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Introduction to maruti suzuki
Introduction to maruti suzuki
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LITERATURE REVIEW
(Farquhar et al., 1991; Simon and Sullivan, 1992).Brand equity has been examined from two different perspectives – financial and customer based. The first perspective of brand equity that is not discussed in this article is the financial asset value it creates to the business franchise. This method measures the outcome of customer‐based brand equity. Researchers have developed and effectively tested accounting methods for appraisal of the asset value of a brand name (Keller, 1991, 1993) Brand equity was conceptualized as consisting of consumers′ brand associations that include brand awareness, knowledge and image As stated earlier, brand equity is regarded as consisting of two components – brand strength and brand value.
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It helps to know the practical applicability of theories studied in class room. This helps to narrow the bridge between the classroom and real business situation. The study is concerning on the co- relation between brand equity and consumers buying behavior with respect to the maruti Suzuki car brands in Bangalore.
This study helps:
• To know how Maruti Suzuki brand influence the buying behavior of people in Bangalore.
• To know the hopes of people towards Maruti Suzuki brand.
• To know the approach of people towards Maruti Suzuki brand.
OBJECTIVE OF THE STUDY
• To identify various brand strategies of Maruti Suzuki those influence the buying decision.
• To analyze the significance of various factors like brand knowledge, brand loyalty,etc. in Maruti Suzuki market in Bangalore.
• To find out the relation between brand equity and consumers buying behavior towards maruti Suzuki cars.
• Understand the consumer complications while using the car and help the company to resolve these types of issues.
SAMPLING TECHNIQUES
Convenience sampling technique is used for the study , because of time limits.
SAMPLE SIZE The sample size of this study was 60 customers in
Aaker, D. A., Kumar, V., & Day, G. S. (2007). Marketing research (9th ed.). Hoboken, NJ: John Wiley & Sons.
...tes that BMW holds a strong image of the company in the luxury car market. Media has played an important role in this. BMWs success has always been built on responsible and long term thinking action. BMW has been using different forms of media to promote its brand name as well as products. The customer perception of BMW is good, the customers perceive BMW as a stylish and performance related car in the luxury segment. Some customers perceive it as status symbol. The TV advertisement being focussing more on the brand rather than one product itself has enhanced the brand image in the eye of the customers. BMW has been ranked no1 by forbes.com as the most reputed company in the world in 2012. This was ranked on peoples willingness to buy, work for, recommend and invest where it is driven 40% by the perception of the products and 60% by the perception of the company.
Aaker, D., Kumar, V., & Day, G. (2007). Marketing research. (9 ed.). John Wiley & Sons.
Kevin Keller’s brand equity model is known as the Customer Based Brand Equity Model (CBBE). This model was first introduced in his book, Strategic Brand Management. According to the model, a company must shape how customers think, feel, and act towards a product in order to build a strong brand. A consumer must have the right type of experience around the brand, which foster positive thoughts, opinions, perceptions, beliefs and feelings. By building strong brand equity, customers will recommend company products and will buy more of them. Moreover, this increases brand loyalty and decreases brand switching to competitors. One’s memory consists of a network of associations and connecting links, and any association ever processed about a brand
Sarkar, A. N., & Singh, J. (2005). New paradigm in evolving brand management strategy. Journal of Management Research, 5(2), 80-90. Retrieved from http://search.proquest.com/docview/237238894?accountid=28644
Aaker, D. A., Kumar, V., & Day, G. S. (2007). Marketing Research (9th ed.). Hoboken, NJ: John Wiley & Sons.
Distinguishing one product from another depends on the target market’s ability and in turn the success of any business or consumer product (Lamb, Hair & McDaniel 2009). In the marketing industry and the business world, brand is defined as “a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of others.” (Bennett, P.D., 1995). Brands are a common part of marketing and they serve as value to consumers. Brands also give firms a competitive edge over another and a certain leverage over its customers.
Brand attitudes: it’s the consumer evaluation of brand .Keller (1993)another important impact distinctive Between 11 dimensions: product attributes, intangibles, customer benefits, price, use/ application, user, product class, celebrity, country of origin, competitors, and life style. Aaker’s and Keller’s show many topologies like price, user imagery, usage imagery, and product attributes I will identify some weakness , but it should be considered that how it’s possible to trap the content of consumer knowledge. Aaker (1991). "Sum of the total brand impression is called brand image (Herzog 1973), anything that is associated with brand (Newman 1957), and "the perception of the product" (Runyon and Stewart
Companies use a collection of brand equities to represent their products in the market (Voolnes, 2012). Brand equity refers to the commercial value that is derived from the perception of consumers on any given brand name of particular products in the market as opposed to the product itself. Ataman (2003) notes that the effect to the consumer is in the brand name and not the product itself. Companies use logos, trademarks and a collection of other symbols to present this information to the customers. The use of these symbols is meant to try and capture the customer mindset so that they can be thinking about the company products at all times through the items they possess at home (Estes, Gibbert, Guest, & Mazursk, 2012). This can well be explained by use of the customer-based brand equity model that brings together the requirements for a publicly renowned brand in the market.
Brand equity is crucial as it implies that the brand itself is an important (financial) asset and can be calculated in financial terms (Barwise, 1993). This is particularly important in the luxury sector as from a behavioural viewpoint, brand equity can differentiate a company or product from other competitors, adding to their competitive advantages based on non-profit competition (Aaker, 2004). The model created by Aaker (1992) states that there are four categories of brand equity; Loyalty, Awareness, Perceived Quality and Associations. Luxury branding relies on a high level of perceived quality, loyalty and associations, although potentially less so for awareness, as it is thought that consumers choose luxury brands based on their exclusivity and as such the more the awareness that surrounds the brand, there is potential for it to become less valuable (Phau and Prendergast,
Definition; - “brand equity is the added value endowed on products and services. It may be reflected in the way consumer think, feel, and act with respect to the brand, as well as in the price, market share and profitability the brand commands.”(Kolter and Keller.2012, p265) according to the case study of Holland and Barrett, brand equity refers to high brand value, brand with high value equity means, H&B has the ability to create some sort of positiv...
Brand equity, in general terms, simply refers to how much a product is worth and how consumers behave and associates themselves with that product (Slotegraaf, Rebecca & Pauwel, 2008; Page 93-306). Consumer attitudes and the value of the product is linked to brand equity as it will determine how big of the market share the brand will occupy and how much the brand will earn in the long run. As the aviation industry is extremely competitive, many airlines have customer loyalty schemes and frequent flyer programmes to maintain or expand their brand equity, making the switching costs substantially high between airlines (Chen & Chang, 2008; Page 40-42). Chen and Chang (2008) also found out that brand equity is also linked to brand preference, purchase intentions and have an influence on consumers when they are thinking about switching brand products. Tigerair Australia’s brand equity was low in the Australian aviation market due to low brand awareness from consumers, the breaches of safety regulations by the Australian Civil Aviation Safety Authority (CASA), and strong competition from competitors like Jetstar.
A company’s brand is one of its most valuable assets (Green and Smith 2002). Brands owners invest millions of dollars every year in advertising and promotion to raise awareness and create demand for their brands.
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.
In conclusion, the customer- based brand equity model is an important platform that may help in building a strong brand. It could assist a company in assessing its progress as well as providing a blueprint for marketing research activities. If properly planned and implemented, it could help the company in achieving its marketing strategies and in the realization of an increased profit margin