Question

(marketing)

Discuss the following statement:

A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another. If the consumer doesn’t pay a premium, make a selection or spread the word, then no brand value exists for that consumer. (Seth Godin; American author)

Answer 1

Answer

According to Seth Godin a brand value exist if customers have no second thoughts for purchasing it and are ready to pay a premium to buy the brand offerings. A brand value only exists if it is valued by the customers and are happy to promote the brand through word of mouth and also refer to their friends and family.

Seth Godin states that a brand involves various elements such as expectations of the prospective customers/target groups, memories that emotionally Influence the buying decision, stories and relationships which are relatable to the personal lives and experience of the people. All these elements are combined together to make a brand successful and stand out of all the other competitors' products/services, to gain the largest market share and customer loyalty.

When customers need a product/service, they will eventually remember a brand that they trust and take action to meet the needs. They don't feel to switch to another brand or think about purchasing from other alternative options.

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