The compilation of these Marketing Notes makes students exam preparation simpler and organised.
Branding
We live in a brand-conscious world, in fact, according to some studies India is one of the most brand-conscious countries in the world. But a brand is more than just a logo or a name. Let us study the concept of branding and its significance.
Introduction to Branding
Branding is a process which involves creating a specific name, logo, and image of a particular product, service or company. This is done to attract customers. It is usually done through advertising with a consistent theme.
Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. A brand is a name, term, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer. Brands are used in business, marketing, and advertising.
Features of Branding
Targetability
Branding should be planned according to the targeted audience. No business firm can target the entire population. Business owners should identify the type of people who are buying their products and services. Research should be done on the basis of age, gender, income, the lifestyle of their customers, etc.
Awareness
The percentage of people who are aware of a brand is known as brand awareness. Well-established companies have the benefit of a high level of brand awareness. Brand awareness can be increased with the help of advertisements on TV, radio, newspaper, or social media marketing and advertising. Logos also help companies build brand awareness, as people often recognize brands by these symbols or diagrams.
Loyalty
Brand loyalty is the highest achievement or apex of any company. A customer who buys the product of a particular company extensively is known as a brand loyalist. Many consumers prefer using certain brands of clothing, deodorants or tubes of toothpaste, for example. They like how these brands benefit them. Brand loyalty can be build by staying in touch with the customers, asking them for their reviews.
Consistency
Consistency is necessary for a brand. A brand must remain consistent. Small businesses make numerous promises in commercials and ads about their brands, and consumers expect companies to continue living up to these promises. Their products should also be effective
Examples:
Question 1.
Assertion: In the product concept, the focus is on innovating and improving products.
Reason: In selling a concept, consumers are persuaded to buy products.
a. Both Assertion and Reason are correct and Reason is the correct explanation for Assertion
b. Both Assertion and Reason are correct but Reason is not the correct explanation for Assertion
c. The assertion is correct but Reason is incorrect
d. Both Assertion and Reason are incorrect
Answer:
The correct answer is the option “a”.
Both Assertion and Reason are correct and Reason is the correct explanation for Assertion. In product concept, the focus is on innovating and improving products, and in selling a concept, consumers are persuaded to buy products.
Question 2.
Which of the following is not a function of marketing?
a. Bending the customers according to product
b. Marketing planning
c. Product designing and development
d. Gathering and analyzing market information
Answer:
The correct answer is the option “a”.
Marketing function types within a larger business might include performing market research, producing a marketing plan, and product development, as well as strategically overseeing advertising, promotion, distribution for sale, customer service, and public relations.