Q What does “Entrepreneurs should develop a brand concept, identify brand extensions that can take the brand into new product areas, and measure the effectiveness of the brand, or its brand equity”, mean to you?
According to my perspective, I feel that that branding is important for every organization ad every product. This is because there can be issues with the obtainment of optimum and desired levels of sales percentages if brand concept is not developed properly by organizations. The brand concept can provide opportunities for entrepreneurs to compete with new as well as emerging brands. Brand extensions can be important for ensuring that there can be different types of extended facilities provided to customers. These facilities can be customized as well as personalized facilities for the customers to consume the products appropriately.
