Lahore: The Lahore Chamber of Commerce & Industry has urged the Pakistani entrepreneurs to concentrate on branding as it transforms an ordinary product into special one and promotes recognition of a business group.
In a statement issued here Saturday, the LCCI President Ijaz A. Mumtaz said that keeping in view the ongoing tough competition in the global market, we need to promote branding culture which would remove all the ambiguities from the minds of the buyers thus a huge amount of foreign exchange could be earned by focusing on branding as Pakistani products are best of the best in the world.
Ijaz A Mumtaz said that private sector would have to workout a methodology to promote branding culture in Pakistan to wear off the intensity of economic meltdown being observed by the leading economies of the world.
He said that nevertheless 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 market only because of poor branding. He said that branding is the tool that not only gives boost to its exports but also adds value to the products.
The LCCI President said that in the developed world the general consumer gives preference to the branded products. He said that branding is key to success it not only increases sales at local levels but earns much needed foreign exchange by winning due place in the global market. He said that 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. Increased sale and increased profit as such multiplies the profit of an enterprise.
Ijaz A. Mumtaz said that the Lahore Chamber Commerce & Industry would continue its efforts to update its members on latest techniques of marketing through various activities so that they could enhance their productivity & profitability and contribute towards the economic growth of Pakistan.
He also stressed the need for development of brand mechanism on scientific lines. 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 globally.