Importance of Brands: Dying?
An editorial in Business Today claims that branding is loosing importance. The reason given is interesting. BT says that the lack of information of products makes people go for recognized brands. But since information on products is nowadays available online, branding is loosing its importance.
I am not able to accept this argument. For one, the websites of companies tend to brag a lot about their own products. Also, the huge volume of information available in the websites don’t make sense to a normal consumer in most cases. For example, if I check for a television or a digi-cam in different company websites, I get the info that one brand has ABC technology and another has DEF technology. Neither of the sites is concerned about explaining what ABC or DEF is. In the end my decision is deemed to be based on inputs from friends and by the respect that the brand commands from me.
White goods on one side, let us think over apparels. Even the other day I saw a television program where a guy was talking to some big shot of Lee. The guy said that Lee should increase the price of its jeans as that would make him feel more proud to wear the jeans then. Is branding/ brand consciousness dying? I don’t think so.
I am not able to accept this argument. For one, the websites of companies tend to brag a lot about their own products. Also, the huge volume of information available in the websites don’t make sense to a normal consumer in most cases. For example, if I check for a television or a digi-cam in different company websites, I get the info that one brand has ABC technology and another has DEF technology. Neither of the sites is concerned about explaining what ABC or DEF is. In the end my decision is deemed to be based on inputs from friends and by the respect that the brand commands from me.
White goods on one side, let us think over apparels. Even the other day I saw a television program where a guy was talking to some big shot of Lee. The guy said that Lee should increase the price of its jeans as that would make him feel more proud to wear the jeans then. Is branding/ brand consciousness dying? I don’t think so.
posted by Jammy at 4:32 PM
3 Comments:
Agree with u ram.. why if the imp of brand name dying, we need to introduce a new Accouting Standard specifically for that :( [increasing the burden for us to study more ] or why do ppl talk about such a huge amount of Goodwill finding a place in their BS!
@Heidi
A true CA :))
:P
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