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Question
Justify the following statement.
There is a need for branding to get recognition among consumers.
Solution
- Marketing is a critical component of modern management. Marketing exposes us to products, services, and ideas almost every day. "Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others" .
- Every businessman desires a distinct identity in the market for his product. Branding is the process of giving a product a unique identity through a brand name in order to separate it from competitors' products.
- Simply put, branding is the process of imparting a distinguishing name to a thing. Trademarks are terms used to refer to registered brands. Trademarks cannot be reproduced.
- Branding helps to increase consumer recognition. It can help you gain new business and raise brand awareness in the industry.
Hence, branding is necessary in order to gain customer recognition.
RELATED QUESTIONS
What do you mean by Branding?
Correct the underlined word and rewrite the following sentence.
Pricing bridges the time gap between the production and sale of goods.
Arrange in proper order.
Grading, Market planning, Distribution
Explain the following term/concept.
Labeling
Study the following case/situation and express your opinion.
| Mr. X purchases goods from the nearest shop. Mr. Y purchases mobiles from Tokyo. Mr. Z of Nandurbar purchases electronic goods from Delhi. |
- From which type of market does Mr. X purchase?
- Name the type of market from where Mr. Y deals?
- State the type of market from where Mr. Z purchases goods?
Explain packaging.
Explain standardization.
Explain grading.
Explain labeling.
Give one word or phrase or a term which can substitute the following.
A process of giving special identity in the market for product.
What do you mean by grading?
Who is supreme in the Market?
What is meant by Grading?
Explain the following term/concept in detail.
Pricing of Product
Explain the following term/concept in detail:
Branding
