“Seventy percent of consumers make their marketing decisions based on the trademark,” said Al-Malek, calling for focusing on the importance of considering the legal sides and choosing suitable brands names and trademarks.
He also said 50 percent of consumers mentioned that they decide to buy new products depending on their brands.
The success of business internally and externally depends on the trademark’s quality which adds to the value of the company or establishment, Al-Malek indicated, stressing the need for businessmen and establishment to develop their brand names in consistence with the regulation to achieve its it’s role in promoting its products internally and externally.
In his lecture, Fay Company CEO Ibrahim Al-Suhaibany gave a presentation on the company’s trademark, which he referred to as a slogan that defines the company and its products.
Al-Suhaibany pointed out that the difference between two products of two businesses is basically related to their brand and reputation.
“The difference between the brand and trademark is the product, while the brand is the identity which defines the trademark,” Al-Suhaibany said. Branding was introduced in 1900, he said and pointed out that there are elements that should be considered when choosing the brand such as the language, the quality, the production, the communication and the future vision.
He stressed that development is important to build and empower the brand on which it depends to achieve power and reputation.
Al-Suhaibany said reasonable management at establishments could play an important role in developing its brand as long as it has a specific development vision represented in employing the product in coherence to the market.
He called upon others to tread away from imitation and try to develop to achieve quality branding.
