Baker (2007) states that as markets have become more competitive and products have only marginal differences in their physical formulation, it becomes critical and very important for the companies to add psychological values through their advertisement and packaging and other aspects of the marketing mix. This indicates that the companies, in order to differentiate their brands and products in the competitive market are spending more than before in order to attract and retain more customers.
Burrow (2008) further supports Baker (2007) in regards to the ever increasing budgets for the advertisement and promotional strategies employed by the companies in order to promote their brand images to differentiate their products and services in the competitive market. He states that one of the top spenders in the industry are Jewellery sector, Chemists, Sport Shops and Luxury Brand fashion products as they consider their success through advertisement and promoting their brand images.
Gilbert (2003) defines the brand personality as being a unique mix of functional attributes and symbolic values. The functional values of the brand are extrinsic tangible product properties such as hardwearing or easy to use function of the product, whereas the symbolic values of the product describe intangible properties such as friendliness or fun sides of the products which are usually achieved through promotion and advertisements in order to make these features popular to the segment market consumers.
Burrow (2008) states when a brand is created and promoted which is strong both in functional attributes and symbolic values, if promoted successful, then these brands become part of the peoples’ life styles. This is to say that the consumers start talking about the brand personality, its image and try to link it to their own personal needs and wants as it integrates into their personal life standards.
Therefore, it can be said that when companies differentiate their brands in order to position their brand in the right market segment, they have to create their brand identity which helps them to be integrated into the life styles of their consumers and makes their brand a successful in the competitive market conditions.
- Baker, MJ & Hart, S, 2007, The Marketing Book, Butterworth-Heinemann
- Burrow, JL, 2008, Marketing, Cengage Learning