What purposes does branding serve?
What will be an ideal response?
Branding has three main purposes: identification, repeat sales, and new-product sales.
In terms of identification, branding allows marketers to distinguish their products from all others. Brands become familiar to consumers as indicators of quality. Brand equity refers to the value of a well-recognized brand name.
Repeat sales come from satisfied customers who recognize which brands to purchase again and which brands to avoid. Branding also helps word-of-mouth and mass media promotion. Brand loyalty occurs when a consumer consistently prefers one brand over all others.
The third main purpose of branding is to facilitate new-product sales. Brands with high equity are extremely useful when introducing new products.
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