Benefits Offered By A Brand
The benefits offered by a brand form the final and the most important of the four components of positioning. A consumer expects certain benefits from each product and for reaping those benefits he pays a price which incidentally is the cost of the product offered by he brand..
When a consumer is going in for a purchase he has only those benefits in his mind which he feels he wants to reap and is on a look out for a brand which can provide the desired benefits.
It is very important for a brand to know which are the ideal benefits a consumer is seeking and make sure that they are able to provide those to the customer which in turn would grant them an immediate position in the mind of the customer and would put them on the priority list of the customer amongst all others because the consumer would be able to identify with it the most as the brand is giving them what they expect from it.
Today when a consumer goes to purchase an AC he is aware of the various benefits being offered by the brand thanks to aggressive advertising, exhibitions, trade fairs, web-sites, magazines, catalogues, friends, relatives etc.
There were times during mid-nineties when all an AC was expected to do was cool the room. Now people treat it as a status symbol and want it to improve the aesthetics of the room, be easy to operate and improve and maintain health by providing cool, pure and healthy air.
Thus a consumer is willing to purchase only that AC which is providing these benefits and at a reasonable price which again has been a major factor in a developing economy like India. Brands like LG, Hitachi and Samsung have been able to provide all the perceived benefits and that is the reason that they have been able to dethrone American MNC giant Carrier Aircon and other Indian brands such as Voltas, Godrej, etc.
It is not only important to make an AC which can provide the required benefits but is equally important to position it in the right manner so as to reach the desired consumer. LG has been most successful in this aspect by positioning its health concept to perfection and is now reaping the benefits by becoming the market leader in the ever-growing room AC market.