Class 12 Business Studies - Chapter Marketing NCERT Solutions | Explain the importance of branding in ma
Explain the importance of branding in marketing.
Branding plays a critical role in marketing by establishing a unique identity for a product or company in the minds of consumers. Here are several reasons why branding is important:
- Differentiation: In a crowded marketplace, branding helps distinguish a company's products from competitors. A strong brand identity makes it easier for consumers to recognize and choose products based on their preferences.
- Customer Loyalty: Effective branding fosters trust and loyalty among customers. When consumers have positive experiences with a brand, they are more likely to return for repeat purchases and recommend it to others.
- Perceived Value: A well-established brand can command higher prices due to perceived quality and value. Consumers often associate strong brands with reliability and superior performance.
- Emotional Connection: Branding creates an emotional connection with consumers by conveying values and stories that resonate with them. This connection can lead to stronger relationships and increased customer engagement.
- Market Positioning: Strong branding helps position a company within its target market by aligning its values with those of its audience. This strategic positioning enhances brand recognition and preference.
Overall, effective branding is essential for long-term success in marketing as it influences consumer behavior, drives sales, and builds lasting relationships with customers.
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c. Outline the process of selection the company should follow with reasons. - Q:-
(Further information related to the above question 6) The management of company Bhasin Limited now realised its folly. In order to rectify the situation it appointed a management consultant -Mukti Consultants - to recommend a restructure plan to bring the company back on the rails. Mukti Consultants undertook a study of the production process at the plant of the company Bhasin Limited and recommended the following changes —
• The company should introduce scientific management with regard to production.
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• ‘Work study’ should be undertaken to optimise the use of resources.
• ‘Standardisation’ of all activities should be implemented to increase efficiency and accountability.
• To motivate the workers ‘Differential Piece Rate System’ should be implemented.
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