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ABC Crackers Ltd., a fire-cracker manufacturing company launched some new products on the eve of Diwali in the market, which attracted many buyers. To meet the increased demand the company employed people from nearby villages where there is a lot of unemployment. Because of the good behaviour of the management with the employees, more and more people wanted to join the company. As the products were in great demand in the market, a competitor imitated the products. The products of the competitor were not accepted by the consumers as it was a status symbol to buy the products of ABC Crackers Ltd. because of their quality. Identify and explain the product-related decision because of which consumers preferred the products of ABC Crackers Ltd. |
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Answer» The product-related decision because of which consumers preferred the products of ABC Crackers Ltd. is Branding. Branding means giving a name, sign symbol, design or a combination of them to product by which it should become known by the consumers. The main purpose of branding is to distinguish a 1 manufacture’s product from the rival products. Thus, branding helps in creating product differentiation. Branding helps the customers in identifying the products. This results in repeat purchase of the products. Branding ensures a particular level of quality of the product. Use of branded goods adds to status symbol of customers. |
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