What does branding refer to in business?

Branding refers to the process of creating a unique identity for a product or service. This includes developing a name, logo, design, and overall image that distinguishes a business from its competitors. Effective branding communicates the values and personality of the brand, fosters recognition and loyalty among customers, and helps establish a strong market presence. It is crucial for building customer relationships and creating an emotional connection with the audience.

Other options, while related to business practices, do not encapsulate the essence of branding. For example, online advertising typically involves promoting products or services through digital platforms, which is different from the identity and image-building aspect of branding. A pricing strategy focuses on how a company prices its products but does not contribute to the creation of a brand identity. Measuring customer engagement deals with assessing how customers interact with a brand but doesn't specifically address the branding process itself. Thus, option C accurately describes the fundamental role of branding in business.