The Power of Brand Name Essay Sample
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The Power of Brand Name Essay Sample
The success of any business or consumer product in today’s world depends in part on the target market’s ability to distinguish one product from another. Branding helps ultimately consumers to identify one product from those of the competition. However, there is a second side of branding. As society progresses and increases its ability to purchase more and better quality products, people’s perception regarding brand names changes as time goes by. For the majority of people, having a branded, well-known and socially respected product is the key factor of social respect and hierarchy.
Consumers will purchase more expansive brands of products as they do not want to lose their social acceptance among their peers. Unfortunately, some consumers truly believe that a branded product has guaranteed quality and they are ready to pay for overpriced products, which are not worth its price. In addition, businesses, especially marketing department and consumer behavior analysts research a lot of information regarding people’s psychology and perception. Depending on different psychological result, businesses will use different approaches that attract people’s attention to their product. Nowadays, most people want to buy branded products because of showing status symbol, companies’ marketing plan, and products’ better quality.
In today’s world, the fear of social rejection and status is becoming a bigger problem, especially among teenagers, who use their parents’ ability of purchasing expensive goods in order to stand out and show off in society. Those people usually claim: “Don’t underestimate my ability.” According to “Pamela: A Case Study in Status Symbols” by Franz Oppenheimer, Oppenheimer stated that status symbol is formed by the social anxiety (194). In other words, people are scared to be neglected in their peer groups. They keep buying branded products, which they think tell more about their existence. People keep following this trend when they become uncertain about their status between their social groups. Therefore, they are willing to show off their newest luxury purchase as a presence, not because of the product’s beauty but of its perception.
In Lundgren’s book, “A Cross-Cultural Analysis of Consumers’ Conspicuous Consumption of Branded Fashion Accessories”, he stated that there is a positive relationship between social stratification and social-esteem (Lundgren). To put it in another way, social status tends to affect individuals’ self-esteem, and individuals will try to seek a confirmation from their group member for getting higher self-esteem. Peer group is really important for everyone since it can be positive as well as negative. Rejection and neglecting by peers can cause serious problems in mental health or criminal problems. For example, people are more likely to steal luxury items or increase chance of having some sort of mental disability. Consequently, their social status or social stratification can’t rise because of their luxury, and it will cause low self-esteem.
Further, marketing is a process of communicating the values of a product or service to customers. Also, it’s an art of selling. Abercrombie & Fitch had their first store in Hong Kong in this summer; they hired over 300 models standing on the most famous street in Hong Kong, which has more than 10,000 workers or tourists walk by every day. Moreover, if customer decides to spend over US$ 600 in that store during single visit, that person will get chance to have a limited photo album that is established by Abercrombie & Fitch. Many teenagers were waiting three hours in a line to go into that store, take a picture with models, and buy luxury goods. Have you even seen anyone lining up in front of Abercrombie & Fitch in U.S.A? I’ve never seen or experienced anything similar in United States before.
Since this company has been established more than 100 years in United States, some Americans may not focus on this brand as much as people in Hong Kong do. As the author Edmund Burke puts it in “Thoughts and Details on Scarcity,” scarcity is a basic economic problem of people’s unlimited wants and needs in a world of minor resources. Essentially, I am arguing that people’ s wants are not going to stop until they are satisfied, even though people know that they may not have it because of the limited amount. Whenever iPhone comes out, people will try any possibilities to get it as soon as possible. Since Apple co. is purposefully creating a demand for their product by limiting the first sales to only a few countries. I remember when iPhone 4s came out, some people were speculating on prices and were able to sell it for over US $1000. As a result of people’s action of buying branded product, we can see power of luxury is really influential.
Correspondingly, some consumers will think that the more expensive products they buy equates to the best quality they can get. For instance, world renowned brand Polo sells shirts that are often five times more expensive compared to alternative clothing. However the lower quality is obviously five times cheaper. The main benefit is brand “coolness” and social perception, and companies know that. Consequently, those products can last longer, and the price is worth the money. Also, these consumers’ psychological feeling is not showing of their economic status or their existence, and they want their product, which is worth for the money. In addition, I have a Bobbi Brown brush for my skin, which costs $36, but I have been using it for many years. In addition, human skin is very sensitive especially our face. A cheaper brush may also have poor quality that could us to see a doctor; thus, the cheap brush leads to a more expensive overall scenario. Then the cost of the brush will be more than $1.
Hence, we find a good deal on a product that we like so much, we need to think about the consequence. Although not all products are alike, some companies may dispute their claim that they spent a lot of time on improving their quality to match consumer’s need. Companies will use a lot of strategies to attract people to buy their qualitative products. Though I concede that some consumers buy branded product, which is because of their quality, I still insist that most consumers put the popularity of product as a priority. My friends told me once that even though they sometimes buy a luxury regarding on its quality, but they feel superiority complex when they show it to her friends. To put in other word, people mostly want to show off their branded product to confirm their social acceptance or identity between their friends, no matter what is the reason that makes them a branded product.
Last but not least, brand is used to be a name, term, design, or symbol only, but people start using it as a tool for showing off and confirming their economic status. Actually, branding can helps businesses to facilitate their products. Having a well-known and respected company with a brand name is extremely important for both suppliers and market consumers. Most people are more likely to conform to their peers when they are uncertain about their social identity and when they are in the presence of someone, they perceive to have higher status than they do. Therefore, they will buy more expensive and luxury items to show off their economic status, purchase ability and to conform to their social perception. In addition, company’s marketing plan is really affective on consumers’ decision-making process as well. If most companies create incentives and different activities that are like the Abercrombie and Fitch opening in Hong Kong which is focused on people’s needs. They will entice teenagers or adult to buy their products immediately. Moreover, some brand names can be equated to high quality products that last longer and are worth the higher price, but there are not many people who pay more attention to the quality than to its visual perception.
Burke, Edmund, Miscellaneous Writings. E. J. Payne, ed. 1990. Library of Economics and Liberty. 20 November 2012. <http://www.econlib.org/library/LFBooks/Burke/brkSWv4c4.html>. Souidena, Nizar, Bouthaina M. Saad, and Frank Pons. A Cross-Cultural Analysis of Consumers’ Conspicuous Consumption of Branded Fashion Accessories. Vol. 23. N.p.: n.p., 2011. N. pag. Print. F, Oppenheimer. Pamela: a case study in status symbols. Vol. 40. N.p.: n.p., 1945. 187-94. 2 vols. Print.