Answer to Question #156080 in Management for Prabhdeep

Question #156080

Define the term brand ?how a customer stays connected with the brand ?(please answer in 200 to 250 words)


1
Expert's answer
2021-01-19T07:57:22-0500


Every organization often focuses on developing a unique perception on how clients can recognize or feel the product. A brand is intangible, and it is necessary to maintain a competitive edge and expand the client base. For instance, in a competitive market, different companies may offer the same product or services and could employ different marketing strategies. However, to develop a brand, there is need to consider various factors which include vision, mission, values and objectives. In other words, the business has to develop a brand strategy, which will then allow the company to position itself strategically. Unlike the conventional marketing approach, brand strategies can help in attaining long-term goals that will not only enhance sales but also improve the company’s position in the market which includes gaining customers’ trust and confidence. In other words, brands can help in improving company’s value which can translate to numerous benefits such as boosting employee’s morale and enhanced perception of the customer service. As a result, this will directly translate to increased productivity and profitability. From a customer’s perspective, branding enhances trust, and thus the likelihood of more customers to seek services and purchase goods from the organization. Besides, the clients will feel more comfortable and secure when conducting transactions.


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