1.3.2 Types of Branding

• What is market mapping?

  It visually shows product positioning in the market.
• How does market mapping help businesses?

  It identifies competitors and market gaps.
• What is the purpose of product differentiation?

  To make a product unique and attract customers.
• How can product differentiation lead to a competitive advantage?

  It allows higher pricing and attracts customers.
• What is one factor that can lead to a change in demand?

  Substitute prices can affect demand.
• How do substitute prices affect demand?

  If substitutes become cheaper, demand may fall.
• What is another factor that can lead to a change in demand?

  Consumer income can affect demand.
• How does higher consumer income affect demand?

  It can increase demand for non-essential goods.
• What is one factor that can lead to a change in supply?

  Lower costs can increase supply.
• Why is price elasticity of demand important for businesses?

  It helps set prices based on demand sensitivity.
• What is branding?

  It's creating a distinct identity for a business.
• What does a brand evoke in people's minds?

  It evokes feelings and memories associated with it.
• What are the types of branding?

  • Individual Branding: Unique brand for each product.
  • Corporate Branding: Brand name used across all products.
  • Product Branding: Unique branding for products under a corporate brand.
  • Personal Branding: How individuals brand themselves.
• Give an example of individual branding.

  Samsung Galaxy is an example.
• What is the value of strong branding for a business?

  It adds value and increases customer loyalty.
• How does strong branding affect pricing?

  It allows businesses to charge premium prices.
• How does strong branding affect price elasticity of demand?

  It reduces price elasticity of demand.
• What are the benefits and challenges of strong branding?

  Benefits:

  • Increased customer loyalty
  • Ability to charge premium prices
  • Enhanced perceived quality

  
  

  Challenges:

  • High marketing costs
  • Risk of brand dilution
  • Need for consistent brand messaging
• What should you do after completing your answers?

  Check and mark your work in green pen.
• What is the purpose of the self-assessment question?

  To evaluate understanding of branding types.