Explain the advantages of branding to marketers of goods and services.

Explanation

The advantages of branding to marketers of goods and services are :

(i) ENABLES PRODUCT DIFFERENTIATION:
Branding helps a firm to distinguish its product from the other competing products available in the market.

(ii) HELPS IN ADVERTISING AND DISPLAY PROGRAMMES: Without a brand, the advertiser cannot promote and create awareness for and sale his product.

(iii) DIFFERENTIAL PRICING:By building brand acceptance and brand loyalty, a firm can change a different price for its product from that of its competitors.

(iv) EASE IN PRODUCTION OF NEW PRODUCT:
If a new product is introduced under an established brand name , it is likely to be accepted easily and get a quick start.