Brand power
22 April 2008 | Steve Bagshaw
This story on the BBC website reveals some of the world’s most powerful brands. The list takes into account a firm’s financial status and consumer sentiment.
Internet search engine Google topped the list, with other companies such as Microsoft, Coca Cola and IBM all keeping it company. The best performing UK firm was Vodafone, closely followed by Tesco and HSBC.
With this in mind, how important is brand power for a buyer? Can it provide any extra leverage?
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Rome was not built in a day. It takes considerable time to establish a brand. Obviously, substantial resources in terms of time, manpower , material and money were put on it.
Final consumers are all aware of this rule of the game. They are prone to accept brand products or service.
By far, the easiest and laziest means of buying is brand name purchase. Should things go wrong, users normally will not blame buyers for buyers normally invited tenders or quotations in line with
users’ indicated brands, though “or equivalents” would be added on the specifications in invitations to tender or quote by buyers in general. In doing so, buyers tend to sustain fairness.
Nevertheless, buyers are well impressed by the fact that brand does not necessarily mean quality in face of cost-reduction to combat competition. After all, it can be treated as a gold means by buyers for brand-addicted consumers will find excuses for themselves in case of unsatisfactory purchases.