What is the difference between a national brand and a store brand What are the advantages of each?

What is the difference between a national brand and a store brand What are the advantages of each?

It is a brand unique to your store that you can market as your own. Store brands also usually allow for higher profit margins. Store brands are often placed at lower prices than national brands, but yield higher profit. During tough economic periods, customers typically put greater emphasis on low-cost products.

What is integrated marketing communications and why is it important?

Integrated marketing communications is the method by which a company ensures different promotional methods within a marketing campaign are clear, consistent and working toward the same goals.

How does marketing communication contribute to the development of a brand?

Marketing communication is essential in establishing point of similarity, as well point of difference with competition, making an impression in consumer’s mind leading to development of strong consumer based brand equity and also to develop long- lasting relationship.

What is the advantage of national brands?

The advantage of national brand products is that the name is well recognized and draws customers and is less of a risk for the retail buyer. The disadvantages are that the margin of profit could be less, it could compete with the store or private label brands, and the vendor could demand exclusive rights.

How needs and wants are different from one another from marketing perspective?

A need is a consumer’s desire for a product’s or service’s specific benefit, whether that be functional or emotional. On the other hand, a consumer want is the desire for products or services that are not necessary, but which consumers wish for.

Why is it important to understand your customer?

Knowing your customer is key for any business endeavor. Successful business owners understand what their customers want and the most effective way of making their product or service available. The depth of knowledge is also crucial – it requires knowing more than their names, ages and incomes.

What are the benefits of integrated marketing communications?

Benefits of an integrated marketing communications strategy

  • Improved Efficiency. Adopting an IMC strategy will improve efficiency by providing a streamlined process.
  • Accessibility to Larger Audiences.
  • Cost-effective.
  • Builds Trust.

What are the advantages and disadvantages of integrated marketing communication?

*Brand gets recognized better in the market as customers get the same message across every time. *Revenue tends to increase with this approach with integrated customer journeys. Disadvantages: *It is not easy as you will have to think of various marketing techniques as different teams.

What is the importance and role of brand communication in brand building?

Brand Communication is an important part and tool of brand management by which the companies inform, persuade, enlighten, teach, remind, and enrich the knowledge of their stakeholders about the brand, its strengths, values, fundamentals, and its offerings of products and services.

How does marketing affect brand equity?

The advertising and promotion expenditure has a positive effect on brand equity. Similarly, when a brand has a positive image that differentiates it from competitors, consumers are more likely to have a higher purchase intention for the brand.

Which is the third channel for industrial goods?

The third channel, from the producer-wholesaler to the consumer, can be successfully used in distributing industrial goods. Under industrial goods are included goods which are used for further production and not for resale.

What kind of outlet should be used in a laboratory?

All 110-V outlet receptacles in laboratories should be of the standard design that accepts a three-prong plug and provides a ground connection.

How are products sold directly to the consumer?

The producer can sell directly to his customers without the help of middlemen, such as wholesalers of retailers: (iii) Through mail order business. These channels take the shortest route to the consumer. Certain goods, like the industrial machinery, are directly sold to the consumers.

Which is an example of an indirect distribution channel?

A manufacturer may plan to sell his/her products either directly or indirectly to the customers. In case of indirect distribution a manufacturer has again an option to use a short channel consisting of few intermediaries or involve a large number of middlemen to sell his/her goods.