Q.
The dawn of the new century has seen India emerging as one of the largest markets for commodities and services. Companies now recognize that their real value lies not in production and distribution, but outside the business itself i.e., in the minds of potential buyers. After realizing the fact, they started giving due consideration for brands and the equity they create in the market and in the consumer. In any product strategy, a crucial decision is branding. Branding a product means a long-term investment in building that brand by spending on promotion, advertising and packaging. A brand is a promise of the seller to deliver specific set of benefits or attributes or services to the buyers. Apart from attributes and benefits, it also reflects about values, culture, personality and user. Brands provide consumers with clear-cut choices, less confusion, great security, an emotional dimension and something they can trust. Brand enhances the perceived utility and desirability of a product. Brands have the ability to add or subtract the perceived value of a product.
Consumers expect to pay lower prices for unbranded products or for those with low brand equities. On the other hand, they are ready to pay a premium for their favorite or socially valued brands.
80% of the parents have expressed that children's suggestions are valuable to them at a moderate level while making purchases for the family. 12% parents said that their children’s suggestions are valuable to them to make the purchases. There are very negligible number of respondents (8%) said that their children’s suggestions are not at all valuable to them.
Brand awareness among children is helpful to parents to some extent as about 76% of respondents have opted for it. 18% of respondents have said that it is highly helpful, while only 6% of the respondents feel it does not help at all.
Today, brands are considered to be among the greatest strengths of a company and the brand image is very important. It is what people remember, if they remember at all. Brand image is built with the logo, name and slogan all consistently speaking about the USP of the brand.
- Branding, Brand equity, Children’s suggestions in making purchases, Brand USP
- Brand equity, Branding, Children’s suggestions in making purchases, Brand awareness
- Brand equity, Brand awareness, Brand image, Logo
- Branding, Brands, Children’s suggestions in making purchases, Brand name
