IMPACTS OF BRAND VALUE !!

 

In marketing community, there are two faculties of thought. One group of consumers focus on the merchandise while the other focus on the brand. Generally, people go for off-brand products for price benefits. But more people prefer to buy branded products rather than the generic ones for many solid reasons. Factors like social, physiological and personal influence the consumer to purchase accordingly. The craze for brands is been increased in recent times.

Canadas-most-influential-brands

Safeness:

Generally, people do not wish to take the risk in trying off-brand products as they have less assurance for the quality of the products when compared to branded ones. In the case of purchasing the brand products, we can be sure that the product will give a quality experience while using it. They can be sure that the money invested in buying the branded computer will not be at stake. Brands offer safety and reduce the risk of disappointment

To fit-into the Society:

People have a feeling that using branded products will help them to maintain their social image. In order to fit themselves into the society (school, work, social circle) they prefer brands. Consumers often buy clothing brands that are either considered as trendy or fashion or to fit into the peer group. It’s a known fact that the branded products have premium prices hence people use it to show the society that they are rich enough to afford them.

Reduces the Decision making time:

Choosing the brand will it easier for the consumers to select what they want in a short time. If you are in a market to purchase smartphones, you will have to choose from hundreds of latest model phones. But choosing a brand say it Samsung will cut down your choices to dozens which will be easier for the consumers to pick one from them. Opting the brand will reduce the decision-making time for the consumers.

Loyalty:

Loyalty is an emotional attachment to the brand. This tends to grow as the company consistently provide a high-quality experience. For example, people who use iPhone will most probably prefer to buy the same in future just because they trust the brand which does not allow them to switch to other brand products. This commitment towards the brand makes the consumers purchase in the same brand regardless of price.

Perception:

Mostly people purchase specific brand products not because they know about it but they purchase it for the sake of it is a top brand. Even though they lack in the product information about the product they tend to buy because everyone is fond of it and the consumer has a perception that the product will be worth enough to buy. Word of mouth strategy creates this perception of the brand among the consumers.

Personal image:

Brands emote personal image of the person. Consumers mostly prefer to maintain a high-class image and so they purchase brand products that supports their professional or personal image. Apple products are considered to perceive a “techie” image and car brands like Audi is considered to give a sophisticated or well to do image.

Final Verdict:

After analyzing every aspect of consumer behavior, it is very clear that consumers have become intelligent enough to shop quality products which makes them to be brand conscious. They put the quality and service of the product above the price.

Authorized By:

NAME : KARTHIK RAAGAV

STUDENT ID : 214494634

USERNAME : KARTHIKVSV

 

References:     

Anon, (2016). [online] Available at: https://microarts.com/insights/7-reasons-why-brands-matter-to-your-consumers/ [Accessed 4 Apr. 2016].

Adage.com. (2016). Having a Better Brand Is Better Than Having a Better Product. [online] Available at: http://adage.com/article/al-ries/a-brand-a-product/294829/ [Accessed 4 Apr. 2016].

Google.com.au. (2016). brands – Google Search. [online] Available at: https://www.google.com.au/search?q=brands&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjhxdjw_PTLAhWGIqYKHTxZBWwQ_AUIBygB&biw=1366&bih=657#imgrc=hGrLIG1P7BvPHM%3A [Accessed 4 Apr. 2016].

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