The role of retailer branding strategies in Singapore Research Paper

The role of retailer branding strategies in Singapore - Research Paper Example Product and brand are terms that are related because of several properties shared by them. Brand relies on the nature of the product or service. These attributes when used to market the product distinguishes it from its competitors, in the market, gives birth to Brand. Brand is linked with the product by relaying the attributes and character of the product. Additionally the characteristic of a product used to distinguish it from other product is termed as a brand. This means that the attributes associated with the product in terms of the characteristics of the product gives rise to brand. A brand deals with the identity of the product, which enables it to be distinguished from other products (Finskud, 2009, p. 34). A product currently may mean a good with physical characteristics or service or intangible goods such as software or algorithm. Therefore, a product can be described as a product, service or intangible good such as software that a firm produces and use it to generate incom e. Companies like Microsoft Corporation deal exclusively with software as their end product. Such software like Microsoft office 2010 is, therefore, a product of Microsoft Corporation. Brand deals specifically with the characters that distinguish the product in the market. It is the impression that surrounds the product. A brand can be categorized as a â€Å"strong brand† if it has several qualities or characters associated with strong brands (Finskud, 2009, p. 198)... Branding is vital in marketing because it enables the sales of all the company’s range of products. The success of many companies such as; Coca Cola, Adidas and Nike among other brands are based on use of brand image creation. Therefore, companies must be ready to venture in branding to be able to achieve success. Retailer branding in Singapore Retail branding is used by giant supermarkets in ensuring that the product sales are improved and outpace competition from other supermarket. The success is based on the ability to create a powerful strong brand. A strong brand is characterized by the ability to drive the shareholder value; therefore, it is managed by brand marketers who ensure an active buy-in from all stakeholders. The brand is valued in financial terms and is classified as an asset to the company during the calculation of profits and loss (Finskud, 2009, p. 45). As part of the organization, it is viewed as a part of the organization and covers a variety of business d imension. Additionally, customers are ready to pay consistently a higher price for the brand while ignoring the competing product or service. As a result of the strong affiliation to the brand, customers want to associate with the brand, it qualities, values and personality. Association with the brand gives rise to loyalty to the brand. Additionally, customers are ready to pay consistently a higher price for the brand while ignoring the competing product or service. As a result of the strong affiliation to the brand, customers want to associate with the brand, it qualities, values and personality. Association with the brand gives rise to loyalty to the brand. Due to the above characteristics the brand becomes a trademark protected by the firm and