Brands Servings for Consumer and Organizations Brands provides number of services to consumers and firms here we discus some of them ...
Brands Servings for Consumer and Organizations
Brands provides number of services to consumers and firms here we discus some of them
For Consumers - Choice makes easy
Consumers learn about brands through past experiences with the product and its marketing program, finding out which brands satisfy their needs and which do not. It saves the time of the consumer and simplifies the decision.A credible brand signals a certain level of quality so that satisfied buyers can easily choose the product again.As consumers’ lives become more complicated, rushed, and time-starved, a brand’s ability to simplify decision making and reduce risk becomes invaluable.
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| Brand services for firms and customers |
For Firms
It brings number of benefits for the firms
Product Handling
Brands simplify product handling or tracing. it help to organize inventory and accounting records.
Legal Protection
The brand name can be protected through registered trademarks; manufacturing processes can be protected through patents; and packaging can be protected through copyrights and proprietary designs.
These intellectual property rights ensure that the firm can safely invest in the brand and reap the benefits
of a valuable asset.
Demand Forecast
Brand loyalty provides predictability and security of demand for the firm, and it creates barriers to entry that make it difficult for other firms to enter the market.
Higher Profits
Loyalty also can translate into customer willingness to pay a higher price—often 20 percent to 25 percent more than competing brands.
Competitive edge protection
Brands are the powerful means to secure a competitive advantage. Although competitors may duplicate manufacturing processes and product designs, they cannot easily match lasting impressions left in the minds of individuals and organizations by years of product experience and marketing activity
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