Economic importance of brands and the country.

Byline: SADAF QUDDUS

Made in Pakistan' must function within the country's development, prosperity

Brands have come to use as one of the most misleading and timeworn terms in economic discussions due to the economic importance of brands. The last thirteen years could clearly be seen heading dramatic changes in the world of branding and brands. Global trends in digital, mobile, and social media have elementally impacted all of the products and services. Technology often has moved faster than companies can adapt and choices have exploded.

Various industries have been discarded and new brands are being beaten into shape faster and faster. The way brands influence our lives has utterly not changed though their scope has grown significantly. Nonetheless, doubtfulness or misunderstanding remains and is grown even stronger. A number of myths persevere which leads to incorrect insights into the economic importance of brands.

A growing recognition in the brand management area with a lot more requirements of international marketing strategies and conditions for altering the dynamics of reticulated economies in the world. Since this new type of economy is linked with globalization, brands are becoming more major for all stakeholders and even for national economies. With the higher level of competitiveness, businesses are in competition with the creation of more powerful brands to support their economies in global markets.

Energetic response

Markets are in constant changeability or flux of adaptation, often hastened through technological change. Brands help markets adapt more speedily as they allow a more energetic response between buyers and sellers. Brands not only simplify the choices but can play an 'educational' role too, as they help to prevail over the factor of apprehension of acquisition.

Overall, brands contribute significantly to the technique of adaption and growth, which is critical to a competitive economy. Branded products that fail to provide what buyers want will vanish off really quick, making space for new and more effective alternatives.

Leading brands and their impacts

Brands in Pakistan have spread mainly to clothing, shoes, accessories, food and makeup. The clothing and food sector are mainly focused on here because of their significance and consumption mainly. Some of the leading brands owing the country include Khaadi one of the largest franchise in fashion, on a national and international basis. Our country is rich in...