“Brand” as a concept is misunderstood, underappreciated, and very often underutilized.
In business your brand is everything, it's your mission statement, it's what represents you. You walk into a Gucci store and you feel as though you are buying the most quality clothing money can buy. You walk into Walmart and buy clothes because they are affordable. Brand is the message you want to represent to your consumer.
In this example, you could pay $40 for a Nike shirt or $590 for a Gucci shirt. Both shirts are extremely low cost to make but are valued at an enormous gain for the company. Gucci probably spent less than $2 to make their shirt but are able to price it so high because they have a luxury brand image, people are expecting to pay more not because it's expensive to produce but because people perceive it as high quality and want others to see that they can afford to wear Gucci.
This is the reason someone will buy themselves a $20 Nike white tee when they could buy a $5 Hanes white tee. They want others to know they can afford the brand. Certain brands make people feel different, regardless of their cost to produce. A brand is everything and certainly a businesses main asset.
What does your brand say about you? 😎Follow @investorknowledge