Why does Brands matter?

Whenever we go to market, we find ourselves surrounded with various brands. Even if we are thinking to make decision on buying something, we immediately get multiple brands in our minds, belonging to that particular product category. For instance, in an attempt to make decision regarding buying a smartphone, various brands like IPhone, Samsung, BlackBerry, Nokia, HTC etc would strike us. Why does it happen? Why don't we go for any product we find in the category? This happens because companies have differentiated their products by creating brands out of those. They have modified simple products into brands by offering distinct benefits and signing specific name, logo, symbols etc.

American Marketing Association defines brand as "Name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers.". Therefore its not just name or logo of a brand that creates strong association in our minds, it more than that. It includes all those benefits and features that are important to consumers and not provided by competitors. For instance, Apple being the top most brands among many other successful one garbed this place because of its innovative experience it provides to its consumers which depends on the use of innovative technology, distinctive and user friendly features and more convenient and satisfying applications.

Through brands, companies create an overall experience for its consumers. An experience that leaves longer results and help building greater number of associations with brand. These associations can be function related or design related, price related or any other benefit related. If consumer experience has been successful, then more favorable  stronger and unique association would be formed that would link the brand into consumer's mind and help forming favorable attitudes and behaviors in the end. Bisially this is the association based mechanism that helps bringing brands on the top of the mind in any purchase decision. This is the reason that brand matters not only to companies but to consumers as well.


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