Question

Identify and explain in detail the tree types of branding strategies.

Answer 1

Branding is the process of establishing product popularity, goodwill, and loyalty of consumers.

Strategies of branding are as below:

No.1) Corporate brand: If the company has reputation in the market (like Sony, Motorola, etc.), a new product of that company should be introduced in the market by focusing the company’s name. It helps to get the market of new product and can get substantial market share quickly.

No.2) Product brand: A company may not be so popular but its products are popular. If such thing happens, new product should be included in the popular product line so that the existing product branding could be used.

No.3) Personal branding: this is the reputation in the market by name of a person. Suppose a salesman is very popular because of his behaviour and problem-solving attitude. The company can use his name for product promotion.