Question

Why is banding relevant to the company’s products and services?

NEW ANSWER NO EXIST ANSWERS
COVID 19 BASED ANSWER

Answer 1

Company requires competitive advantage to compete in the market and grab more and more consumers. For a company to gain competitive advantage, various methods such as cutting prices, new feature product, good corporate governance, etc are essentials which will eventually develop brand name. Branding will also act as competitive advantage since it will attract consumers.

In current situation, COVID 19 has made the markets down throughout the world. Trading activities has been almost stopped due to lockdowns and quarantine. Government of every nation are welcoming the investors, companies and businessman and other people to donate for the COVID patients and for cure measures over the nation. In the view of current scenario, the companies have opportunities to donate funds for these social responsibility purposes which will give them good consumer attraction, as consumers will remember which company had helped in such critical situations, to the nation, and athereby a competitive advantage. Consumers are more attracted to companies which is actively participating is social responsibility activities. Consumers will be willing to purchase products and services of such companies, which will lead to good revenue generation and branding of company.

Donating for COVID 19 would also benefit companies in taxation matters, where there will be tax exemptions available for the company. Overall summarising, donations and contributions by way of cash or kind to nation to recover and prevent from COVID 19 disease, would act as an intangible investment for a company which will gain market share, improve branding and reap profits in near future, to the company.