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In the current economic times, every business in the market is faced with tough competition and needs ways with which to stand out above competition. One of the ways of achieving this is through effective branding of a company’s products.
From the case study Fairy’s brand, some of the aspects of the importance of branding can be seen despite the competitive forces in the picture. One of the biggest importance of branding is gaining market share and creating an advantage over the competition. According to Kotler and Armstrong (2008), market branding a product makes sure that the customer knows that the product exists and will always associate it with a particular need. This means that the product will have an edge over competition every time a customer seeks to feel a need relating to the particular product. The branding done by a company on a product will always try to convince the customer that only the product can provide the service required. From the case study, this can be seen where Fairy enjoys market share over competitors. The other importance of branding of a product is to motivate customer loyalty even with the presence of competitors and the advent of new products. With initial customer share, a business can promote customer loyalty by the provision of products that change with time and customer needs, which ensures that the company is not stuck in a bubble. With Fairy products, the company evolved its products with time, ensuring that customer’s remain loyal (Palmer, 2009). ...
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