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March 24, 2016 | Author: | Posted in marketing, mathematics and economics

Society , Psychology and the Propensity of Consumers to Purchase Famous Brands

I . Introduction

The dynamics of the market is undoubtedly a mixture of mass consumerism and product brand differentiation . Of the two , the latter can be considered as the outcome or the effect of the other so much so that it has become the catalyst of making mass consumerism the defining characteristic of the capitalist system . Mass consumerism is a phenomenon borne out of the desire of economic firms to gratify the wants of an eccentric public . The only plausible option [banner_entry_middle]

for the firms is to produce what the public desires to consume to make its mechanics an arm of demand , and the market as a whole . Thus , the firms , especially the manufacturing sector , not only want to sell its products on a temporary basis , but also consider making its products stick to the minds ‘ of the consuming public . With this purpose , every firm has in mind of making their brands popular to the public a source of appreciation and criticism , a point of reference for other firms Products brands therefore are both the catalyst and driving force of mass consumerism , the vintage point of all economic activities

While macroscopically the introduction of successful brands in the market has fostered somewhat permanent growth in the manufacturing sector , it has also some significant impacts in the day-to-day activities of the consuming public . Product brands less of their utility , and more of their expensiveness induces many members of the upper social stratum to make it as their status symbol the symbol of their wealth and prestige of belonging to that group . For the middleclass men , it serves as the grounding point of their rise in the social ladder buying low brand products combined with their rising income can become the stimulus to the acquisition of more expensive high quality products those which are considered successful brands . For those belonging in the lower class , utility is more of a factor in purchasing a brand a consideration that makes a brand , although inexpensive , profitable to the firm that produces it . With such scene it has become the practice of the government to legislate laws that will protect the standing of a specific category of commodities owing to its significance to the public the state promotes protectionism because of the influence of a popular brand on a group of people . It had become part of the political process an event that further the life span of the brand . Product brands therefore are not only appreciated by just a specific segment of the society but all , although the degree of appreciation may range from apathetic consumer behavior to one of favorable law and policy-making of the state

The success of famous brands in the market is a necessary element of the capitalist system for without it capitalism is at its end . For one thing , capitalism promotes competition unhindered by government intervention an environment where everybody can compete freely for profit ‘ It is the nature of the… [banner_entry_footer]

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