What is the function of a brand?
The brands satisfy and benefit both buyers and sellers.
For buyers - to reduce
1. Search costs by helping them identify specific products
2. Perceived risk by providing an assured level of quality
3. Psychological risk by eliminating negative social consequences of using the wrong brand
For sellers - to facilitate
1. Repeat purchases
2. Introduction of new products
3. Promotional efforts and premium pricing
4. Communication of identical messages to target customers
Learn More :
International Branding Strategies
- What are the benefits of retailer owned brands?
- What is the country-of-origin effect? What factors influence consumer perceptions?
- How does a firm benefit from the characteristics of a brand?
- What impact can a corporate brand have?
- What is brand equity? Which components of a brand create competitive advantage?
- What are the factors that influence brand portfolio strategy?
- What is the process of brand-strategy development and how is it used in a high-value brand?
- What are the characteristics of a brand?
- What is the function of a brand?
- What are the elements of a brand?
- Is Coca-Cola a global brand? Has it been adapted and why?
- What are the benefits of retailer owned brands?
- When to choose a follower strategy?
- When to choose a pioneering strategy?
- 3 Basic ways in which a company can react to a competitor's activities.
- What is a pioneering brand? Types of Pioneers? What is Benefits of pioneering?
- What is the country-of-origin effect? What factors influence consumer perceptions?
- How does a firm benefit from the characteristics of a brand?
- What impact can a corporate brand have?
- What is brand equity? Which components of a brand create competitive advantage?
- What are the factors that influence brand portfolio strategy?
- What is the process of brand-strategy development and how is it used in a high-value brand?
- What are the characteristics of a brand?
- What are the elements of a brand?