Branding have gained prominence in the marketing world just because it has created room for product identification and differentiation and hence an opportunity for marketers to do business.
Many businesses have achieved success by having identification for their products thereby making it possible and easier for the target market to distinguish their product from competitors’ products. For example, after considering decisions bothering on packaging, some marketers now see it as another element of the marketing mix and therefore prefer to call it the 5th P. This article considers in detail marketing decisions on branding.
Meaning of Branding
Branding is the use of a distinctive name and/or mark on a product to differentiate it from similar competitive products it is a major tool used by most marketers. Most marketers operate under conditions that approximate monopolistic competition (a situation where there are many sellers of a generic kind of product and each seller being able to differentiate his from any other competitor’s products). This condition makes branding decision important and essential to marketers. Branding decision by companies seeking identification for their product’s resale by middlemen. The success of business therefore hangs on the ability of the target market to distinguish individual’s products.
The relevance of branding in differentiating products is relatively varying from product to product and from company to company. While agricultural products are difficult to differentiate because of their unprocessed nature, food processors canning or freezing such agricultural products can build brand preference for their brand through differentiation and promotion to convince buyers of the superiority of each.
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