Branding of a product is important for both buyers and sellers. For buyers, branding reduces the random nature of product selection. It helps them to identify more easily products that may satisfy their needs and enables them to reduce time spent on evaluating alternatives. A brand also represents certain qualities and characteristics which they may use to develop a clearer picture of what the product offers. Sellers also benefit from brands, particularly if they can develop the brand loyalty of the buyer, which leads to…

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