Brand establishment is crucial as it provides several benefits, such as:
Customer Loyalty: An established brand typically enjoys a loyal customer base, which results in repeat business and long-term profitability. Trust and Credibility: A strong brand fosters trust and credibility, making it easier to introduce new products and services. Competitive Advantage: Established brands can command higher prices, have better negotiating power with suppliers, and enjoy lower marketing costs. Market Positioning: A well-established brand can effectively position itself in the market, making it easier to differentiate from competitors.