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Strategic Role of Brands

A strategic brand perspective requires managers to be clear about what role brands play for the company in creating customer value and share-holder value.

FOR BUYERS, BRANDS CAN:

reduce customer search costs by

  identifying products quickly and

  accurately,

reduce the buyer’s perceived risk by

  providing an assurance of quality and

  consistency (which may then be

  transferred to new products),

reduce the social and psychological

  risks associated with owning and using

  the “wrong” product by providing

  psychological rewards for purchasing

  brands that symbolize status and

  prestige.

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