You want to start out by first defining the word “Brand.”
According to the American Marketing Association (AMA), a brand is a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.
According to Laura Lake of About.com (source: http://marketing.about.com/cs/brandmktg/a/whatisbranding.htm) “Your brand resides within the hearts and minds of customers, clients, and prospects. It is the sum total of their experiences and perceptions, some of which you can influence, and some that you cannot.” This statement leads to my position on the issue: that customers do have a relationship with brands, and that relationship can also sometimes be affected by certain external factors (e.g. lack of affordability). In such case, marketers have to stay ahead of the competition by also reducing their prices in addition to other values that the brand is know for.
A prime example of this is the current financial hardship that most Americans are currently facing due to the current economic downturn. As a result, many opt for buying store brand items, instead of the brands they used to buy. For example, customers will buy Great Value spaghetti sauce at Wal-Mart rather than Prego simply before they can no longer afford Prego.
2) In order to answer these questions and complete these tasks, you are required to select a movie studio and ONE brand from the remaining two product categories shown below and explore the idea that consumers have relationships with the products, paying particular attention to the implications of whether or not having a relationship might have for... [continues]
Cite This Essay
(2011, 03). Do Customers Have Relationships with Brands?. StudyMode.com. Retrieved 03, 2011, from http://www.studymode.com/essays/Do-Customers-Have-Relationships-With-Brands-608368.html
"Do Customers Have Relationships with Brands?" StudyMode.com. 03 2011. 03 2011 <http://www.studymode.com/essays/Do-Customers-Have-Relationships-With-Brands-608368.html>.
"Do Customers Have Relationships with Brands?." StudyMode.com. 03, 2011. Accessed 03, 2011. http://www.studymode.com/essays/Do-Customers-Have-Relationships-With-Brands-608368.html.