Wednesday, February 12th, 2014
First of all please tell us how important branding is in the marketing strategy of any product.
Companies need to engage in marketing through differentiating their product in price, retailing, and promotion. These days, however, the technology gap between companies is narrowing, which makes it difficult for companies to make their product significant and different. Quality-wise products are almost the same. Almost everyone is doing great in price, retailing, and, advertisement. Big companies and SMEs all are good at marketing. Thus, it is difficult to differentiate their products through marketing alone. Inevitably, companies seek brand management to stand out. Marketing is about how to sell, but branding is about how to define products. When companies engage in marketing, they think about how to make marketing outstanding. This is brand marketing. Marketing raises real value, while branding raises perceived value. Despite the high quality of the product, if the perceived valueis low, the product cannot be appreciated properly. As differentiated marketing is required, businesses are seeking brand management, which puts emphasis on brand. Therefore, branding is becoming a trend.