Brands are omnipresent in our lives, from our kitchen shelves and closets to the gadgets held in our hands and what's sitting in our garages. Consciously, and even at a subconscious level, we tend to imbue the brands we use with certain qualities, such as trustworthiness, product quality or simply an aura of exclusivity that puts us in an elite club. Branding plays a key role in shaping our perceptions and how we navigate our modern lifestyles.
However, what we perceive may not be the actual truth or the whole truth. We often tend to equate high prices with high quality even if that is not really the case. The price in such cases is often for prestige-related brand associations rather than just product quality. For instance, recently television journalist Palki Sharma highlighted how Dior bags sell at $2,800 while costing only $57 to make. As a prestigious fashion label, Dior commands a premium in the market that is based on the perceived value of ownership. Perceptions play a significant role in many markets.
That is true even for some commodities that have a certain image among consumers and therefore have brand-like characteristics. An interesting example is that of palm oil, which has a massy rather than classy appeal, ironically because of its affordable pricing.
This story is from the December 19, 2024 edition of Mint Ahmedabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 19, 2024 edition of Mint Ahmedabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
At long last, the UK is shooting for the moon on clean energy
An ambitious plan revives hope but it will be a race against time
Rupee's managed float: Should RBI shift gear?
To Mint Street's credit, India resolved a macro trilemma in its own special way. Recalibrate it for a more market-priced rupee if the expected trade gains outweigh price-stability risks
Can we use today's geopolitical chaos to uplift India's economy?
Successful economies have geopolitics to thank but India may be letting its opportunity slip away
What market taught investors in 2024
One of the top sectoral performers of the year 2024 has been pharma, which has maintained its post-covid momentum
FREELANCERS CAN AVOID HIDDEN FEES, MAXIMIZE EARNING
Being aware of payout options and financial solutions helps freelancers with smarter choices
What you must know about rental agreements, registration process
According to the Registration Act, 1908, a rental agreement for less than 12 months need not be registered
ISRO to study crop growth in space
Demonstration of seed germination in outer space, a robotic arm to catch tethered debris there, and testing of green propulsion systems are some of the experiments planned on the POEM-4—the fourth stage of Indian Space Research Organisation's (ISRO) PSLV rocket that remains in orbit after launching a satellite.
China says US is 'playing with fire' after latest aid for Taiwan
The Chinese government protested on Sunday the latest American announcements of military sales and assistance to Taiwan, warning the United States that it is \"playing with fire\".
Akasa to add more planes this fiscal
Akasa Air is in continuous discussions with Boeing on aircraft deliveries and expects to add a few more planes to its fleet in the current fiscal ending March 2025, the airline's chief Vinay Dube has said.
IOC probes bribery allegation of US cos
State-owned Indian Oil Corporation (IOC) has begun a probe into allegations of a US speciality chemicals firm bribing its officials 15 years ago to obtain contracts to supply catalysts, according to a company's regulatory filing.