Essay Title: 

why are brand name products so popular and why are people willing to pay so much? where do you stand?

March 22, 2016 | Author: | Posted in art

WHAT ‘S IN A NAME

Ever wonder what makes people choose to buy a product simply because of the name it carries ? Take for instance someone who goes out and shops for a Louis Vitton bag and pays for it for nearly thrice an ordinary bag -which may serve the same purpose as the Louis Vitton bag . What is it exactly in a name that makes people shelve out hard-earned money to get a particular product with a particular name ? Is it simply because they want to be in fashion or is it [banner_entry_middle]

something deeper ? Let us look closely at what brand marketing is all about and how wide its influence is to consumers , if any

According to Wikipedia , a brand is a collection of feelings toward an economic producer or more specifically , it refers to the concrete symbols for the brand such as a name and a design scheme . Basically , a brand can be viewed as a symbolic embodiment ‘ of all the information associated with a company , product or service (Wikipedia , 2006

Personally , I am of the opinion that people who purchase brand names over generic ones , so to speak , do so because they feel assured of the quality of the product or service . In a sense , a brand may serve to create associations as well as expectations among products

Wikipedia further explains that marketers naturally seek to develop or align the expectations comprising the brand experience through branding By doing so , the marketer aims to make the brand carry with it the promise that a certain product or service has a certain quality or characteristic which make it special or unique . Without a doubt consumers nowadays have the tendency to look at branding as a significant value added aspect of a particular service or product So is branding really important ? As noted by Mary Schnack in the online article The Brand That is You , a good brand name is a company ‘s best asset . In a sense , Schnack notes that a brand is used for the purpose of educating consumers on the type of product you have or want to sell

In our earlier example , Louis Vitton bags cost considerably higher than ordinary bags in the market and yet , people still purchase them . If we look and analyze the explanation given by Wikipedia , we can see that people who patronize Louis Vitton bags do so because they feel assured that the product they are purchasing is one of unquestionable quality Hence , Louis Vitton has successfully associated its products to quality and endurance

Why then are brands important ? Or are they really important ? According to KMF Kamal in his online article entitled Introduction to Branding , a successful brand will allow a certain company to establish a consistent base of loyal customers . And by having a loyal and consistent base of customers , a company can weather any storm it comes its way . Branding is said to be the most important facet of any business because it is the company ‘s… [banner_entry_footer]

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