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Activity:
68 views;
last activity : 10 08 2010 12:06:13 +0000
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status
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Aesthetics
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Assurance of constistence quality
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Quality and Convienience
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Emotional connect
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value for the Product
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CONFIDENCE
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Perception's of Intention
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Both 1 & 2
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Specification anaysis
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PERCEIVED UTILITY
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societal approach
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The desire to be seen with a branded product is constantly there in a society that assesses a person by the labels he wears or drives or associates with. |
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One of the key reasons people pay more for a consumer durables product is on account of the brand credibility and the value the brand brings to the table based on multiple factors like quality, emotional connection, status value, brand value, service and sustainability (E.g. - Louis Vuitton (LV) - One of the biggest fashion brands in the international market)........
To Choose better place of shopping, better brand, comparative quality.. all due to build a status nothing else..
Thanks for the referral Ms. Meena Deahmukh.
However, I like to support the point of status here. Why people want to buy the products at higher rates when the same products are available at competitive rates. The reason behind is the desire to maintain their status from others or to maintain the differentiation from others. Moreover there are high end and low end products of consumers in the market. The rich people don't mind in spending more and it is opposite in the case of middle class people. Besides, for certain consumer products the marketers are also targeting a particular segment of customers who may be of the above types.
Any how this reasoning may be applied for the consumer durable goods only and not for other products which require rational thinking and decision making as to whether the money paid for will have any value or a quality product with special features in comparison with the competitors.
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Luxury brands like Gucci, Armani, D&G are classic examples of brands that exhort premiums out of people by selling aesthetics. Right from designing the product to positioning them and to merchandising, a consistent, visual or sensory appeal can be seen which certainly overides the rational aspect. While products and technologies are commodities in the market, aesthetics is something that commands a premium, making the consumers pay a little to a lot for this differential. |
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I agree with you Meena. Once all these brands the size of our country with ever expanding purchase power the aesthetics will remain but will bring different varients to cater to all the customers.
I think the right word is Brand !
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one thing that differntiate brand and what available lose is of perception of quality Generally branded product have the process of delivering products with consistent quality over a longer period of time |
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branded goods are consistent in quality and performance. it costs more but because of the underlying support infrastructure it is worth it. the same story in a different fashion is there in the difference between buying from a supermarket and a kirana shop. in the supermarket the provisions - rice, dal, spices are cleaned first before they are packed. the kirana shop gives it to you directly from the gunny bag and it has to be cleaned before use. a little extra money to be paid, a lot of less labour at home. it is a tradeoff
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There are brands like Royal enfield bullet, a cadburry, a mercedes, a johnson & johnson product.... Why do people still go for a bike like Royal enfield bullet, even when the bike doesn't give that great mileage compared to others? Why do we forgive even if there are worms spotted in our Dairy Milk Chocolate? Because they have created that emotional connect with the consumers. People just go for the product if it connects to them emotionally. |
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Many would value the product as an asset .Its use in terms of function,Durability,Revenue generation/Revenue saver, Environmental friendly etc definitely can make a Product expensive for the buyer but with value added pack |
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IN addition to may benefits highlighted people who can afford, come forward to pay more for the confidence they have in the quality and services of the manufacturers. |
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Ms Meena Good Topic. Some people think laughing Buddha sitting at the north west corner of the room (whatever) is auspicious, buying that laughing Buddha from, lee’s store across the lane, the dame next door will be happy; so even if it cost yen 100 extra people will go for it, simple. Today we live in a techno world (trigger world), earlier rifle and pistols had trigger today, everything is being used as trigger so it’s all about perception and intention, I pay more if I derive a higher trigger, its perception (“maya”). |
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Depends on the product, there are consumers who can be rational or or consumers who can be irrational in making a purchase decision. often they look at multi attributes so decision on a product has to match status and also quality
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Questions could have been asked," Why Brand items are preferred". If you look at the lines in Bold letters, it is very clearly asking why an Item that is expensive, even though a similar product with quality & cheaper rate is available". However, neglecting this concept, I prefer to put forward my idea. "The product may be best suiting to the system for which you are looking for.Cost & quality may be there but the specification what you look for may not be there." |
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IN ADDITION TO VARIOUS OTHER FACTORS MENTIONED BY FRIENDS,PERCEIVED UTILITY FOR INDIVIDUALS WHICH FROM ONE ANOTHER PLAYS A VITAL ROLE. |
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- Create a confidential Career Profile and Resume/C.V. online
- Get advice for planning their career and for marketing of experience and skills
- Maximize awareness of and access to the best career opportunities
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We see sales for branded items going on and on all round the year. The Christmas sale followed by the new year sale followed by Sankranti offers followed by Valentine's day sales and it goes on and on. In addition to this the there are so many... |
The latest figure say that 2011 has seen a downward trend in marketing via twitter and facebook. Social media is considerd as one of the best tools for marketing and its use has increased extensively in past couple of years. But now some... |
Nice observation and great insight sir. |