Brand management means recognition, which in turn means more loyalty and sales from the consumer.
‘Pakistan in need of brand management strategy’](http://www.dailytimes.com.pk/default.asp?page=2007\11\24\story_24-11-2007_pg5_17)
LAHORE: The government should evolve a comprehensive strategy on brand management so that the confidence of global consumers could be achieved. Unfortunately, in Pakistan, the culture of brand management has not so far been developed to the desired level. This was the upshot of speeches delivered at a seminar on brand management jointly organised Friday by the LCCI Standing Committee on Young Entrepreneurs and the University of Central Punjab.
LCCI President Shahid Hassan Sheikh, Senior Vice President Yaqoob Tahir Izhar, Chairman Standing Committee on Young Entrepreneurs Faisal Iqbal Sheikh also spoke on the occasion. The purpose of the activity was to educate the participants about the importance of creating a unique brand identity for local Pakistan brands.
The LCCI president said that despite the fact that Pakistan has all resources in abundance and quality-wise its goods are ‘best of the best’ in the entire world but it has so far failed to get its share in the world economy only because of poor brand management.
Elaborating the term brand management, the LCCI president said that it is the application of marketing techniques to a specific product, product line, or brand, which seeks to increase the product’s perceived value and credibility in the eyes of the customers.
He said all over the world, branded products are considered to be better than a non-branded product. This may increase sales by making a comparison with competing products more favorable. It may also enable the manufacturer to charge more for the product.
The value of the brand is determined by the amount of premium it generates for the product and the manufacturer. This is the outcome of a combination of increased sales and increased price. Icreased sale and increased profit as such multiplies the profit of an enterprise.
LCCI standing Committee on Young Entrepreneurs chairman, Faisal Iqbal Sheikh, stressed the need for the development of brand mechanism on scientific lines so that Pakistan could get its rightful place in global market.
He said Pakistani products such as textiles, leather, surgical and exports goods have no parallel in the entire world but very little branded products which have won consumers’ confidence locally and abroad. “We are the producers of the best quality of Basmati rice, Kinno, Chaunsa, Anwar retol, Langra but our these geographical indicators have yet to be formally branded which no other country can use,” he said.
In the end, LCCI Executive Committee member, Syed Muhammad Umair, officially closed the seminar and thanked the speakers and the audience. He reiterated the resolve of the Lahore Chamber in providing a pragamic learning platform for students from all institutions in the city of Lahore. staff report