Importance Of Branding

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overtaken the demand and as a result, in order to have a share in the market, a company not only needs to create its own customers but also retain them. In order to keep customers, the manufacturers need to create customer loyalty. Branding is one such method which ensures customer loyalty and serves as the most powerful instrument of sales promotion due to the following reasons.
1. Ever-increasing competition.
2. Importance of packaging as a distinct marketing function. Branding and packaging always go hand in hand.
3. Need for advertising and garnering publicity. It is branding alone which enables advertising.
4. Development of consumer brand-consciousness as a brand image in his mind. Branding ensures a separate identity for a product and …show more content…
According to Ownership:
Brands, on the basis of ownership, may be classified into two types. They are
(1.) Manufacturer’s brand
(2) Dealer’s brand
(1.) Manufacturer’s Brand:
A brand is known as the manufacturer’s brand when it is named after the name of the manufacturer or the organisation that manufactures the product. For example, BPL TV, BPL audio systems, BPL washing machines, Videocon washing machines, Videocon TV, Videocon audio system etc.
(2.) Dealer’s Brand:
Under this type of brand, it is not the manufacturer who lends a brand-name to his product but it is the prerogative of the distributors like the retailers, wholesalers etc., who give the brand-name and sell these products under the role branding. This type of branding is mostly popular in America and Europe where they have large distributors. This type of branding is not popular in India.
II. According to the Market Area:
Depending upon the market area, the brands maybe of the following types:
(A) Local brand, (B) Nation brand, (C) International brand
• Local Brand: when the brands are used for selling a product in a local market, it is called a local brand. Under this brand, the same product has different brand names in different …show more content…
Brand Managers often carry Line-management accountability for a brand’s P & L (Profit and Loss) profitability, in contrast to marketing staff manager roles, which are allocated budgets from above to manage and execute.
The following are the responsibilities which a brand manager discharges
1. To build and manage both the product mix and the product line.
2. To chalk out long-term, competitive strategy for the brands.
3. To work in tandem the advertising agencies for the promotion of the brand.
4. To gather information continuously regarding the brand’s performance in the market, customer attitudes, attitudes of the dealers and the Brand loyalty of the customers
5. To innovate and develop competitive brand positioning strategies.
6. To use packaging and branding as effective marketing tools to promote the brand
7. To manage effectively the Brand life cycle.
8. To carry out product innovations.
9. To prepare appropriate strategies for both product planning as well as development for the existing brand as well as for new brands.
10. To create and manage brand equity
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