THE POWER OF THE BRAND
How important is the brand name of a product in buying decisions by consumers? Do we buy chocolate because of its taste or because of its name?
As a part of their market research investigation project, the students of 1st Bach Business and some of their teachers put this question to the test on Wednesday, by taking part in an experiment to determine whether they could distinguish the taste of three brands of chocolate, and whether they did actually prefer the brand they expected they would.
The results were interesting… it seems that the students were much more able to distinguish the brands than were their teachers. What conclusions can we draw from that?
