- Year 11 Business studies- Branding
- A promotional method that involves the creation of an identity for the business that distinguishes the firm and products from others.
- It can add value to a product allowing firms to charge higher prices.
- Leads to brand and customer loyalty - where customers continues to buy products from that firm
- Branding to aid product trial and repeat purchase
- an established business can use their reputation to help product trials
- Unique selling point - something that distinguishes a firms products from those of its competitors
- Can allow a firm to charge a premium price
- product differentiation
- Firms try to make their product different to the competition
Similar Business Studies resources: