Week 5 Reading: Chapter 9&10
Word Length Requirement: 250
References Requirement: Minimum of 2
1. List and explain the three most important roles brand plays in the marketplace.
2. Why is the concept of service a key source of potential differentiation in a competitive market?
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List and explain the three most important roles brand plays in the marketplace.
Brands play various roles, whether it is a role for the customer, manufacturer, or the competitor. Its first important role is to its customers, customer brand roles. Customer brand roles can either be a consumer or another business. Its first conveying information about the product; with this, customers construct expectations about quality, service, and features based on the brand (Mitchell and Johnston, 2019). Secondly, is educating customer about the product. Last, is reassuring the customer of their purchase decision.
The second important role, is company brand roles. Here the brand offers legal protection through trademark, and offers an effective and efficient methodology for categorizing products. The third brand role, competitor brand roles, a brand provides benchmarks for its competitors, creating a competitive market as companies attempt to compete with one another.