Describe the value of branding for both the buyer and the seller. How would you go about developing a brand for the product and/or service you are writing about for your project? What are some ways of promoting brand loyalty? Please also discuss why, for at least the personal computer, many customers prefer a no-brand-name PC? Is the price all that matters? Shouldn't they also be concerned about quality? Please explain and discuss.
Branding is an important part of a company, and in fact, the power of the brand has a numerical value associated with it. For example, in financial statements, the value of the brand name is included in assets.
A powerful, recognizable brand name is what companies strive to develop. Imagine a scenario where two customers are talking, and one mentions brand XX. The other person then says "I love brand xx. They make the best products in their class". That is every marketer's dream. It is essentially free advertising for them. The consumers who spread word of mouth communication spread the word for free to their friends and colleagues. For the consumer, a strong brand also gives the piece of mind that they are purchasing a reliable product, from a store that has great customer service.
A brand is more then just the name of the company - it could become synonymous with the quality of the products the store sells, the type of customer service they deliver, their return or exchange policy, their after customer care.... All of these meld together to create one ...
This posting explains how branding is just not an empirical term - it can actually have a numerical value associated to it. It explains the importance of promoting brand loyalty, and explains why someone would buy a "no-name" computer in approximately 750 words.