Commercial Applications
Brands are used in business, marketing and advertising for recognition and to create a store value. Based on this statement list any five advantages of branding.
Advertising
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Answer
Five advantages of branding are:
Easy Identification and Recognition — Branding helps consumers identify and recognise the product. It reduces the time and effort involved in buying decisions.
Product Differentiation — Branding is a means of differentiating the product from competitors' products.
Basis of Mass Selling — Branding is the basis of advertising and other techniques of mass selling. Gradually, the brand itself becomes its own advertisement. Names like Coca-Cola and Lux have become household names because of brand advertising.
Uniform Quality Standards — Branding ensures uniform standards of quality and design to consumers.
Prevents Consumer Exploitation — Prices of branded and standardised products are fixed by the manufacturer and printed on the product, retailers cannot exploit consumers.
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CASE STUDY
Innovation and brand consultant, Anisha Motwani, believes that free trials or sampling as a strategy is mostly prevalent and successful in categories that have deep seated habits and have high frequency of consumption. Brand switching in this category require attitude and behavior changes and free sampling influences customers to try new brands and thus increasing the probability of purchase. Such categories could include newspapers, food products, etc. Free trials can also be found in case of expensive offerings where consumers prefer sampling before making a final commitment……
Success of Reliance Jio in the intensely competitive Indian telecom market brings forth the strength of trial marketing strategy, even in the service industry. Reliance Jio Infocomm Ltd offered free sampling of Jio’s voice calling, text messaging, and data services, and acquired stupendous 100 million subscribers, of which it continued to retain 72 million even after the free trial period ended.
Conventional wisdom suggests that brand that indulge in trials and discounts erode brand value. Here’s the reality though. People value brands. But people also seek value for money ……
Source:
https://www.ascdegreecollege.ac.in/wp-content/uploads/2020/12/Marketing-Management-Indian-Cases.pdfWith reference to the case study answer the following question:
With reference to the case study, explain the term Brand and its types.