PHCCIMA PRESIDENT ADVOCATES BUILDING STRONG BUSINESS BRANDS & STRATEGIC PARTNERSHIP AS KEY BUSINESS APPROACH

President of Port Harcourt Chamber of Commerce, Engr. Emeka Unachukwu has advocated for the building of strong business brands and strategic partnership as key business approach in this era of globalization

Speaking as Guest Speaker/Chairman of a two day Summit/Exhibition programme, tagged 'Nigeria's Finest Entrepreneurs in Crafts and Arts', held at The Promise Fast Food Conference Hall and Best Bites Fast Food all in GRA Port Harcourt, the PHCCIMA helmsman maintained that branding and strategic partnership strengthens operations and organizational efficiency, adds value to products, improves market access and offer access to new market and technologies. According to him it adds technological strength, enhances strategic growth and builds financial strength.

In his presentation titled: BUILDING STRONG BUSINESS BRANDS THROUGH PARTNERSHIP AND SYNERGY - A STRATEGIC BUSINESS BUSINESS APPROACH', he defined branding as a name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers, stressing that the need for branding can never be over emphasized.

The PHCCIMA president also spoke on the benefit of branding to sellers, drawing his inference from the fact that branding guarantees repeat purchases that enhances company's financial performance, and also makes it easy for customer to identify and re-identify the product compared to alternatives.

He said with branding the introduction of new products is easy for the seller because the customer is familiar with the brand from previous buying experience. 'Branding offers promotional effectiveness by providing a point of focus and premium pricing which in turn creates a basic level of differentiation compared to competitors” he said.

Unachukwu disclosed that sellers are not the only ones benefitting from branding; buyers also do as it helps them reduce customer search costs by identifying products quickly and accurately. Still on the buyers, he said it reduces the perceived risk by providing an assurance of quality and consistency (which may then be transferred to new products). He also posited that branding reduces the social and psychological risks associated with owning and using the “wrong” product, and provides psychological rewards for purchasing brands that symbolize status and prestige for the buyers.

While brand is strategic to business he cautioned against the issue of making mistakes in the branding process. He said for a successful branding sojourn we must not fail to fully understand the meaning of the brand, we must endeavour to live up to the brand promise, we must adequately support the brand and must exercise a reasonable level of patience with the brand. He also advocated for adequate control of the brand, proper balance consistency and change with the brand and most importantly understand the complexity of brand equity measurement and management.

The PHCCIMA president also spoke on strategy for improving brand performance, partnership strategy and how to implement partnership strategy. He reviewed some of the world renowned partnership which glaringly re-affirmed the gains of strategic partnership.

The event was put together by Daada's Signature in collaboration with Wave Crest Ventures, according to the MD?CEO of Daada's Signature, Miss Substance Amalia the objective is to connect upcoming business men and women to the available market, package them for sponsorship and create an atmosphere for synergy.

She observed that the Nigerian educational system, its economy and society at large has begun to put much emphasis on entrepreneurship, hence the need for its citizenry especially its youths to develop businesses that would enable them become employers of labour, rather than job seekers. The event featured fine arts, sculptor, wood carvers, make-up artists, interior decorators and event managers, apparel makers and designers, leather products makers and designers, hair salons, cake makers and designers, hat and hair pieces designers among others.