In most markets, brands are under attack, private labels are growing…
In most markets, brands are under attack, private labels are growing. why are brands still important in consumer markets?
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Technifi Expert’s Answer:
It is true that private labels are growing in popularity and these labels are taking away a significant portion of the market share. But, brands still hold a great importance in the market due to many reasons.
The first reason is that the brands set the quality benchmark that is offered to the consumers. It makes private labels to work hard and achieve the quality to be offered to the consumers. It ultimately helps the consumers who now not only get the low price products, but also a superior quality also and it only happens due to the brands.
The second reason is that the brands show the characteristics, exclusivity and loyalty that is recognized by the consumers. These values are continuously delivered to the consumers and it makes learning lessons to the private labels so that they can become emerging brands also.
The third reason is that loyal customers always like to go with the brands that will remind them of the unique value delivered by the brands. It makes other competitors to improve. So, while brands still attract a specific set of audiences, even if cheap and standard alternatives are available, other substitutes work to improve to the level of established brands. So, brands help to build a good consumer market where the ultimate beneficiary is consumers. It makes brands to be very important.
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