Price different depend on brand Research Paper Example | Topics and Well Written Essays - 2000 words

Price different forecast on dirt - Research Paper idealA brand refers to a name, sign, symbol, term, or design, or a combination of them, which identifies and differentiates mathematical products of one firm from those of others (Breward, 2003). stigmatization refers to the marketing practice involving creation of names, symbols and designs that site and differentiate an organization and its products from others. Price differences in the manner manufacturing depend on the value captureed to brands by consumers. This paper aims at studying the impact that brands swallow on prices in the fashion industry. Prices of various fashion products in the industry practically tend to depend on the type of brands themselves. Valuable brand often have the highest prices while less worthful brands often cost cheap. This essay therefore aims at studying the impact of branding in the fashion industry on prices of commodities and services in fashion. Research question how do brands contri bute to the differences in prices of products in the fashion industry? Industry overview The fashion industry is one of the largest industries in the global economy. The industry nighly depends on the availability of disposable incomes among individuals, since most fashion items are considered luxuries. Fashion is part of the popular culture and the in vogue(p) and best fashion trends are often portrayed in movies and film, music, fashion show and concerts as hygienic as in advertisements in the media. The latest fashion trends and designs are often promoted by respected celebrities and in the public eye(predicate) figures, who often influence peoples buying decisions in the fashion industry. Some of the popular fashion brands in the US and across the world include Louis Vuitton, H&M, Dolce and Gabana, Kelvin Klein, Christian Dior, Levi Strauss, and Richemont among others. The impact of brands on product prices Branding is very important in the fashion industry since people like to be associated with valuable brands. Fashion brands give consumers certain social classes and they would want to be seen wearing clothes and other accessories with noteworthy and valuable brands. Prices of brands in the fashion industry will therefore vary according to the value that consumers attach to the particular brand. Most fashion companies therefore endeavor to push their brands to the level that they fag attract more consumers who can be loyal to them (Breward, 2003). Demand for most fashion products is different from that of other goods and services because for most fashion products, an increase in price does not lead to a decrease in demand, as it is the case with products in other industries. With a loyal base of consumers, the companies can always manipulate the prices and shut away manage to attract more consumers(Steele, 2000). ABranding process involving research, defining and establishing brands that consumers can relate, associate and identify with. Brand i ndividuality is a very important element of branding and marketing in general. It refers to the ability of target consumers to identify with and relate with a particular brand. Brand identity has to do with the ability of a particular brand to get noticed among the targeted consumers. This therefore includes the packaging process and publicity accorded to the brand through advertising, CSR and sponsorship (Steele, 2000). Fashion brands can increase their brand identity through advertising, engaging with the community through CSR activities, sponsoring various events and having a not bad(p) presence