If cost is not a contributor in people’s decision whether to buy a product or not, then what are the factors that affect them as consumers? With that said, it is well known that in these days, people are more likely to buy brand named products over generic or products with no names. Although these marked products are much more costly, consumers tend to ignore the cost and rather concentrate on the value of its name. As a result, the popularity of brand named goods are increasing while the popularity of others are decreasing.
Additionally, many assume that high price equals high quality, resulting in the continuation of purchasing brand named goods. According to the Nielsen’s Global New Product Innovation Survey, respondents preferred to buy new products from familiar brands than those that weren’t. Moreover, Rob Wengel, Managing Director of Nielsen Innovation, once stated that brand names not only “signify quality,” but also “inspire confidence” in that it assures consumers that the product will “live up to expectations.” Therefore, the consumers are “willing to pay more for brands they trust.”
The idea of social acceptance can also be a psychological factor that helps explain why people purchase brand name products over generic products. Because of environmental pressures that arise from group actions, people can be stimulated to buy brand named products. Moreover, another identified cause was that people preferred to express themselves and design their personal image with visual brand names. Depending on individuals, some preferred to exhibit their wealth or trendiness by wearing well known products. This leads to another further question: does the price of named goods truly equal its worth?
While people would have varying opinions to this question, many times, the products are indeed overpriced. Disregarding the fact that popular companies use better materials in manufacturing, no name brands can have no difference in outcome. It is possible that there might be no difference in quality of materials, but still some my perceive it as so. In fact, even though the named brands are popular among society, name value doesn’t always ensure the quality or expected results that people are searching for.
In summation, it can be said that people can get the same quality goods by buying generic products instead of spending more on products simply because they are of a brand name. Whichever direction people choose to go, the perceptiveness and pricing of brand names will always be a factor in consumer behavior.
Seunghyeon Shim, Grade 11
West Ranch High School