BRANDING: PEOPLE WILL SPEND MORE ON BIG NAME BRANDS

Masters
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Luxury is considered superfluous, yet it is an essential element of today's business world. The 1990s has given risen to a new form of luxury, where consumers fantasize and consume expensive products. This fantasy has been created by marketers displaying their brands in elaborate ways, aimed at consumers who are willing to owe such possessions at an extra price…

Introduction


Luxury has the power to give to people an idealized image of beauty and satisfaction. Until the mid 20th century few people could afford to have luxurious items and only a privileged class of society had access to luxurious items. However in the past fifty years the tide has turned and luxury has come down to majority of the people in the shape of brands, which are targeted at upper middle class. This change to brands (luxury) started its way slowly in 1980s, where the rise of individualism fueled the power of business and brands sprouted up to be consumed by wealthy consumers. The purpose of the brands was to spread the charm and luxury creating a personality cult, where people would identify themselves with their brands (Koehn,2001).
Branding is the foundation for a business, which is meant to label a product. In marketing brand is considered as an embodiment of all information related to a product. A brand normally includes a name, logo, images, fonts or services, which typically arise in consumer's mind, when a name or logo is mentioned. Thus we can say that brand is a combination of attributes, which are communicated through emotional attachment with a product. The value of brand is in the mind of consumer, which creates this promise of satisfaction. ...
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