An Investigation on the Importance of Brand Names to Consumers
Introduction:
The aim of this research is to find out why brand names are important
to consumers. The reason why this research has been undertaken is
because branding is an interesting topic, which plays a major part in
everyday life. Brands are found everywhere that hardly anything today
is unbranded, including clothes, food, furniture and even cars. The
research will show why brands are important to consumers. This
research proposal will report other authors who have commented on
brands. The author will be conducting primary research in forms of
questionnaires and interviews. This is an important study for the
reason that it demonstrates the way people buy and the justifications
of their choice.
Aims & Objectives or Hypothesis:
Research question:
Why brand names are important to consumers?
Aims & Objectives.
The main objective of the proposal is to examine why brand names are
important to consumers which could also consist of what branding is
and how important it is to consumers in everyday life.
Hypothesis
My hypotheses are as follows:
The higher the satisfaction with one brand name, the more the customer
will trust the brand name.
The brand name is used to make the customer secure with
products/service.
The geographical implications on the brand i.e. if the brand name is
well established in particular areas.
Literature Review/Theoretical underpinning:
The Literature that used to complete this research proposal was
obtained from the resource centre in the University of Luton, I used a
variety of sources, which includ...
... middle of paper ...
...in order to complete the
dissertation successfully:
Questionnaires: 1 page cost 5p x 3 pages: 15p x 100 (100
questionnaires) = 15.00
Interviews: 1 page cost 5p x 4 pages = 20p x 20 (20 interviews) = 4.00
Dissertation Printout: 60 pages (double spaced) x 5 = 3.00
Binding of dissertation: 1.00
Other expenditure: 5.00
Total cost: 28.00
Bibliography:
Textbooks:
Gates and McDaniel, (1998) Marketing Research Essentials
Paul Stobart, Interbrand group PLC, (1994) Brand power
Stewart Pearson, (1996) Building Brands Directly
Susanna Hart & John Murphy, (1998) Brands: the new wealth creators
Journals:
'Fashion Involvement, self Monitoring and the Meaning of Brands'
BBC News. 'Cheap Jeans Better Than Designer Denim'
The case for brands (Economist) 9/8/2001, vol.360 issue 8238
Five issues will be told in this report. The first issue identifies which types of capital expenditure projects will be selected to achieve GSCЎ¦s objective, and the performance result. Second, to obtain a computer system, GSC can be either financed by bank loan or leased from Computer Company. Third, use the probability technique to calculate the budgeted admission price for the first year. The forth issue, concerns with how GSC can breakeven without support from the government. The last issue considers overall elements to set up a price policy for the gift shop. We attempt to figure out these issues as existing puzzle.
[4] Colin Drury, Management and Costing Accounting, (7th edition), Chapter 3, Cost Assignment, p. 54-59
Brand loyalty is defined by Aaker (1991, p. 39) as a circumstance which shows the tendency of consumers switching to another brand, particularly when the brand makes a change, whether is a change in price or product features. Oliver (1997) characterizes brand loyalty as a sense of commitment to constantly repurchase or repatronise a favored product or service in the future, regardless of any marketing tactics or situational influences that may act upon switching behavior. Aaker (1992) and Keller (2003) noted that brand loyalty means that each consumer whose past and future purchase is the same, they recommend others to purchase or they have the intention to purchase more. Moreover, Brand loyalty is the attitude of brand preference towards a
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The research focuses on the use of different branding strategies, particularly brand equity, in order to retain brand loyalty. China is the fastest growing consumer market in the world, the study of Chinese consumer’s perception, attitude and purchasing behavior will assist in realizing the value of branding and it is important to implement the knowledge when striving to understand any particular subject. When the subject is put to practical use it is better to comprehend and find a logical conclusion. Every research has its own impacts and thus, it can be used as an increment of facts and ideas. Brand equity and loyalty highly contributes in obtaining a major edge in increasingly competitive markets therefore, it is essential to understand the importance of branding and how firms market themselves to build brand equity and attain brand loyalty. The primary purpose of this research will be to investigate the relationship between brand equity and brand loyalty and their significance as it is a crucial part of a firm’s marketing activities and how the research will be conducted using pertinent methodology and appropriate research paradigm along with its proposition.
Sincere relationships are created by an exchange in communication between individuals in which the end result will be an established form of friendship-relationship. The intend of branding is to assist companies in developing a strong friendship-relationship thereby introducing their products to a customer base with the intention of winning their affection, this affection in turn has the potential to influence customers to become loyal to the brand. Therefore, the job of the organization is to maintain a homogeneous relationship with these customers in a cost effective way.
When people go to a store in order to buy food or commodities, they are faced with a problem of a wide choice of goods because nowadays there is a huge range of different producers. Moreover, all of them try to be recognized on the market by creating a significant image. As a result, companies create own brands. According to American Marketing Association (2013), a brand is “a name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers.” Also, the process of creating connection or association between emotional perception of the consumer and company’s product with target of creating distinction and building loyalty has known as a brand management (Hislop, 2001). For instance when someone mentions Apple, most people instantly think about high quality and high-tech. Another example is Coca-cola. This company many years has and develops long-term relationships with customers by not only selling cold drinks but also providing a lifestyle. That means that loyal customers are satisfied with added value that the company offers instead of other companies (Bergström, Landgren & Müntzing, 2010). Hence, brand management influences consumers’ behaviour and satisfaction by creating brand identity and loyalty.
... middle of paper ... ... (1+1/5)5 = 1.25 = 2.4883 (1+1/10)10 = 1.110 = 2.5937 (1+1/100)100 =
The review of relevant literature is to identify what's brand awareness and how to carry out in strategic marketing, and consumers' behavior. The study prove that the significant factors on brand awareness as a perception of product, service, and image of the company and has a tremendous effect on consumers’ evaluation of system results. From reading all of the relevant journals, it is understandable that the significant factors on building a successful brand image and awareness is consumers and their relationship with the brand, company, service and the product. Brand awareness is the vital importance to marketing strategy and marketing communications because it links customer behavior to firms’ financial metric. Keller (2001), noted, customers’ reaction toward brand awareness is associated profitably brand equity.
Brand identification as the psychological connection donating individual, oneness with the brand and experiencing the brand success and failures as their own. The concept of using identification in a social identity theory (Ashforth & Mael 1989) of social justified theory where deification with brand has happen without a required need to interact or a formal ties with a brand or services. Brand identification is supposed to be one of the main sources of relationship development element, between the brand and consumer, as identification with a brand set consumer in to a long-lasting relationship with the brand (Bhattacharya, & Sen 2003). Based on the theory of social identification (Bhattacharya, Rao & Glynn 1995; Stets, & Burke 2000), and
The practice of brand management is a key component of marketing and performs an integral function by motivating the wants and needs of consumers. It is known that marketing can shape consumer needs and wants, however, consumers today appear to be more knowledgeable about the information regarding products. Consumers lead busy lives and have therefore gone to the internet as one of the many channels to learn about products in order to make informed decisions. This paper will discuss the argument that marketing should reflect the needs and wants of consumers rather than shaping these attributes. Due to the speed and ease of obtaining information, consumers do not take at face value strong marketing efforts that appear to be overly aggressive and push a brand rather than just being informative. Brand managers have to be aware of these changing dynamics and carefully craft brand management practices to meet the demands of consumers.
A brand is a name, term, symbol or design or a combination thereof used to identify the goods or services of a seller and to differentiate them from those of competitors. Lux, Coca-Cola, Bata, Parker are examples of brands. A brand name consists of words, numbers or letters which can be pronounced, e.g., Safola, Maggi, Uncle Chips, etc. A brand mark refers to symbols, designs, marks, etc. which can only be seen but not pronounced, e.g.Guttu of Asian Paints, Devil of Onida.
Coca-Cola. And Apple. Two companies from two very different industries, yet both have such strong brand identities, it has become iconic. A brand identity should be “the heart and soul of a brand.” [2] (Aaker, D. A., 2010, p. 68) But it’s not just a strong brand identity that has made these two brands internationally known. In both cases, it has been a strong combination of brand identity and well-considered packaging, which have put them at the forefront of their respective markets.
Marketing and branding, two of the most common used words in the contemporary world, is closely linked to each other without doubts, but the importance of branding to successful marketing is enquired to measure in term of the question. In fact, various people have different ideas on marketing and branding. For most of people, or customers, the two are normally combined in their minds or even equal to each other. For example, people could raise Apple as the answer for both questions of "what is good branding" and "what is successful marketing". In fact, they are two separate topics on academic, and branding is just one of the numerous marketing activities apparently. However, the perception of consumers might be a good guide to answer the question.
The purpose of this research was to create a deeper consideration about the influence of