BRANDING |
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Branding is a means of identifying a company’s product by using the name, logo or symbol. The brand name distinguishes a firm’s product from the competitors’ products. The purpose of branding is for the buyers and customers to be able to identify a product’s brand among competing brands. Also, branding is used to identify and prevent faking and adulterating products.
Branding is a good means of advertising a company’s product. Branding also assists customers to create brand loyalty and helps the company to create good will.
Examples of brand names are Milo, Omo, Fanta, etc.
BENEFITS OF BRANDING |
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It is a means of easy identification of products.
It serves as a means of quality assurance to customers.
It serves as a tool for price differentiation on competing brands. It is a good tool for advertisement of products.
It gives added advantage for shelf display of products as customers can easily identify the products of their choice on the shelves.
It Is used to increase sales of products.
It is used to reduce faking and adulterating of products.
It gives the customers opportunity for self-serving.
It gives the consumers confidence on the product they buy.
Branding aids the description of products.
SALES PROMOTION |
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Sales promotion refers to the means of increasing sales of products, usually consumable products. Sales promotion is any direct incentive or inducement given to a consumer to enable the consumer make immediate purchase or increase the purchase of a product. Sales promotion is always done for a short time; it could be days or a few weeks or months.The purpose of sales promotion is to increase the sales of a particular product or brand of products by giving the customers something in addition to what he or she is expected to get.
ADVANTAGES |
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It increases product and company sales.
It is used to stimulate or encourage customers to make an immediate purchase.
It enables a customer to buy productsat lower prices.
Sales promotion can be used for clearance sales.
Sales promotion can be used to meet sales targets.
DISADVANTAGES |
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The cost of sales promotionwill eventually be passed to the consumers.
Sales promotion can deceive the customers.
Sales promotion can lead to wrong choice of products by the consumers.
Branding helps businesses to create their own unique identity in the market. A strong identity can help a business differentiate itself from competitors and make it more recognizable to consumers. Thank you for sharing
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