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Ways In Which Marketing Can Help a Company Build Brand Equity
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[QUOTE="Holicent, post: 251612, member: 76163"] [FONT=Georgia] Brand equity is a key element of business strategy, both for companies and marketers. It can be defined as the value added to a brand by its associations with certain features, such as quality, performance or design. The purpose of marketing is to generate awareness and encourage people to purchase a product. Marketing efforts should lead to increased sales, which will increase the value of your company's brand equity. Generate Awareness Marketing efforts are designed to generate awareness about a product or service. This means that potential customers must be exposed to information about your product so they know what it is and how it can help them solve their problems. If your marketing campaign is successful, more people will learn about your company's products and services, which will increase demand for them over time. Increase Demand When demand increases for your products or services, consumers will pay more for them because there are fewer available supplies due to increased sales volumes. This gives you greater power within your industry because you have more pricing power when negotiating with suppliers or retailers who want to sell your product at retail locations like grocery stores and pharmacies. Increased demand also allows you to charge higher prices on items that are in short supply because people need them right away rather than wait until they can order them online or by phone.[/FONT] [/QUOTE]
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