A diva in the automotive industry, Maserati lays claim to some fabulous cars, including the Gran Turismo and Quattro Porte (Maserati). An examination of the Maserati showroom, located in Manhattan, New York, shows dazzling cars and an array of pricey merchandise. Care for a Jacquard Regimental tie? $75. Cotton beach towels run cheap: $82.
With the exception of extra aesthetics, ergonomics and jounce, a Maserati automobile makes little difference to the casual driver. Why would somebody pay an inordinate price for a Maserati car or beach towel? Simply put – it is a Maserati, and Maserati is a brand name.
The Concept of Brand Names in Marketing
Few concepts are as powerful in marketing as “brand names.” The goal of a brand name is to create a brand essence which “creates a relationship with the consumer, making an emotional connection” (BrandWerks). A prominent brand name equals more cash revenue. In 2001, the gargantuan diamond monopoly De Beers announced the end of their century-old cartel and a switch to a “Supplier of Choice” marketing philosophy.