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It is important, therefore, to understand what brands are and why they are important.
Macdonald sums this up nicely in the following quote emphasising the importance of brands:
“…it is not factories that make profits, but relationships with customers, and it is company and brand names which secure those relationships”
Businesses that invest in and sustain leading brands prosper whereas those that fail are left to fight for the lower profits available in commodity markets.
What is a brand?
One definition of a brand is as follows:
“A name, term, sign, symbol or design, or a combination of these, that is intended to identify the goods and services of one business or group of businesses and to differentiate them from those of competitors”...
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