How does branding help in creating product differentiation? Does it help in the marketing of goods and services? Explain.
How does branding help in creating product differentiation? Does it help in the marketing of goods and services? Explain.
By giving a unique name, sign or symbol to a product, branding enables a firm to distinguish its product from that of its competitors. This enables the firm to secure and control the market for its products. Yes, branding helps in the marketing of goods and services because of the following reasons :
(i) Helps in advertising and display programmes: Without a brand, the advertiser cannot promote and create awareness for and sell his product.
(ii) Helps in product identification: Branding helps the customer to easily identify the product and reduces the requirement of inspection.
(iii) Ensures quality: Branding ensures a particular level of quality of the product and helps in building the confidence of the customers.
(iv) Status symbol: Sometimes, brands become status symbols and customers feel proud and satisfied in purchasing them.
By giving a unique name, sign or symbol to a product, branding enables a firm to distinguish its product from that of its competitors. This enables the firm to secure and control the market for its products. Yes, branding helps in the marketing of goods and services because of the following reasons :
(i) Helps in advertising and display programmes: Without a brand, the advertiser cannot promote and create awareness for and sell his product.
(ii) Helps in product identification: Branding helps the customer to easily identify the product and reduces the requirement of inspection.
(iii) Ensures quality: Branding ensures a particular level of quality of the product and helps in building the confidence of the customers.
(iv) Status symbol: Sometimes, brands become status symbols and customers feel proud and satisfied in purchasing them.
