Relationship Between Concept Recognition of a Product/Service Brand and Willingness to Pay

抄録

Consumers who value superficial performance and design are more likely to change their minds when a brand with higher performance or a more fashionable design emerges. On the other hand, loyal consumers understand, sympathize with, and value brand concept. Therefore, their repurchase rate is high and they are willing to pay a higher amount than for similar products from other companies. However, in marketing practice and research, there is little awareness of evaluating whether or not the brand concept is being communicated to consumers. Therefore, in this study, the relationship between concept recognition and willingness to pay was clarified. Consequently, the study confirmed that there is a significant difference in the willingness to pay in consumers who recognize the brand concept. This result provides a suggestion to reaffirm the significance of the concept so as not to waste excellent means and technologies.