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Branding is definitely more of an art than a science. A lot of information goes into the decisions made by marketers for branding, but in the end it requires creativity and ingenuity.
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Product developers create features. But buyers are interested in the benefits - that's how they evaluate a purchase. If marketers emphasized features, they would not be taking the customer's perspective. You don't buy features - you buy benefits.
Easier product identification Communicates features and benefits Helps product evaluation Reduces risk Creates interests
Branding helps businesses differentiate themselves from each other. Successful brands are those who seem to run a 'monopoly' in their industries. They tend to control the industry. Studying these kinds of brands helps smaller brands improve their own branding efforts. Big brands act as a benchmark in branding for smaller ones. Kwame from Sociatic.com Branding is the philosophy of changing minds. Marketers must know their brands positive associations related to customers in order to get competitive advantage. Branding strategies are important because they can differentiate business from competition and create positive unique associations. Banding is important for all the businesses despite the fact of size.
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Any product can negatively affect the overall brand and specific benefits may be muddled in the overall shared value.
Branding consists of a set of complex branding decisions. Major brand strategy decisions involve brand positioning, brand name selection, brand sponsorship and brand development. A brand is a company’s promise to deliver a specific set of features, benefits, services and experiences consistently to buyers. However, a brand should rather be understood as a set of perceptions a consumer has about the products of a particular firm. Therefore, all branding decisions focus on the consumer.
marketers can create wants ? support your ans
Catchword Branding was created in 1998.
SME Branding was created in 1989.
Lexicon Branding was created in 1982.