Brands mean accumulation of all images and experiences related to product services and companies. We also identify brands by combining elements representing brands such as naming, logos, symbols and designs to distinguish them from competitors' products and services. What is the merit for companies that brand products? Four merits can be mentioned.
The merit of the brand for the company
1, Differentiation from other company's products
Brands are promises to consumers regarding quality and concept. Therefore, we can differentiate our products from other companies' products and functions and technologies. Furthermore, by accumulating trust from customers, obtaining loyalty and connecting to repeat can lead to stable profit securing.
2, Identifiable
We will identify our products and services by branding them. When it can be identified as being different from others, the product is more likely to be chosen.
3, Ensuring profitability
Increasing added value through branding can reduce investment in assets for promotion activities. In addition, it is also possible to add prices as compared to competing products so the profit margin increases and you can secure a competitive advantage.
4,
brands that can receive legal protection are protected by relevant laws such as trademark rights, patents, design rights, copyrights etc. As a result, it will be possible to suppress the entry of competitors and to protect the advantage in the market.
The magnitude of the merit of the brand that the company receives is influenced by each brand power, and the stronger the brand power, the larger the merit received will be proportionally larger.
What is the strength of brand power
When considering brand power, there is rarely that only the brand image of its own exists alone in the market. There are conflicts that are always compared. The image of the brand will go up and down with "Relativity" with those competitors. If the brand image of competing somewhere rises, the strength of images of other brands will go down. In other words, strengthening the brand power of your company will lead to lowering the brand power of competitors.
The merit of the brand for the company
1, Differentiation from other company's products
Brands are promises to consumers regarding quality and concept. Therefore, we can differentiate our products from other companies' products and functions and technologies. Furthermore, by accumulating trust from customers, obtaining loyalty and connecting to repeat can lead to stable profit securing.
2, Identifiable
We will identify our products and services by branding them. When it can be identified as being different from others, the product is more likely to be chosen.
3, Ensuring profitability
Increasing added value through branding can reduce investment in assets for promotion activities. In addition, it is also possible to add prices as compared to competing products so the profit margin increases and you can secure a competitive advantage.
4,
brands that can receive legal protection are protected by relevant laws such as trademark rights, patents, design rights, copyrights etc. As a result, it will be possible to suppress the entry of competitors and to protect the advantage in the market.
The magnitude of the merit of the brand that the company receives is influenced by each brand power, and the stronger the brand power, the larger the merit received will be proportionally larger.
What is the strength of brand power
When considering brand power, there is rarely that only the brand image of its own exists alone in the market. There are conflicts that are always compared. The image of the brand will go up and down with "Relativity" with those competitors. If the brand image of competing somewhere rises, the strength of images of other brands will go down. In other words, strengthening the brand power of your company will lead to lowering the brand power of competitors.
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