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Growing and sustaining brand equity
Growing and sustaining brand equity
Sustaining brand equity
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The purpose of this research was to create a deeper consideration about the influence of
Branding on consumer purchase decisions. In order to comply with this a questionnaire was prepared and survey has been conducted among 100 respondents and data revealed that brands have strong influence on purchase decision.
From the study it is clear that people often purchase branded products since they are aware of the brand performance or perhaps they have a good past experience about the brands. This makes customer’s become loyal with the specific brand.
Brand offers superior quality of the service to the customer’s expectation and satisfaction. Furthermore, people are much attached to the branded products, as majority of the people purchase the branded products with the belief that brands show their status and life style in the society. And also because they believe that they are purchasing quality when purchasing branded product. As duration of stay creates impact of brand on consumer behaviour, so verification of brand image, brand loyalty and personality should be considered as the significant factors in this regard. It can also be said that there is need to improve the product of a particular brand so that the impact of brand on consumer behaviour is more effective in comparison to the existing scenario. The study also reflects that the product features are very essential for consumers. Advertising plays a very important role in achieving growth for any product or brand. The right media for advertising products and services should be chosen to gain customer attention.
FINDINGS
• Overall impact of brand on consumer behavior is moderate Brand name, brand loyalty, after purchase service, verification of the product; symbolic mean...
... middle of paper ...
... No
7. Influence of Price on Purchase Decision?
Yes
No
Sometimes
8. Influence of Product features on Purchase Decision?
Yes
No
9. Influence of Family members on Purchase Decision?
Yes
No
10. Influence of Advertisement on Purchase Decision?
Yes
No
11.Will you like to switch your brand preference if you get some promotional scheme with another brand?
• Yes
• No
• Can’t say
12. Do you think branded products are better than unbranded products?
• Yes
• No
13. Are you satisfied with your brand?
• Yes
• No
• Can’t say
14. Would you suggest your brand to others if you find the quality and feature of the product satisfying?
• Yes
• No
In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
The product’s features are the most influential factor on maintaining brand loyalty. For Apple, software updates for apps, constantly updated newer and lighter versions of all their products, and overall product design and brand imagery are all factors that keep Apple’s customers coming back. Our textbook also mentions that advertising can communicate how a brand fulfills needs and desires of the consumer. Apple wants to be a “different” company, not like any of the existing PC companies. Advertising can also help create a personal connection with the consumer.
We propose a branding strategy which takes into account the brands capabilities and competencies, strategies of competition brands and the outlook of consumers experience in their respective societies. As an international brand there is the challenge of staying connected with local customers. We will overcome this by adapting marketing strategy to local needs using a variance of standardized marketing mix and an adapted marketing mix.
A customer’s response falls in two categories, judgment and feelings. Consumers are constantly making judgments about a brand. These judgments fall into four categories: quality, credibility, consideration, and superiority (Keller, 2001). Customers judge a brand based on its actual and perceived quality, and customers judge credibility using the perception of the company’s expertise, trustworthiness, and likability. To what extent is the brand seen as “competent, innovative, and a market leader,” “dependable and sensitive to the interest of customers,” and “fun, interesting, and worth spending time with” (Keller,
Attributes are the features of each product that are classified into product-related and non-product related. Product-related attributes are those that “relate to a product’s physical composition”, physical product exposure that derived experience from the brand. Those made consumer perception of brand connected with their emotional and perceived quality of product from a specific brand (Alexandris, Douka, Papadopoulos, & Kaltsatou, 2008). In this study, it uses two constructs for this brand-specific associations as used by previous research which is: emotional value and perceived quality. (Min-Young, Knight, & Youn-Kyung, 2008) suggested there are two constructs that become two major dimensions of brand-specific association as they form critical factors in product
...e consumer will associate their good experience with the brand and return to it as its own unique experience.
The researcher tells that there are various qualities that a brand must hold to shown that it is loyal towards its consumers.
The existence of branding helps shapes consumers’ search strategies when it comes to deciding what to purchase (Moorthy, Ratchford and Talukdar, 1997). When making quick decisions, consumers will not turn to the brand that lacks credibility despite its ability to meet their needs. This is further supported by experts such as Arthur Wolak, co-founder of Arelco Promotional Group, who claims that branding encourages clients and employees to be loyal and proud to be part of the said brand (Wolak AJ, 2002). In
Even with commodities, there are quite a few parameters which brands can use to position themselves to capture a place in the consumer’s memory and consequently in their shopping basket. A few of the more widely accepted of them are: Consistency of Product Quality, Customization of the product to the extent possible, Providing a wider range of products, Identifying the most profit generating segments of the market and modifying or adding an offering to cater to their specific needs, Unique packaging, Emotional Branding and even basing branding on building a unique image to the extent of professing to have a brand personality. In fact focusing on getting consumers to build an emotional identification with the brand and its personality has a far longer lasting effect and builds far greater loyalty than focusing on just functional and utility attributes which a competitor would also able to easily match if not surpass.
Milewicz and Herbig (1994) state the primary focus is for the brands to provide a symbolic meaning to the brand. That meaning will give assistance for the consumer to recognize the name, and help with the decision-making process. Malewicz and Herbig (1994) further states brands will develop a personality, and this will determine that the consumer feels like the product is consistent with their image and their needs. One of the advantages of the brand name with a good reputation can help a firm overall status (Malewicz & Herbig,
Secondly, some light has been thrown on the previous researches by various authors on the similar topics by providing with a summarised form of the same. It helps in better understanding of the ongoing concepts and perceptions on the concept of brand and its importance.
According to Shimp (2007), there are five important factors which determine the purpose of advertisement in terms of marketers’ communication with consumers. He listed these five factors as follows: “(1) informing, (2) influencing, (3) reminding and increasing salience, (4) adding value, and (5) assisting other company efforts.” (p.246). To clarify that, the first most important aspect is informing people which means company needs to enhance the awareness of the consumer about their products by mentioning its advantages and features. Advertising also affect the products in two ways. Firstly, by basic demand, which build consumer desires for old products of the company and secondly, refers to a new brand of the company. In addition, effective advertising can retain consumer’s mind fresh about the image of a brand which develops the trace of the memory where consumers have to choose between two or more products. Moreover, it may change the product quality, create new, well-designed and elegant product and change consumers view towards the product. Lastly, by effective advertising program, company may save money and time as s...
People are buying the product which gives them prestige. Marketers have interest on consumer psychology and they are playing with every day by showing that their product will give prestige in the society. It’s true that the transparent societies now needs brands image. Marketers analyze the interest and needs of consumer than create the product according to the need of the society. Brand can attain the people attraction and the business can have the good reputation by giving satisfaction to consumer. If the brand gives satisfaction and function are according to the expectation of consumer than the brand gets good image on the mind of consumer. brand image is great weapon to use for the competitors it builds in years , at once the business gets brand image it has competitive edge from other brands in the market. When consumer rely on the brand the company can create the long term relation with the consumer, in other words (CRM) consumer relationship management. The brand image has effect on the choice of every individual there believe and attitude change their preferences. Brand image can be effected by price as price is an important part for consumer when they are making purchase decision if they find the value of brand is equal to the pricing they purchase that brand if not they refuse it. Similarly the image of brand can be effected by the attributes and features or
Rahmani, Z., Salmani Mojaveri, H., & Allahbakhsh, A. (2012). Review the Impact of Advertising and Sale Promotion on Brand Equity. Journal of Business Studies Quarterly, 4(1), 64-73.
Brand loyalty is defined as “the situation in which a consumer generally buys the same manufacturer- originated product or service repeatedly over time rather than buying from multiple suppliers within the category” or “the degree to which a consumer consistently purchases the same brand within a product class” (Moisescu, 2006). Today, brand loyalty is categorized into two major approaches: attitudinal and behavioral with both of them have been studied extensively. Attitudinal loyalty is a systematically favorable expression of preference for the brand (Dick & Basu, 1994). An emotional attachment between the consumers and their brands that creates a commitment to repurchase. The framework suggested in their paper points social norms and situational factors as moderators of the relationship between attitude and behavior (Dick & Basu, 1994). Dick and Basu’s study identifies search for motivation, resistance to counter-persuasion, and word of mouth as the consequences of loyalty. This type of loyalty represents the long term impact of loyal consumers to a certain