Book Title: Emerging Trends in Commerce and Management
Editor: Dr. Nilesh Anute
ISBN: 978-81-979197-7-0
Chapter: 4
DOI: https://doi.org/10.59646/emc4/255
Authors:
Dr. Satish Angadrao Warpade, Director, Lotus Business School, Pune, Maharashtra, India
Dr. Shripad Joshi, Associate Professor, Global Business School and Research Centre, Dr. D.Y. Patil Vidyapeeth Pimpri, Pune (Deemed to be University), Maharashtra, India.
Learning Objectives
The psychology of branding delves into how consumers perceive and interact with brands, rooted deeply in psychological principles. Understanding these principles is crucial for developing effective branding strategies. Brand perception is a complex interplay of cognitive and emotional factors that shape how consumers view and relate to a brand. Cognitively, consumers process information about a brand’s attributes, benefits, and values, forming beliefs and attitudes that influence their purchase decisions. Emotionally, brands that resonate with consumers’ feelings and values foster a deeper connection, leading to loyalty and trust. This emotional bond is often cultivated through consistent brand messaging, storytelling, and experiences that evoke positive feelings. A strong brand image, maintained through consistent visual and verbal communication, reinforces consumer trust and loyalty. Strategies for creating and sustaining a robust brand image include leveraging psychological insights to understand consumer motivations, preferences, and behaviors. By aligning brand values with consumer values, brands can create a sense of identity and belonging among their audience. Case studies of successful brands, such as Apple, Coca-Cola, and Nike, illustrate how psychological principles are applied in branding. These brands consistently deliver messages and experiences that align with their core values and resonate with their target audience’s aspirations and emotions. Apple’s focus on innovation and simplicity, Coca-Cola’s association with Nike’s empowerment and achievement narratives are prime examples of effective branding through psychological insights.
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