THE REALITIES ABOUT POULTRY The Modern Farm - The Realities About Poultry_Seco | Page 144
sector easily meet his or her marketing and promotional objectives such as realizing increased
sales, attracting new customers, retaining the existing customers, and also attracting a particular
segment of the market among others. This enables him or her enjoy a competitive advantage
within the industry.
Enhances a firm’s long-term financial performance: A good brand name enables an
organization realize a better financial position since it increases the competitiveness of the
organization in the marketplace of its operations. Over time, all advantages may be eroded by
competitive forces, but by creating strong and lucrative brands, firms can be able to sustain their
advantage, check on competitive pressure, and boost profits for a longtime.
Leads to increased product awareness: Clearly it is paramount that potential customers
should be aware of a product or service. Product awareness is the first stage on their (customers)
journey to buying a product. One of the key roles of advertising is to build that awareness and
an easily recognized brand simplifies this task. Product and packaging design play key roles here
as well, by making the product more visible and reinforcing the brand core values.
Facilitates new product success: Even the most innovative and high-quality new products
struggle to make headway in today’s markets. A number of entrepreneurs have launched
seemingly superb products only to watch them fail. A strong brand gives that vulnerable new
product a much better chance of success. Customers can always call on their experience of
previous products of the same brand, and transfer those brand values to the new product or
service. This reduces the risk associated with trying something new and so the new product is
most likely to make it into their evoked set of products, and thus they are most likely to try it.
Samona Products is an ideal example here.
Enables firms set competitive prices: A good brand name enables a business achieve a
premium price for its products. The well-known brands such as Coca-Cola and Pepsi-Cola can
set higher prices for their products than the least-known brands. Branding makes it possible for
the firm to charge higher prices compared to its competitors.
Facilitates decision-making: Branding results into an increase in authority and credibility of
business decisions made. In this way, the manufacturer is able to make more rational decisions in
respect to production, selling and distribution of goods among others. For example, the
manufacturer can decide to increase the price of his or her commodity or change the mode of
product distribution. This promotes business success and sustainability as a result.
Page 143 of 163