“We use brands to project who we want to be in the world, how we want people to perceive us, and how we want to feel about ourselves.”-Debbie Millman.
While purchasing a product it is the brand of the item that strikes our mind. For example if we opt to buy a cellphone the first thing that is given importance is the brand rather than the configuration or the specification. Interesting fact is that the price of these brand products is high and in spite of their surging prices, the demand curve in the market for branded products is still at peak.
We prefer brands because:
- Brand items are more promising and they live up to the expectations of the people as they are more durable and assure 100 percent quality. Reliability of these products exerts more customers towards them. Low cost good’s endurance is much less and they wear out within short life span. Hence consumers prefer to spend more and purchase these products than items of low price as they knew that on owning the later will make them spend double the times for the same product.
- Brands give us social economic status. They are designed in a way such that every common aspire to own them. We often judge a thing by its appearance. We tend to value a person by his possession. For example a person with Appleproducts will be looked upon than with a local set! It gives him a respectable status in this society.
- The baseline that one chases for the brand items is that “high price means high quality and low price means low quality”. People believe that high price guarantees great quality! Companies producing branded goods give preferences to quality as they are brilliant in handling the total quality management which marks a product rank in their competitive market. This is directly proportional to the customer attraction. Branded good producers believe that customer satisfaction is essential in their long run and aim to achieve the same.
- The other reason why there is a demand for the branded goods is because of the buzz word called Fashion alert! -“TREND”. One should be remarkably enriched about the current trend in this fast changing world. Even if you own a branded item and if it’s not in the parade of this day, then you will be marked old and you will tagged “Stone aged”. The basic psychology of the clients/customers is to follow the principles and likes of the people in the leading row.
- When we possess a branded item it gives us a positive spirit and makes us believe that we are owing a great product made by talented workmen. It is the pride that we get on possession of those brand which drives us badly for the branded goods.