Impact of Selected Socio-Demographic Characteristics on Branded Product Preference in Consumer Markets

Abstract

Abstract A successful brand is one of the most valuable resources a company has. Should the brand become powerful, it is supposed to reflect rational and emotional expectations of consumers, which, however, might change over time. The ability to recognize the consumers changing attitudes towards the brand is thus the prerequisite for effective brand management. The aim of the paper is to identify the correlation between selected socio-demographic characteristics and preferences for branded products by Slovak consumers, using a mathematical and statistical modelling. For this purpose, a comprehensive marketing survey has been carried out involving Slovak consumers of the minimum age of 16. The findings of the survey show a direct correlation, but varying in character and intensity, between the selected socio-demographic characteristics of respondents (gender, age, education, income) and their preferences for branded products; and based on the survey findings, the paper then provides further recommendations for non-adopting current trends in attitudes and preferences towards brands on Slovak consumer markets, that are recognized as significant sales and marketing tools, into the branding processes. However, considering different cultural, social and economic situations of different markets, it is not possible to generalize about the results of the paper as also being relevant for other markets. A successful brand in the domestic market is not a prerequisite of success in global markets.