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Importance of Branding - Essay Example

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Importance of Branding

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). ...
From the above discussion, it is also evident that effective branding increases the credibility of the business to the final consumer, which ensures that its products gain an advantage in the market. Branding is one of the most important tools that a business can utilize to ensure that the customers understand its position in the market and take a market share over competitors. Even with the advent of technology, market branding helps an existing product evolve to join the new markets available, as in the case of Fairy products which evolved into the dishwasher business. Utilizing Market Orientation Kotler and Armstrong (2008) describe market orientation as a business technique where the company research a customer’s needs and produce a product that is suitable for the customer. This means that market orientation is a customer focused strategy in the market, where the company focuses on reading customer behavior and producing products suited to fit these needs. One of the basic market orientation techniques is conforming to customer preferences in production while at the same time producing quality products. From the case study, it is evident that Proctor and Gamble have a market-oriented approach in producing and marketing their products. The best example of this is where Proctor and Gamble realizes that customers are tired of stocking up with different variants of low value products, so they introduce a new variant with a slightly different brand. One of the key ways of developing a market-oriented product is by first understanding that the customer is the key driving force behind every product (Palmer, 2009). This means that the company should strive to understand the customer’s needs and ...Show more

Summary

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. …
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Importance of Branding essay example
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