Branding And Differentiation.
What is branding? The process involved in creating a unique name and image for a product in the customers' mind. Businesses do this to create a name for themselves and differentiate themselves from other businesses.
Elements of branding
- good quality
- reasonable prices
- good customer service
How Can Branding Benefit A Business?
Loyalty. When customers have a positive experience with a memorable brand, they're more likely to buy that product or service again. This will increase the businesses revenue and they will be ahead of other competing brands.
Good reputation. Good branding gives a company such as apple a way of establishing a positive reputation due to their hi-tech products and their products good quality.
Memorability. when customers remember a certain businesses name they are obliged to come back.
popularity. the better the brand the more popular the business becomes, as the businesses popularity increases, the demand for that particular business will also go up and this will eventually increase the businesses revenue.
What is Differentiation?
Differentiation is the action or the process of being different. Businesses differentiate by making their product more original from others. All businesses operate/work in a competition with each other. businesses are very competitive when it comes to be ahead of their competitors. (better products, quality, revenue/profit). businesses become more competitive when having a product that stands out from the competition -differentiation.