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Brand stands for trust. Trust is built through value. Value comprises of quality, cost and benefits. Higher the benefits, greater the acceptance and brand value. Brand enhancement means increasing popularity of product for higher volumes of sales. Where brand is built through quality, price is increased on merit or can be reduced due to larger volumes of sales. This depends on the company selling the product.
Common method for brand enhancement is endorsement by celebrity rather than value addition through better quality. Through endorsements by celebrities, the brands thrive and prosper as average persons envying celebrity status have mindset that by using the endorsed product, they get to have something in common with the celebrity. So they pay for the feeling or illusion of being linked with celebrity through product!
Endorsement becomes a powerful tool for putting the product on pedestal hence the price hike follows! So the consumer pays through the nose to buy the product and flaunts the brand with a sense of being in an elite club. This is an utterly illogical and insane mindset.
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