Every society cherishes certain values, and people learn to conform to these values. Values do influence the buying behaviour. Values are a lasting belief that a particular type of behaviour is worth striving for, e.g. being brave or honest or state of existence such as security and happiness. Brand development becomes easier once the values which drives a consumer to brand selection are identified.
Jagdish Sheth and others have put forward a model of how the values affect brand choice (1991). According to this model, the consumer’s brand chioce is affected by five consumption values.We shall examine these values here in brief.
Functional value It is perceived utility from the functional capability of a brand. We are aware of the racing capability of Ferrari sports car.
Social value Perceived utility through the brand’s association with a social group. Green label liquor is for achievers. In advertising, an engineer is portrayed who lays the railway track through a mountainous terrain by chiselling tunnel.
Emotional value It is perceived utility from brand’s ability to invoke particular feelings. A gift of diamond ring is an expression of love.
Epistemic value It is perceived utility from a new brand mainly to experience novelty and satisfy curiosity. Apple Watch falls into this category.
Conditional value It is perceived utility from a brand in a specific situation. Eating a pop-corn at home is to satisfy hunger (functional utility) but having pop-corn at a multiplex theatre is regarded as a treat. It has high conditional value in this situation.
The consumptional values are to be seen in a context. A boy on a date visits a restaurant and orders meals mainly to maximise social, emotional and conditional values. However, as a married adult later in life he consumes meals to meet functional values. A brand manger must understand the contextual reference to give the brand an apt set of values.
As there are many competing brands in the market, it becomes difficult for a consumer to assess these brands in terms of the values they reflect. An easier alternative is to personify the brands. Once the personification is attempted, it becomes easier to compare competing brands in terms of the values they portray. A consumer has to imagine what type of a person the brand would be if it were to come to life. Two credit card brands may have similar features, but still the consumer may perceive differences in their personalities. A particular brand could be a typical middle-class brand, and easy to get along with. Another brand could be an elite and sophisticated brand.
Brand personality grows out of so many factors. The product itself affects brand personality. A detergent with a lot of soda ash could be considered mediocre while one with a less of soda ash as superior. A soft drink with more fizz could be considered mach. Charminar with strong tobacco is a more masculine brand. Brand personality also emerges from advertising and celebrity endorsement. Brand personality is also affected by the type of events sponsored by the brand owners.Brand managers must manage consumer’s interactions with the brand in such a way that the brand develops a holistic personality.