ADVANTAGES OF BRAND NAME |MERITS OF BRAND NAME | PROS OF BRAND
The brand includes a name, slogan, and design on a particular product or service. a brand identifies a product to a buyer. A seller can earn the goodwill through the brand. Brands also create a difference between the many competitors of a company. Brands are very important for the success of a firm.
ADVANTAGES OF BRAND NAME
A good brand name is helpful for the markets and as well as for the customers.
ADVANTAGES TO MARKETERS
- A brand name provide encouragement the good encourgement to increase customer recognition.. for example, a brand can be visually recognizable from its packing etc. it is also recognizable via sound like hearing its name or talking with someone who mentions the product.
- All firms can establish a successful brand can extend the brand by adding a new product in the same ‘family’ brand. It is a very helpful way for the company to introduce a new product
- A brand is developed and promoted, it makes product positioning efforts more effective. When customers get advantages from a particular brand, the brand may attain a significant competitive advantage.
- Strong brand names can lead to financial advantages. it gives advantages through the concept of brand equity in which the brand itself becomes valuable. That gains are collected from the outright sale of a brand.
ADVANTAGES TO CUSTOMERS
- Branding helps customers in identifying the specific products that they like or dislike. So they can buy the product that satisfies their needs.
- It also helps in judge the quality of the product. Especially when they cannot judge the product’s features.
- The brand name symbolizes statues that provides a psychological reward to customers.
- Brand or brand name gets the immediate attention of customers.
- It also ensures standard quality and satisfaction to buyers.
MEANING OF BRANDING, PACKAGING, LABELING | DEFINITION OF BRANDING, PACKAGING, AND LABELING