IMPACT OF BRAND IMAGE IN PURCHASING DECISIONS: A PERSPECTIVE

Abstract

There is a deep relationship between a brand image and its impact on the firm's customer base. The name and fame of a brand always attracts more and more customers/ consumers as it fulfills a kind of promise between consumer and a firm. A brand always tries to establish a kind of appealing image in the market through its quality products, trust and advertisements that attracts customers and finally makes its brand image in the market. But a good brand image is one that strives more to meet customers' expectations by providing them not only best quality products but also value to their money thereby building a kind of loyal and trustworthy bond with their customers. In the age of social media and online marketing platforms, customers are more educated than in the past and evaluate branded and unbranded product in terms of quality and value to their price. In fact, in the changing scenario companies primarily focus on the brand equity that refers to a premium value that a company generates from its products with a recognizable name as compared to other equivalents. A brand is a name, sign, term, logo and symbol or combination of all such traits that are intended to identify goods and services of a seller or group of sellers and differentiate them from other market competitors. A brand enhances the value of a product beyond its functional purpose and helps to take the competitive advantage on rivals and also stops the new entrants in the market. Many branded firms not only focus on profits but also perform their responsibilities towards the society for their welfare. Such acts in turn add more trust and value to the brand and its image among customers. Therefore, a brand equity and image is vital for a firm as both influence and impact customers while they decide to purchase the branded products of a firm. This paper sets out to define brand equity, brand image and brand awareness among customers. It also discusses the role of brand awareness among customers which in turn help them to take wise decisions in their purchase.