Branding Essay Example | Topics and Well Written Essays - 250 words - 2

brand - Essay ExampleIn fairly free-enterprise(a) product/service market, product mark is an inborn marketing tool for building consumer trust and loyalty on a product (Aronczyk and Devon 75).The concept of branding would is a marketing principle that is used by companies both in the product and price competitive industry. However, depending on the nature of competition in the market place, the effectiveness of branding is determined by each price or commodity nature of competition. In a price-competitive market economy, product branding is rendered ineffectual since it is cost-ineffective. This is because consumers are price elastic, therefore, they are more sensitive to price differential property that to building throw and brand loyalty. This implies that in a price competitive market, unlike product competitive market, consumers purchasing paratrooper and choices are highly influenced by their ability to buy and hence product insensitive (Aronczyk and Devon 56). Advertisi ng or any product promotional methods aimed at winning consumers trust and building product video among the consumers is uneconomical in a price competitive market but effective in a commodity competitive