What’s in a brand name?

There are people out there who believe that branded goods are the way of life. The possession of a branded good provides one with sense of confidence signifies prestige and is a sign that they have made it in life. One might argue otherwise explaining that branded goods are purchased because of their quality and not the association that comes with it. How true is this then?

A study done comparing Coca cola and Pepsi proves different. An fMRI was done to monitor the brain activity of subjects who sampled both Coca Cola and Pepsi. When a blind taste test was done, where the brand of the cola was not revealed, participants showed a 50/50 preference for both Colas. However, when the brand of the Cola was revealed in advance to the participants, Coca Cola was preferred 75% to 25%.

This study reflects the power of brand imagery. Through the creation of strong marketing and advertising campaigns, people start to develop a schema (a set of associations linked to a concept) surrounding a product/service. A schema that surrounds branded goods and services usually includes quality, care, prestige, pride, status and wealth. This explains the hype surrounding branded goods and the admiration that follows it.

It is therefore important not to be influenced by the imagery surrounding branded goods. There are many other products and services out there that are of better quality and are less expensive which may be overshadowed by bigger brands. Researching into the right brand for you is thus important before making a decision. More often than not you will definitely be able to find a product or services that are excellent yet affordable.

Reference:

Goldsmith,S. Coke Vs Pepsi: The taste test they don’t want you to know about. Retrieved from: http://www.60secondmarketer.com/60SecondArticles/Branding/cokevs.pepsitast.html