How does branding help in creating product differentiation? Does it help in marketing of goods and services? Explain.
A brand is a name, term, sign, symbol, design or some combination of them used to identify the products and differentiate it from that of its competitors.
Branding helps a firm to distinguish its product from the other competing products available in the market.
Branding is much more than an identification mark. It is a seller’s promise to deliver quality and satisfaction of buyers’ expectations. When firms develop good reputation about quality, then brand helps them to enjoy greater control over the customers and to develop brand loyalty.
Thus, branding is not only done to identify the seller or producer but also to make your product superior than competitor’s product. And it also helps in marketing of goods and services. Following are points highlight the importance of branding in marketing of goods and services.
- Helps in advertising and display programmes: Without a brand, the advertiser cannot promote and create awareness for and sale his product.
- Differential pricing: By building brand acceptance and brand loyalty, a firm can charge a different price for its product from that of its competitors.
- Ease in introduction of new product: If a new product is introduced under an established brand name, it is likely to be accepted easily and get a quick start.
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