One brand differentiates itself from another. No two brands can have the same portfolios. They may be of similar kind, but never the same. Companies are investing a huge share of their profits for R&D purposes, as they know that unless the product is of superior quality, it will not sell.
Managers have to keep vigil over their competitors so that they can provide the customers with a better product. Most of the products fizzle out because of wrong positioning or incorrect targeting of the customer base. The marketers should market their products through those channels that generate maximum sales. Selling a brand is not an easy task, unless each point on the supply side are in tandem with one another. Marketing and sales need to go side by side as both the parties are equally responsible for the building or destroying of the image of any brand. Before launching any new brand in the market, one needs to find out the suitable customer class and target them through proper channels. A brand will only sell if the company is successful in captivating the customers. Therefore, the companies have to look for good advertising campaigns for the first decisive moment and a good quality product for the most important second decisive moment to get customer loyalty, brand recall and repeat customers. Currently,the advertising companies doing a great job attracting a lot of customers through their innovative campaigns and thus building a proper platform for the companies to start dealing with the consumers. There are certain features which the consumers are looking for in every brand – good quality promised or not, whether the product is worth the claimed price or not etc. Therefore, many factors affect the life cycle of any product. The marketers need to be clear as to what exactly they want to deliver to the customers, as the customer psyche changes every moment. The companies should be ready to deal with any unfavorable or unforeseen situation. In India, majority of the buying pattern is impulsive in nature, so the sales teams are on their toes 24*7, 365 days of the year. “The consumer is the king” is the main motto of the present markets, so everything should get customized according to the choice and preference of the consumer. The faster the companies imbibe this motto, higher will be their profits. Tamal Roy [Image Source: http://www.flickr.com/photos/dadawan/45819914/]