The term brand refers to a business and marketing concept that helps
people identify a particular company, product, or individual. (Will
Kenton,2021). To me, a brand is also an identity or characteristics of a
company or an individual which is usually known for something in
particular, or a feature that makes them unique.
What these brands are known for, is what pretty much influences my
spending decisions. For example, if I want to buy a car and I want a
luxury car, then I might want to buy a Mercedes. But the indication of
this is that I will have to pay more because Mercedes Benz vehicles
are high-end vehicles, and the cost of maintenance could also be high.
But if I want something not too expensive, low fuel consumption,
with above average interior aesthetics, durability, and low
maintenance costs, I will be thinking of a Toyota.
If I am thinking of getting a new car, my first choice would be a
Toyota, because it ticks almost all the boxes of what I personally want
in a car. The brand promise of Toyota is quality, durability, and
reliability. And true to this promise, the vehicles are durable and
reliable. That is why the brand has a good secondhand value.
I don’t think I have an emotional connection with the brand.
However, it’s a brand that has been tested and trusted.
When considering a purchase, some brands automatically come to my
mind. For example, when it comes to home appliances like TVs,
microwaves, refrigerators, etc. the brand that comes to the top of my
mind is a Samsung. They are innovative products that are strong and
reliable.
References
Will, K (September,2021) Brand
https://www.investopedia.com/terms/b/brand.asp
