Over the past few decades, marketing for products and services has taken the form of marketing brands or simply branding. The reason for this is that branding has become a basic and essential concept in order to position a product or service and market to sell it to the target markets.
The factors that have led to the growth of branding in modern marketing pertain to the following:
-Branding allows for premium pricing for the product and service which results in higher margins for profit for the business and therefore higher overall profitability.
-Branding the product or the service allows the businesses to differentiate its product and service offering form its competitors nd create a significantly different position for itself in the market. This is perceived indifferently by the consumer sand customers as composed to simple products or services
-The different associates and the endorsements that re linked to the brand give it a comprehensive personality making it much easier to relate to with the target market. As a result the marketing efforts also become aligned with the personality of the brand. Moreover the dynamic nature of the brand allows for new and evolutionary branding/ marketing strategies. “To add to the new branding areas, there are new branding techniques. These techniques include brand extensions and ingredient branding. New strategies, techniques, and arenas for branding have to be managed. The organization must support and identify with the strategy. The goals, objectives, and mission of any organization should be in line with the branding strategy employed” (Rooney, 1995)
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