What is brand? Why do brands play a particularly important role in high-involvement purchase decisions? (5 marks)

A brand is a distinguishing symbol, mark, logo, name, word, sentence, or a combination of these items that companies use to distinguish their product from others in the market. It is a unique design or image that represents a company, product or service, and it helps to create a recognizable identity in the marketplace. (1 mark)

Brands play a particularly important role in high-involvement purchase decisions for several reasons:

a. Trust and Reliability: Consumers tend to trust well-known brands because they have a history of delivering consistent quality. This trust reduces the perceived risk associated with the purchase, making the decision-making process easier for the consumer. (1 mark)

b. Symbolic Value: Brands often carry symbolic value, meaning that they represent certain values or characteristics that are important to the consumer. For example, a consumer might choose to buy a product from a brand that is known for being environmentally friendly because this aligns with their personal values. (1 mark)

c. Simplifies Decision Making: When faced with a high-involvement purchase decision, consumers often turn to brands they know and trust to simplify the decision-making process. This is because they have previous experience with the brand and know what to expect in terms of quality and performance. (1 mark)

d. Emotional Connection: Brands often create an emotional connection with consumers, which can influence high-involvement purchase decisions. This emotional connection can be built through effective marketing and advertising strategies, and it can lead to brand loyalty and repeat purchases. (1 mark)