Yesterday I saw an interesting newscast on NBC about saving money in this time of national crisis.
The news was comparing Store brands and Brand name products. As we know store brands are “brands which are specific to a retail store or store chain.” The retailer can manufacture goods under its own label, re-brand private label goods, or outsource manufacture of store brand items to multiple third parties – often the same manufacturers that produce brand label goods. Store brand goods are generally cheaper than national brand goods.
“A brand is a collection of images and ideas representing an economic producer; it refers to symbols such as a name, logo, slogan, and design scheme that convey the essence of a company, product or service.” Brand names have become increasingly important components of our culture and they play an important role in our economy.
We are too often so worried about the name on the label of products that we don’t pay attention anymore to the fact that the products we are buying are very expensive. The reporter was explaining that most of the food products coming from store brands have the same taste and are made from the same substances; the only thing that changes is the Marketing and Advertising costs that the company has to sustain. Brand name products are more expensive because companies invest a lot of money in marketing and advertising campaigns and their costs are usually applied in the final price of the product.
It is just a little step but buying store brands instead of brand products can be a good beginning to save some money.
