Reasons for Brand Success

Emotional Connection

• Essential to connect emotionally
• Nike study: Sales increased by 14% with fragrance
• 95% of human decisions are based on emotions
• Example of Maggi: Emotional marketing and nostalgia

Brand Differentiation

• Rational and emotional needs
• Improving the product
• Example of the French and German music test

Strategies of Luxury Brands

Scarcity

• Sense of product shortage
• Example of Hermes and Rolls Royce

Storytelling and Legacy

• The beginning of the Birkin bag
• Importance of culture and tradition

Strategies of Mass Premium Brands

Product Innovation

• Example of Apple: Design and user experience
• Example of Apple's mouse

Customer Delight

• Perceived value enhancement

Marketing Strategies

Loss Leader Strategy

• Reducing the price of a particular product to attract customers
• Example of McDonald's

Importance of Brand Name

• Impact and attention to the name
• Example of Haldiram

Other Important Points

• Psychology of colors: Use of red
• Selection of advertising medium: Comparison of TV and outdoor

Examples of Failures

Tata Nano

• Wrong positioning of a cheap car

New Coke

• Lack of emotional connection

Education and Marketing

• Difference between practical and teaching
• Importance of learning on the street

Conclusion

• Continuous progress is necessary
• Need for improvement in the education system