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प्रश्न
Answer the question.
What is Branding ? Give any three advantages of branding to the marketers.
उत्तर
Branding is the process of assigning a distinctive name or symbol to a product by which it is to be known and remembered. Branding enables a marketer to distinguish its products from its competitors’ products.
Advantages of branding are:
- Product Identification: Branding helps customers in identifying the product. When a customer is satisfied with a particular brand of a product, he repeatedly purchases it. For example, a customer who is satisfied with Lux’ toilet soap need not inspect it every time he buys the product.
- Product Differentiation: Branding enables a marketer to distinguish its product from its competitors’ products. This will help the firm to secure and control the market for its product.
- Differential Pricing: Branding enables a firm to charge a different price for its product than that charged by its competitors. This is because when the customer becomes habitual or used to any particular brand of a product, they don’t mind paying a higher price for it.
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संबंधित प्रश्न
Explain five factors that should be taken into consideration while determining the price of a product or service.
Explain three features of goods, as an element of Product Mix.
What is meant by a product?
Explain the terms :
(i) Labelling
(ii) Packaging
Explain five factors that affect the pricing decision of a product.
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CASE STUDY British car maker MG has confirmed the launch of a new affordable Electric Vehicle (EV) in India in the first half of 2023. The brand also revealed that this newly developed EV will come with an affordable price tag of around Rs 7-8 lakh. Although the firm has not yet disclosed the details of the EV's body style, this new pure-electric offering will most probably compete against the Tata Nexon EV. Besides this the MG's upcoming EV will utilise a new platform and could offer a sub-300 km of travel range on a single charge. MG Motor has also announced that it will invest in nurturing young talents through its initiatives like the MG Nurture program. The carmaker plans to collaborate with 50 institutes through the program to train one lakh students on the latest technologies regarding EVs. Electric cars produce zero exhaust emissions, which means they do not emit any harmful exhaust gases into the air. This can benefit the environment as exhaust gases can negatively impact various health conditions and also have an impact on climate change. EVs are more efficient, and that combined with the electricity cost is cheaper than filling petrol or diesel for your travel requirements. Using renewable energy sources can make the use of EVs more eco-friendly They mainly reduce noise levels which are hazardous to human health. |
With reference to the case study answer the following questions:
- In which stage of product life cycle can Electric Vehicles be placed? Explain this stage briefly.
- Which type of training can be undertaken by MG Motors to train its employees? Briefly explain.
- Explain the effects of pollution on human health.
Define the term 'product mix.'
Enumerate the elements of product mix.
