BRAND - THE MOST INFLUENTIAL CHOICE OF LIFE
Brand – The most influential choice of life
The brand Apple is No.1 leaving behind Microsoft, Google, and Amazon to No.2, No.3 and No.4 positions respectively as per Forbes Global Best Brand 2024 annual study and research.
A brand is a name given to a product and/or service such that it takes on an identity by itself. A brand is a distinguishing symbol, mark, logo, name, word, sentence, or a combination of these items that companies use to distinguish their product from others. Brands are used in business, marketing, and advertising.
The standard of living of an individual is determined by the brands that are in use in his/her day-to-day life. Since childhood a person is introduced to various brands for example, Colgate for toothbrushes and toothpaste, the brand of toilet soap, talcum powder, and the perfume he/she uses in his/her morning chorus during his/her growing up years. The brand of tea/coffee, the hot beverages he/she uses on his/her breakfast table along with oats, bread, and nutritious protein drink which he/she drinks with milk and also the brand of corn flakes may be Kellogs, he/she mixes with the hot milk for consumption everything inkling towards brand preference.
When an adult he /she makes his/her own choice of clothes, perfumes, and accessories brand. The brand of his/her car becomes his/her status symbol. What to say about his/her choice of brand of shoes and sandals even talk about his/her taste and flair.
The jewelry and watches and not to say least the builder of your “home sweet home” all are branded and your choice of the same is as per your favorite brands.
Life is full of rich choices that evaluate one’s personality in social circles. Although the availability of major and famous brands galore makes his/her choice a bit difficult, finally he/she makes up his/her mind to prove his/her royal blue blood. The rich inheritance or monetary status mostly determines the status symbol of brands used by a person. However, it is not entirely that money alone determines a person’s favorite brands. His/her social circle may mostly influence his/her selection of brands and encourage him/her to compete with neighbors and friends from his/her own social strata.
A brand name may manipulate a buyer’s perception of the product. Brand names are often useful in establishing an overall product concept. Occasionally, a brand name becomes a generic name for that product. Some of the brands have become synonymous with the products. In the early 1970s brand names like Surf and Dalda used to be synonymous with detergents and vegetable oil. Likewise, Colgate and Maggi are synonymous with toothpaste and noodles. Customers here seem to buy the total symbolic meaning or the “image” that the brand conveys.
Facebook page of Maggi
It is interesting to examine a recent example of brand loyalty in India. Nestle has been asked to recall packets of Maggi from across the country after the Food and Drug Administration (FDA) found dangerous levels of lead in the instant noodles. Even the MSG content was beyond the permissible limit. While this should have been good news for rival brands in the market like Horlicks and Sunfeast, which also sell instant noodles, in all probability could hit their business. The reason cited for this was that Maggi has become synonymous with instant noodles in India. So more often than not you are bound to hear, “Let’s make Maggi” rather than “Let’s make noodles”.
In a country like India where literacy is low, the brands play a vital role in selling a product. A brand name with a single word that is easy to remember is often preferred by a customer. A customer who is used to a particular brand continues to buy it and exhibit brand loyalty. Unless and until through advertisement or mouth to mouth to publicity he/she gets introduced to another brand it is unlikely that a person will switch to another brand. The advertising of a brand is vital in a highly competitive market where MNCs tries to penetrate the brand-width and capture the established brand markets.
The major international brands :
Forbes started global brand valuation in 2010. Forbes is an American business magazine. It is published bi-weekly and features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, and law.
I would like to give below top 20 global brands according to Forbes Research and Study :
Interbrand, UK office
Interbrand, a division of Omnicom, is a brand consultancy, specializing in areas such as brand strategy, brand analytics, brand valuation, corporate design, digital brand management, packaging design, and naming. Its headquarters is in the United States of America. Interbrand was founded by John Murphy in 1974.
Interbrand publishes its rating of brands prevailing in different countries like India, Japan, Korea, etc.
The top 10 most trusted Indian Brands in 2015 rated by the World’s leading Brand Consultancy firm INTERBRAND is as follows:
TOP 10 (TEN) BRANDS IN INDIA:
The top 10 Global brands rated by Interbrand :
The brand of sports shoes, sports goods and energy drinks are also available in the market for you to make your special choice.
The brand ambassadors carefully chosen by a firm to go in line with their organizational culture is the order of the day for many marketers. The celebrities are the most preferred brand ambassadors.
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