As with everything else, brand is a word that many people see differently.
According to the American Marketing Association, brand is defined as “name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.
But in my opinion, brand can be defined as a status symbol for those who want to fit within a community of people – a simple cry for “I want to fit in”.
Here is a perfect example of my definition of brand:
Louis Vuitton Neverfull GM
Exactly how much the above cost? A hefty price of $870.
Why do we need a bag that costs us $870? The answer is quite simple – for security and comfort and most importantly, status. These “necessities” women are buying is simply a wish to belong in a brand community. This is called a want to belong. I must admit, I personally also wish to want this bag for myself.
Think about this: in exchange for one LV Neverfull GM bag, how much of the usual necessities can you get? Think about WHY you want it in the first place. It’ll be interesting to watch and evaluate your need versus your want.