Pakistani entrepreneurs were urged on Monday to develop international standard brands for introducing in global markets by fully exploiting indigenous potentials, expertise and resources.
Talking to a delegation of brand experts led by Mian Faiz Bukhsh Arain here Monday Meher Kashif Younis former Senior Vice President Lahore chamber highlighted the significance of brands and said global marketing gives business a new lease of life laced with ample opportunities to create new streams of income besides raising brand familiarity and reputation in addition to giving business a chance to gain afresh knowledge about their products to adjust for better quality service,he added.
He said it was high time for Pakistani entrepreneurs, corporate sector, especially younger business magnates, to focus on developing brands.He said global branding creates a stronger competitive advantage and once a company is able to successfully compete locally or even within country,it makes sense to expand globally.
Unfolding the distinctive features,he said global branding is an ingredient to build a competitive advantage over years local competitors.He said global brands are stronger and more valuable,generating greater awareness thus its stays ahead of the competition.
He said vertical integration and institutional network were to be strengthened on modern scientific lines to meet the future challenges of global marketing. “By the grace of Allah, Pak entrepreneurs have full potential to compete the international markets but unfortunately they do not develop their own brand like KFC, McDonald’s, Guard, Bata ,Model Steel, Chenone etc.
He said that private sector had to come forward to develop their own brands on war footings for their survival otherwise the neighbouring countries would continue to dominate and sweep international markets.He said Pakistan was producing some of the best products in the world in sports, textile, fruits, vegetables, handicrafts and in several other sectors but not exporting them under its own brands.
Meher Kashif Younis said we must not only develop but promote brands through manufacturing the best quality products which is the need of the hour.
Leader of the delegation Mian Faiz Bukhsh Arain urged the private sector to restore consumer faith and trust by manufacturing best quality products on competitive prices for the promotion of brands.
We need a national and sub-national policy framework and develop institutions to assist young entrepreneurs to grow.” He said that youth accounts for over 60pc of Pakistan’s population and it is essential to encourage them in entrepreneurship so that they could become more productive and contribute positively to the growth of the national economy Mian Faiz Bukhsh Arain concluded.