What Triggers Us To Buy Brands And Products?
Is price always the deciding factor when we make a buying
decision?
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Brand Loyalty Doesn’t Always Pay
People buy market-leading brands for a variety of reasons
including comfort, peace of mind and safety and status.
However, brand leaders, such as Heinz beans or Coca Cola can
sell their products for a substantial premium over similar generic equivalents.
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Tip – Avoid brand loyalty where possible and only buy
favourite brands when on sale.
Advertisers and supermarkets manipulate us to buy products
which pay for the best positions and even height in the aisles.
Tip – Always check the ‘price per kilo’ (not sticker
price) when buying meat or fish.
Poorer households in the West can spend up to 30% of their disposable
income on food and essentials and as much a half their income in developing countries.
Engel’s Law
The 19th Century German statistician, Ernst
Engel, observed that the percentage of income allocated for food purchases
decreases as a household's income rises, while the percentage spent on other
things (such as education and recreation) increases.
Right now, food inflation is hitting poor and middle-class
families hard.
Tip – Buy fresh produce, and cook, rather than
prepackaged and processed food.
Brand Value
The brand value of tops brands, like Apple, Coca Cola Amazon
and McDonalds are worth around $300.
Legendary investor Warren Buffett buys companies which have
a brand or competitive ‘moat’.
Did you know that up to 85% of Berkshire Hathaway’s stock
holding are in leading brands such as Apple, Bank or America, Coca Cola and
American Express? Warren and his partner Charlie Munger pick winners and stay
investing in them for years.
Tip – Warren Buffett waits for the right time to buy
stocks which are ‘on sale’.
It’s coming…Prepare yourself for the coming downturn in the
economy and stock market and property prices.
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In today's challenging economic landscape, where inflation,
higher interest rates, and downturns prevail, there are always those who not
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I want to help you get control of your money, learn how to
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Wednesday at 8.00PM.
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