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प्रश्न
Answer the following question.
JTM Ltd. launched 'Buddy line', an exercise book and comprehensive stationery brand name comprising of ball pens, gel pens, and geometry boxes after identifying the target market and understanding the needs and wants of the consumers of that market. All their products were of good quality and eco-friendly but expensive. They wanted to distinguish their products from that of their competitors. They spent a lot of effort, time, and money in creating the brand name, as they knew that without a brand name, they can only create awareness for the generic products and can never be sure of the sale of their products. The effort paid off and the demand for the products started growing. The customers liked the brand and became habitual to it. They did not mind paying a higher price. Over a period of time, it became a status symbol to buy the 'Buddy line' brand because of its quality. The consumers felt pride in using them.
Explain the advantages of branding to the marketeers highlighted in the above case.
उत्तर
The following advantages of branding are being discussed:
- Branding enables a firm to clearly distinguish its product from the product of other firms.
- Branding enables consumers to clearly distinguish the product from various other available products. Consumers see a good brand as a mark of authenticity and genuinity.
- Good branding helps in creating loyalty and habituality for the product among the customers. The firm can take advantage of this and charge a different price (generally a higher price) for its product. Also, a good brand name helps in providing an initial boost to the demand of the new product.
- Established and famous brands act as status symbols for the consumers, thereby providing them psychological and social benefits.
संबंधित प्रश्न
ABC Crackers Ltd., a fire-cracker manufacturing company launched some new products on the eve of Diwali in the market, which attracted many buyers. To meet the increased demand, the company employed people from nearby villages where there is a lot of unemployment. Because of the good behaviour of the management with the employees, more and more people wanted to join the company. As the products were in great demand in the market, a competitor imitated the products. The products of the competitor were not accepted by the consumers as it was a status symbol to buy the products of ABC Crackers Ltd. because of their quality.
1) Identify and explain the product-related decision because of which consumers preferred the products of ABC Crackers Ltd
2) Also, identify any two values which ABC Crackers Ltd. wanted to communicate to the society.
State any two advantages of branding to marketers of goods and services?
How does branding help in differential pricing?
How does branding help in creating product differentiation? Does it help in marketing of goods and services? Explain.
Which of the following is the example of Dunlop?
A brand or part of the brand that is given legal protection is called ______.
What are the characteristics of a good brand name :
What is the importance of branding in marketing of goods and services.
That part of a brand which can be recognised but which is not utterable is called ______.
A name, term, sign, symbol, design or some combination of them used to identify the products — goods or services of one seller or ‘group of sellers and to differentiate them from those of the competitors is known as ______.
