Everyone loves the exclusive discounts and offers that come around during the holiday season. Your brand may already be running some discount offers.

Based on the information given above, which of the statement given below describes the term brand?

1. Brand means the process of assigning a distinctive name to the product by which it is to be known and remembered.
2. Brand means short term incentives of non-recurring nature used to stimulate consumer purchasing and dealer effectiveness.
3. Brand means any identification mark used to identify the product of a seller and to differentiate it from the products of competitors.
4. Brand means the exchange of goods and service for money.

Brand means any identification mark used to identify the product of a seller and to differentiate it from the products of competitors.

Reason — A brand is any identification mark (such as a trade name, mark, symbol, picture, design, colour, etc.) used to identify the product of a seller and to differentiate it from the products of competitors. Option 1 defines branding (the process), and option 2 defines sales promotion.