Social Value of Brands Essay
Social Value of Brand is defined for users as the extent to which people share information about a brand as part of their everyday social lives according to Michael Bartl and for companies, it is the share of brand’s equity which result from social interaction among brand users. It occurs when there is interface between consumers and the brand. Nowadays, consumers are more interconnected with value of the brand they consumed and see different aspects with it. For example, when consumers think about Burger King, some of them will think of it as one of the delicious and comfort food for people, but on the other hand, other consumers may think of the brand as a crippling part of health and a cause of obesity. It is not true …show more content…
Brand was established in the 19th century as a form of consumer protection in the industrial age which led to the global prosperity and higher living standards in the continents of North America and Europe. It is no coincidence that these continents still are one of the world’s richest countries. These countries are at the highest standard in terms of health care and education as well as having more opportunities as opposed to other continents around the globe. Brand is an effective tool in having a more progressive society because it gives consumers their own interpretation and personal knowledge and biases of the different producers in the market. Instead of selling a product in a small pool of local customers, with the help of branding, a business could expand in a global scale because of customer loyalty and customer recognition. Without brands, there is no customer loyalty, no reliable earnings, less investment and less employment which will lead to less wealth created. In line with this, the government will have less receipts to tax which would lead to a low government fund that can affect the entire country as a whole.
III. Brands and Socially Beneficial Innovation
Socially Beneficial Innovation refers to how