Question

1-Name and discuss the purpose of branding?
2-What is co-branding? Explain the different types of co-branding.

Answer 1

1) Branding provides an identity

Branding helps a customer to identify the product easily from thee products which is available in the market. Branding helps thee customers to reduce the wastage off time. It gives an unique design, color and name to a particular product.

Improve satisfaction

The process off branding helps to improve thee satisfaction level of thee ultimate customers. It helps to built a long term relationship of customers with the company. It also helps to increase he overall sales off the firm.

Differentiate products.

Branding helps thee firm to differentiate the product with that off the product offered by the competitors. It increases the reach of the product ion the market. It provides an uniqueness to every product.

It supports advertising

Branding is considered as a advertising strategy which attracts thee customers towards the product. Branding increase the loyalty of customers towards the product. Thereby it plays a key role in promoting the product in the market.

2) The marketing strategy whereby firms share the name and logos of their brands on software, project or product with each other is commonly known as co branding. It helps to increase the reputation of the brands. Co branding helps the firm to increase cost saving, market share, brand image, profitability etc.

Composite co branding

Under the composite co branding thee strength of two or more brands are combined. The brands which are combined will be given a distinct service or product. It enables equity for both the brands which is involved in the combination. In this case the renowned and well known brands are offering the product together.

Ingredient co branding

Under the ingredient branding the renowned brand is promoted together with that of a less renowned brand. The main objective of ingredient branding is to aid the brand which is less renowned. It helps to increase the sales of product which have low demand in the, market. This type of branding helps the less popular brands to grow under well known brands.