A3 Benefits of Strong Branding
Unit 28: Branding
Differentiates the product from the competition o increases customer engagement
Increases customer loyalty and customer advocates
Can command premium prices/higher prices than non-branded products o reduces price sensitivity
Increases value of the business
Makes consumer choice and recognition of products easier
Strong brand awareness leads to high sales and high market share
Retailers and service sellers are more likely to stock top-selling brands than less well-known brands
Brand portfolios allow businesses to compete in many different marketplaces with a range of product lines.
