeling Another important strategy for product positioning of goods is the choice of packaging. Attractive and colorful packaging draws attention to the products and can become part of the brand. Packaging and labels should be consistent with the desired brand image. Packaging and labels are sometimes the first places consumers see information about a product’s features, benefits, and performance. Customers are very perceptive about the wrappers on the outside of their favorite products. Many businesses make a conscious effort to choose containers that are easily recycled or are made with recycled materials. For these businesses, one of the primary packaging concerns is to select green materials, or ones that do not harm the environment. Social media can give an entrepreneur insight into the needs and wants of potential customers. Dragon Images/Shutterstock.com FYI Increased brand loyalty usually means increased sales. For this reason, strong brands are worth millions of dollars to the companies that own them. Companies spend a lot of money ensuring their brand-name products are protected and the names are not used elsewhere.