Explain the advantages of branding to marketers of goods and services.
Explain the advantages of branding to marketers of goods and services.
Branding implies giving a unique name, sign, symbol or term for the identification of a product. The following are the advantages of branding to the marketers.
i) Branding enables a firm to distinguish its product from the product of other firms.
ii) It facilitates advertising of the product. Only when a product is given a brand, it can be advertised and thereby, attract customers. A product with a generic name cannot be advertised.
iii) Through good branding manufacturers can create loyalty and habituality for their product. Thereby, the firm can benefit from this and charge a different price for its product.
iv) It helps in establishing the base if a new product is to be launched. This is because if a new product is launched under a good and established brand, it is expected to get a good boost and benefit from reputation of the brand.
Branding implies giving a unique name, sign, symbol or term for the identification of a product. The following are the advantages of branding to the marketers.
i) Branding enables a firm to distinguish its product from the product of other firms.
ii) It facilitates advertising of the product. Only when a product is given a brand, it can be advertised and thereby, attract customers. A product with a generic name cannot be advertised.
iii) Through good branding manufacturers can create loyalty and habituality for their product. Thereby, the firm can benefit from this and charge a different price for its product.
iv) It helps in establishing the base if a new product is to be launched. This is because if a new product is launched under a good and established brand, it is expected to get a good boost and benefit from reputation of the brand.
