SOCIO-ECONOMIC DETERMINANTS OF BRAND DEVELOPMENT IN MODERN MARKETING

Abstract

This article examines the socio-economic factors underlying the emergence and evolution of brands in the modern economy. It analyses the key factors that have contributed to the transformation of a product into a brand as a multifaceted socio-economic phenomenon. In particular, it examines the influence of the development of the marketing environment, digital technologies, the growth of mass production, changes in consumer behaviour and the functioning of the information society on the formation of branding strategies. It is established and substantiated that a brand is not merely a marketing tool, but also a significant factor in economic stability, social identification and the competitiveness of companies. It is argued that in the modern economy, a brand fulfils a significantly broader function than merely a means of marketing identification. It is an important element of social capital, serving as a source of trust, fostering the development of lasting loyalty to a product or service, and creating an emotional connection between the consumer and the company. The phenomenon of the brand is analysed in detail as a multifaceted socio-economic phenomenon that is acquiring new features and significance amid the transformations of the modern market environment. Emphasis is placed on identifying the key factors that contribute to brand formation in the context of the informatisation of society, the rapid development of digital technologies, and increasing competition. The study provides a comprehensive analysis of the rational, emotional and social aspects of a brand, enabling an understanding of its influence not only on consumer preferences but also on the formation of new behavioural patterns and consumption practices. The article places particular emphasis on the transformation of brand functioning mechanisms in the context of digitalisation, which opens up new opportunities for interaction with consumers, as well as in conditions of socio-economic instability, which presents businesses with new challenges. The study helps to gain a deeper understanding of the multidimensional nature of a brand and its role in the modern world. The changes in brand characteristics described, influenced by global trends, allow us to rethink approaches to their creation and management in changing market conditions. The corresponding conclusions are drawn that the modern brand is a multifunctional category, combining economic and social content.