Since the brand is the product of the business, it has a significant value in terms of both risk and profit and competitive advantage. In this regard, it has an important place in the decision area of the business for the following reasons:
Brand protects the business against imitation, copy and other unfair competition.
The strong brands' mistakes in the market are easily forgiven. Because consumers give a second chance f
or the strong brands.
When demands increase, the brand has more power than the name of the business. As a strong brand will increase customer loyalty, its consumers become permanent customers.
Brands with strong customers make marketing budgets healthier as demand forecasts can be made better. This gives them a cost advantage.
What is its Importance for Consumers?
Consumer do not like to waste the goods he has paid. If the product he buys is considered as a bad product by the people around him and if the high physical and neural costs are not good enough then we might say that this product does not have an identity.
The brand is important for the consumer for the following reasons;
The brand easily finds the desired product and reduces its research activities.
The brand creates value and satisfies the consumer.
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