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Question
Justify the following statement.
There is a need for branding to get recognition among consumers.
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Solution
- Marketing is a critical component of modern management. Marketing exposes us to products, services, and ideas almost every day. "Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others" .
- Every businessman desires a distinct identity in the market for his product. Branding is the process of giving a product a unique identity through a brand name in order to separate it from competitors' products.
- Simply put, branding is the process of imparting a distinguishing name to a thing. Trademarks are terms used to refer to registered brands. Trademarks cannot be reproduced.
- Branding helps to increase consumer recognition. It can help you gain new business and raise brand awareness in the industry.
Hence, branding is necessary in order to gain customer recognition.
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