product- branding and differentiation

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  • Year 11 Business studies-  Branding
    • 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
    • USP
      • 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
  • quality
  • design
  • Promotion
  • Branding
  • packaging

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