The Power of Brand Name

The Power of Brand Name 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