On a recent rush visit
to the supermarket, I ended up buying the supermarket brand of certain personal
consumable items. But, to my dismay, I realized the mistake only after I
returned home and opened the packaging.
So, now what is brand? What is brand name?
Brand
is the "name, term, design, symbol, or any other feature that identifies
one seller's product distinct from those of other sellers." Brand, an
intangible asset, is often the most valuable asset of a corporation. Brand
owners manage their brands carefully to create shareholder value, and brand
valuation is an important management technique that ascribes a money value to a
brand, and allows marketing investment to be managed to maximize shareholder
value.
Recently
a cousin of mine bought the store brand for paper towels. But, but such a
mistake and a waste, that was. To our
disappointment, several paper towels were useless.
And, this significantly reminds me of the episode of Everybody Loves Raymond where Ray does the groceries and thinks he has been so clever about saving money, but others do not agree, much to his disappointment.
And, this significantly reminds me of the episode of Everybody Loves Raymond where Ray does the groceries and thinks he has been so clever about saving money, but others do not agree, much to his disappointment.
As discussed, why branded and not ‘me too branded’ (non-branded) products. Of course, for the sole reason, that they are cheaper and they can save a huge lot of money. But, do ‘me too branded’ products serve the same purpose; provide the same amount of benefits? Is buying off-brand the smarter choice?
The
answer is an obvious big NO. Why? Does that question arise?
Well,
the answer lies hidden in the meaning of the word BRAND itself. It
offers scores of benefits as compared to the ‘me too branded’ products.
The products manufactured by
well-respected brands are able to satisfy customers’ needs in terms of quality,
service, price, etc. as these companies spend years to build their reputations.
One of the greatest advantages of buying a brand-name product is a longer,
comprehensive warranty. Reputable companies stand behind their products and put
a great deal of effort into making them durable by using quality parts that
last longer. Again, name-brand manufacturers have
the resources to consistently create designs to match consumers’ changing
lifestyles and needs. Updates might include stylish extras that make products
look great or features with the latest technology to enhance quality of life. Also,
well-respected
brands have been in the business of serving customers for a long time. They put
extensive resources into customer support.
On the other hand, this doesn’t
mean consumers can’t get good quality or service from a product that isn’t a
name brand. There are many other manufacturers that excel in both these areas.
However, brand-name products tend to offer consumers more purchasing peace of
mind.
But
then again, to
many people, a shopping trip usually involves getting in the car, going to the
store, and picking up a handful of items they need around their home.
Again, it's
always nice to open your refrigerator and pull out a refreshing Coca-Cola, but
what about replacing that with a store-brand Cola because if you compare the
labels, the store-brand product contains virtually the same ingredients, but is
usually priced much cheaper. And in my opinion, they taste pretty much the
same, so why pay more when you can have more products at a cheap price. It is
always a great achievement to buy goods in the ever increasing inflation rate
prevailing in the market, isn’t it?
But,
but, but, before a conclusion is arrived at, another very thing is required to
be considered. And this thing is STATUS.
Yes,
Status of the society we live in, the Status we show off to the
world, the Status of the power of notes we own, the Status of the
people we live with. Yes, of course STATUS is a big damn thing in the modern
society.
Who
doesn’t want to show off the notes they own? Anyone out there exists who love
to live their well to do life with simplicity?
Of course not. I
am not talking about the times of Gandhi or others but the times of the 21st
century where showing off is the new trend and buying me too branded
products is a big look down upon on your so called status, for they are
cheaper, they may not last long, they may not give the results branded products
give you.
“Buying
branded products is a new trend is the very modern society we live in.”
That is what my
niece said when asked about her views on branded products, and mind you, she is
just 14 year old.
“Of
course di, I would prefer fast track school bag instead of those road side
bags.”
She said completing her sentence. And
yes, that is the power of brand and brand names. When a 14 year old knows its
value, who are we to judge, right? J
But,
nevertheless, many consumers don't realize the value of purchasing store-brand
items versus name-brand ones. First off, store-brand items are normally much
less expensive, often as much as sixty per cent cheaper. Then there is the
issue of quality; many store-brand items perform as well as or better than
their more expensive cousins on the shelves while many involves many issues.
In truth, the final decision as
to what is best lies with the individual buyer himself, who is wily enough to
know what is correct for him. It is for him to decide whether they want to go
with the expensive branded products or the not-so-expensive non branded
products for branded products are traceable and, as a general rule of thumb,
tend to arrive in the warehouse within specification tolerance time after time.
However the risks are clear.
So how many of you buy branded items? Or do you prefer to save some money and get the generic brand product? What are your MUST HAVES for branded items?
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