Impact of Brand Personality on Consumer Decision Making Essay

Impact of Brand Personality on Consumer Decision Making - Essay Example This research will begin with the statement that in equating the impact of a brand’s personality on the consumer decision-making process, Hofmeyr and Rice in a book titled â€Å"Commitment-Led Marketing: The Key to Brand Profits Is in the Customer's Mind† aptly sums up the purpose of this study. They advise us that commitment is what brands seek to establish with consumers as it represents what they feel about a company, as opposed to loyalty, which they describe as what consumers do. In order to gain a level of commitment from consumers, a brand must establish some sort of relationship as well as an image that transmits and provides them with a reason or reasons to act upon that foundation. In delving into this study, certain keywords as represented by its purpose, are integral to understanding the foregoing. A brand, according to the Concise Dictionary of Business Management is â€Å"A mark, name, logo or trademark that identifies a product or services or organizatio n and distinguishes it from its competitors. It is studied, brand personality encompasses branding, which the Concise Dictionary of Business Management defines as â€Å"The use of a brand to describe a product service or organization†. In considering the term brand personality one needs to understand that it meansâ€Å". the quality or condition of being a person †¦ the totality of qualities and traits †¦ that are peculiar to a specific person †¦ the pattern of collective character, behavioral, temperamental, emotional and mental traits †¦Ã¢â‚¬  In equating the preceding application to brand personality, substituting brand for the person provides the context. Aaker tells us that â€Å"The brand personality provides depth, feelings and liking to the relationship†. He adds that â€Å"Of course, a brand-customer relationship can also be based on a functional benefit, just as two people can have a strictly business relationship†. The preceding brief exploration has sought to acquaint you with the foundational precepts in this exploration that includes the third facet, consumer decision making. This last area represents the core question and focus of marketing professionals for over 70 years, with its roots tracing back approximately 300 years as led by economist Nicholas Bernoulli. Bernoulli’s groundbreaking work paved the way for von Neumann and Morgenstern who extended his work into what is called the Utility Theory. Their hypothesis, von Neumann, and Morgenstern are based upon the theory â€Å"†¦that individuals evaluate uncertain prospects according to their expected level of satisfaction or utility. The preceding represents one of a number of consumer decision making theories and or models, which for the purposes of time, only a few shall be covered in this examination. The highly competitive world of business, where most products and or services share common and or similar characteristics, brand distinc tions represent an important advantage that companies seek to establish. This study will seek to explain and examine the relationships between these areas and explain the nuances as well as linkages that make brand personality an important part of the consumer decision-making process.