“To be a meaningful brand, Make meaningful impact. It is inescapable”
Consumer Purchase Decisions
This is a complex topic,combines elements of consumer psychology with the tenets of marketing.so how does branding impact consumer purchase decisions?
Just think , there are two or more products with similar features and performance, (ex: Bottled water), One is a own brand and the other is not. Which one would you choose?.Brands with stories.When you see their logo you instantly recognize the brand and remember other products of that brand that you used before (it’s the Halo-effect!). this is the element of trust between you and the brand.
Every one has a certain image about himself or herself in their mind.so simply ,When they purchase something, they would like those items to conform to their self-concept.then important to know that Brands need to first understand their target segment and then try to develop a personality that is similar to the self-concept shared by their target consumers.
Emotional connection with a brand that people develop a strong relationship.This sense of anxiety will keep them with the brand even if better options are available.of course ,it is a complex combination of trust and emotional aspects.
So Brands have an aspirational element about them,Prestigious and established.reflected in their price.