THE BRAND INFLUENCE ON CONSUMER’S BEHAVIOR IN THE ONDITIONS OF COVID-19

Abstract

The purpose of the article is a topical issue that requires an analysis of the impact of Covid-19 on consumer’s opportunities, as well as determining the influence of a brand on the buyer’s final decision to make a purchase. The role of marketing research in the process of studying consumer’s behavior is revealed and defined that rising prices and counterfeits, as well as reducing the quality of products have an impact not only on the health of consumers, but will have negative consequences for manufacturers by decreasing consumers’ loyalty. In such circumstances, companies need to implement effective marketing measures aimed at social responsibility. A brand is described as a factor that is chosen when making a purchase and the one that can have different strengths depending on the place of purchase (online or offline). The researches results of known companies on the chosen subject are analyzed and the generalized conclusions concerning consumer’s behavior are made. The brand functions that influence consumer’s behavior are structured and it is established that they contribute to the identification of the product, reduce the time for purchase, guarantee compliance with quality parameters, personalize the purchase, form a sense of confidence and stability. The results of our own research on the willingness to bear additional expenses by consumers at the time of purchase of well-known brands and its emotional component are presented. It is established that the positive experience of one consumer can influence the decisions of others to buy. Buyers believe that an influential brand provides a more successful launch of a new product on the market, because consumers are more willing to try a new product presented by a well-known brand. It is noted that the brand as well as society is changing and focusing on innovation. At the same time, consumer’s behavior is modified as well as the activities of companies that should aim to build consumer-brand relationships. Recommendations for maintaining the competitive position of the brand and methods of influencing consumer’s choice at the time of the decision to purchase a product or service are made.