Just thought of this as an important pointer to practicing and/or studying Brand Management. Certain brand management definitions suggest that branding, when successful, is the key to enable the business to charge premium rates for its offerings. Several of us have seasoned to grow with this belief.
I think it is too harsh and impractical to state or even believe that. Branding in my opinion, enables emotional connect with the organization’s customers. For a fact, a brand may have strong ties with its customers on account of a low price strategy. If the prices were to be increased, the brands association, loyalty and value would meet a serious impact.
A Brand has social obligations towards its customers and thus must align its consumer’s interests with all business and branding initiatives. Therefore, premium rates are justified only when they are inevitable: particularly for sustaining the brand image and maintaining the attraction of the target market.
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