A brand can be used to refer to labels of ownership names, terms, design of symbols of a product. These goods can be of different types depending on the way or the system of market strategy the producer is using to market their produce. In the early days, most brands were considered to be a beacon of quality where cheap meant that the product was shoddy. The brand did ‘add value and thus added value became the mantra of branding. Over time, the added value came in different complexity in terms of functions, features, attributes, or emotional association.
Branding in Clothing
An evolution began in branding economics which had the first wave concerning the quality which viewed that in the long run, it is cheap to provide quality than to produce shoddy work. This was viewed in the clothing design for example comparison of two T-shirts one from Marks & Spencer’s costing £9, the other from a fashion brand costing twice as much. The argument here is that there is some “valuable value that builds brands”,
Also, clothes may be made of different types depending on the conditions that one is working on. Such is like the temperature of the area; this brings up the issue of adding value to different brands in the clothing. In this case For example clothes that will be worn in cold areas will not be the same as those worn in hot areas. Those in cold areas will be heavier and stronger than those in hot areas which are relatively light.
This means that since society is very sensitive to the fashion style, they may want to look fashionable in unfavorable environmental conditions, thus they may require clothes that look like those for summer. This means that the textile factories and designers may have to come up with clothes that suit the climate and conditions, that is, the factories have to add some value to the previous brands for example the summer clothes so that they can become of help to the consumers.
Also, value can be added when the producer realizes that the products are not competitive in the field. “So we need to make our goods more appealing to the consumers and make it better ‘value’ for money-any prizes for 2 out of 3? Surely making something better means it costs more?” (Ionker, 99)
Perception happens to be the key common term behind the value, pricing, or even proposition of a commodity. “Why is it that we (well some of us) are more than happy to pay £300 for a pair of shoes, but coil back in horror when we have to pay upwards of £3 for bin bags? Is a question of perceived value?” (Ionker,100)
To come up with higher profits, one has to perceive the concept of adding value along the distribution chain from the producer to the consumers. (Ionke, 101)
Where long-term customer relationships are key drivers’ value perceptions are a little more important and little interest is paid to the pricing or cost of the product. The acid test of a successful brand happens to be how much the customer is prepared to pay for it. That means, if you raise or lower the cost, they will probably not notice as all that matters to them is the good products or rather the valuable products from you the producer. “The adage ‘diversify or die’ is for many a business-critical tool, especially where long-term customers’ relationships are key drivers. And it is within such an ongoing CRM approach that the abilities to activate enhanced pricing, adding value and proposition overhauls come into play,” (Klein,44)
Added Value in Motor Vehicle
Adding value does not only apply to clothing. It can also or does apply to various other areas such as the motor vehicle industry. Just like in clothing adding value to motor vehicles brands may be due to some reasons ranging from the producers market to the consumer way of life, styles, tastes, and preferences. In this one, we look at the second form of revolution which was ‘lean products’. This means that the customer looks at all the products produced by the company. A good example is the Toyota Company where everything they produce is seen as genuine. This comes along with the make and the comfort they have. For example, the Mercedes is seen to be more comfortable and more prestigious than those other types or makes simply because of its manufacturer’s good reputation. (Yusuf S,225)
When it comes to brands of vehicles, two words have to be put in mind. The physical world that everyone can see and the virtue world that the producer or managers can see. The company must put in mind the concept of adding the value of the products in both worlds. The only difference is the process of adding these values in their two different worlds. However, balancing this may pose a challenge to the company or industry.
It requires a clear understanding of the concept and the methods to use to achieve the set goal. Thus, the company or the manufacture has to come up with new brands with advanced technology to keep the customers and also to keep the competitive market at par. “Every business today competes in two world; a physical world of resources that managers can see and touch, and a virtual world made of information. The latter has given rise to the world of electronics commerce, a new locus of value creation.” (Malosso G,115)
Another aspect is the performance of the machine. People would prefer vehicles that have very high performance and we will find the manufacturers adding some value to some already existing vehicles to make them perform well in some specific conditions. An example is the vehicles used in racing. ‘General Motor performance Part’ sells part and even complete engines to enthusiasts who want to restore or modify their GM vehicles. This is adding value to already existing brands by vehicle to improve their performance. (Malosso G,117)
In conclusion, it can be said that added value in brands of both fashion clothing and motor vehicles is an essential factor to the producer and it involves the consumer directly. To remain in the market or rather in business as the manufacturer has to keep checking the value of the product. That is one has to check and keep ensuring the consumers taste and also view the producer’s point of view and what should be done. And thus be able to balance the consumer and producer market.
Work Cited
Ionker, R. (2006) Fashion Doll Clothing; Reverse Publishers. Pp. 99-104.
Klein, N. (2000), No Logo; Hasper Collins Publishers. Pp. 43-44.
Malosso G (1998) The Style Engine; Monacolli. Pp. 115-118.
Yusuf, S. et al (2004) Global Change And East Asian Policy Initiative; World Bank Publication. Pp. 224-226.