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JTM Ltd., launched 'Buddyline', an exercise book and comprehensive stationery brand name comprising of ball pens, gel pens and geometry boxes after identifying the target market and understanding the needs and wants of the consumers of that market. All their products were of good quality and eco-friendly but expensive. They wanted to distinguish their products from that of their competitors. They spent lot of efforts, time and money in creating the brand name, as they knew that without a brand name, they can only create awareness for the generic products and can never be sure of the sale of their products. The effort paid off and the demand for the products started growing. The customers liked the brand and became habitual to it. They did not mind paying a higher price. Over a period of time, it became a status symbol to buy 'Buddyline' brand because of its quality. The consumers felt pride in using them.
SECTION-B
JTM Ltd., launched 'Buddyline', an exercise book and comprehensive stationery brand name comprising of ball pens, gel pens and geometry boxes after identifying the target market and understanding the needs and wants of the consumers of that market. All their products were of good quality and eco-friendly but expensive. They wanted to distinguish their products from that of their competitors. They spent lot of efforts, time and money in creating the brand name, as they knew that without a brand name, they can only create awareness for the generic products and can never be sure of the sale of their products. The effort paid off and the demand for the products started growing. The customers liked the brand and became habitual to it. They did not mind paying a higher price. Over a period of time, it became a status symbol to buy 'Buddyline' brand because of its quality. The consumers felt pride in using them.
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Question : 13
Total: 40
Explain the advantages of branding to the marketeers highlighted in the above case.
Solution:
Advantages of branding to the marketeers are :
(i) Branding helps firm in distinguishing its products from that of its competitors.
(ii) Branding enables a firm to charge higher price for its products than its competitors because if the customer likes a brand they do not mind paying little higher price for it.
(iii) A brand helps a firm in its advertising and brand promotion effectively.
(i) Branding helps firm in distinguishing its products from that of its competitors.
(ii) Branding enables a firm to charge higher price for its products than its competitors because if the customer likes a brand they do not mind paying little higher price for it.
(iii) A brand helps a firm in its advertising and brand promotion effectively.
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