Step 1: Read the question carefully.
The question asks for the name of the process of giving a name, sign, or symbol to a product. The key word here is process.
Step 2: Recall the related marketing terms.
In marketing, there are four closely related terms: Brand, Branding, Labelling, and Packaging. These are often confused with each other, so understanding each clearly is important.
Step 3: Understand what a Brand is.
A brand is the actual name, term, sign, symbol, or design itself that identifies a product. For example, the word Coca-Cola or the Nike swoosh is the brand. It is a noun, referring to the identity element itself.
Step 4: Understand what Branding is.
Branding is the act or process of assigning a name, term, sign, or symbol to a product. It is the verb, referring to the activity of creating that brand identity. This is exactly what the question describes as the process of giving a name or sign or symbol to a product.
Step 5: Eliminate the other options.
Labelling refers to putting a tag or label on a product that carries information such as ingredients, price, or manufacturer's name. Packaging refers to designing and creating the physical container or wrapping for the product. Neither of these matches the definition given in the question.
Step 6: Conclude.
Since the question specifically asks for the process of giving an identity marker to a product, the correct answer is Branding.
\[ \boxed{ \text{(B) Branding} } \]