Nowadays, brands dictate the lifestyle and behavior of consumers, influence their culture and scale of values, and form certain groups of target audiences according to numerous uniting features. According to Durgee et al. (1996), understanding consumer values and building a product based on this is an essential factor in a brand’s success. Tanrikulu (2021) highlights such brand values as functional, social, emotional, epistemic, and conditional. Moreover, environmental protection, fair business conduct, fair prices, ethical standards, and social responsibility also belong to this category of concept and significantly impact consumers. According to Adams and Sweeney (2018), more than half of consumers (65%) make purchasing decisions based on brand values. Consumers are also attracted to brands that strive to use good quality materials (76%), treat employees well (65%), and reduce plastic use and improve the environment (62%). Brand ethical values influence 62% of consumers’ purchase consideration. Thus, there is a wide range of brand values based on which consumer loyalty to the products of a particular brand is formed.
As for me, BMW is my favorite brand of car. The features of the cars of this brand are high reliability, stylish design, beautiful soft interior, comfortable handling, a large number of built-in functions, high technical characteristics, and image. In turn, the values of this brand are of particular importance to me. According to “BMW (Bayerische Motoren Werke AG) mission and vision statement analysis” (no date), the company engages in sponsorship activities to contribute to people’s well-being. Its role in the development of sport around the world is only part of BMW’s diverse influence. By improving communities, BMW also ensures that its manufacturing activities and products remain resource-efficient to protect the environment. BMW places emphasis on sustainability and ethical standards in the extraction of raw materials. Borgmann (2021) claims that the German auto company intends to reduce carbon dioxide emissions in its production by 80% and in the supply chain by 20% by 2030. Therefore, my commitment to this brand is determined by the similarity of my values to those of the company. It is based on convenience of functionality and stylish design of the brand, as well as its contribution to enhancement of social welfare and improving the environment.
Reference List
Adams, P. and Sweeney, E. (2018) 63% of consumers prefer to purchase from purpose-driven brands, study finds.
BMW (Bayerische Motoren Werke AG) mission and vision statement analysis (no date).
Borgmann, M.-M. (2021) Over 200 million tonnes: BMW Group sets ambitious goal to reduce CO2 emissions by 2030.
Durgee, J.F., O’Connor, G.C., and Veryzer, R.W. (1996) ‘Translating values into product wants,’ Journal of Advertising Research, 36(6), pp. 90-100.
Tanrikulu, C. (2021) ‘Theory of consumption values in consumer behaviour research: A review and future research agenda,’ International Journal of Consumer Studies, 0(0), pp. 1– 22. doi: 10.1111/ijcs.12687.