How do companies cultivate a brand image such that they can sell lesser products for more money and beat out competitors?
A brand is an image and reputation your product/ service has or is seeking to create. Your brand needs to reflect an image customers find value or are attracted to. Normally low-end products tend to have a low-end brand image. Your goal is to create a higher-end brand image with a product or service that you can provide at a nice margin. You don’t need to bait and switch someone with a high-end brand providing crap. Example: Nike has a quality brand but is able to produce shoes/apparel at a low price. McDonald’s is a great brand but provides very affordable dining.
