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As products and services are so easily replicable in today's environment the biggest challenge for companies to compete in the market place is how to differentiate their products from the competitors. All other things being equal, the only feature that will help consumers identify and differentiate the product in the market is the BRAND. Product quality and price are no longer product differentiators. Consumers expect quality products at competitive prices.
A strong brand image is the only asset a company can develop that cannot be copied. Companies must thus make serious commitment to investing in developing a brand strategy for their products and services. Promotion is a vital element of branding. Companies should work with agencies that can provide professional advice on how to develop, promote and manage the brands in order to ensure that the brand is well positioned in the market and contribute to developing the image of the country as a reliable supplier of quality brands.
Brands are assets that require investment to nurture and develop. It requires a change in the mind set of top management about what building a brand really involves. Apart from the registration of a name or logo it also requires a promise to deliver what has been communicated to the consumer, consistency in the quality of products and services offered as well as an assurance of availability of supply to the market.
We have to capitalize on the country's reputation as a supplier of quality products by branding our products and services for export in order to create an identity for Malaysian goods and services. In a highly competitive market we need to develop strong brands to build consumer loyalty and preferences for Malaysian products and services. This is even more urgent now as numerous attractive alternative products are competing for the buyer's attention a process further enhanced with developments in ICT and the internet.
Recognised brands provide long term security and growth to a company as they will provide competitive differentiation, fetch premium prices, lead to higher sales volume and security of demand.
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