Pak products striving to get proper place in global market
In the absence of awareness about branding and marketing techniques, Pakistani products are struggling to get an appropriate place in the global market despite having quality edge over the other countries.
Copyright Business Recorder, 2015
The Lahore Chamber of Commerce and Industry (LCCI) office bearers; President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder and Vice President Nasir Saeed in a statement said that lack of branding and marketing strategy is one of the biggest reasons of decline in the country's exports.
They said that branding transforms an ordinary product into special one and promotes recognition of a business group. They said that a little focus on the capacity building of entrepreneurs could do miracles on the both the branding and the marketing fronts.
The LCCI office-bearers said that at individual level, the private sector was doing the needful for the capacity building of its workforce but to attain the desired goals, the government would have to play a role.
Elaborating his point, the Sheikh Muhammad Arshad, Almas Hyder and Nasir Saeed said that the government would have to join hands with the private sector to acquire the services of master trainers for the proper training of the workforce available in the country. "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," the LCCI office-bearers added.
They said that private sector would have to work out 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.
They 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. They said that branding is the tool that not only gives boost to its exports but also adds value to the products.
They said that in the developed world the general consumer gives preference to the branded products. They 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. They 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.
The Lahore Chamber 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.
They also stressed the need for development of brand mechanism on scientific lines. They 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.
The LCCI office-bearers said that the Lahore Chamber of Commerce and Industry would conduct workshops and seminars for creating awareness among the entrepreneurs about branding and market.