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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.
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,
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.
...e consumer will associate their good experience with the brand and return to it as its own unique experience.
In today’s business brand image plays an important role to market the brand. Now whenever a consumer buy a brand he always observe its image. The brand image is force which is at top of the mind and then consumer likes to buy that brand. Before buying any brand consumer are countered by many psychological situation than they select the brand according to that situation, every brand has different image in consumer mind. Brand A has good image in one consumer mind but on other hand the brand A does not create well image on other consumer it effect the behavior of every individual. The purpose of the study is to inspect the effect of brand image on consumer behavior among the people of Karachi. We will find out that the brand image has
The researcher tells that there are various qualities that a brand must hold to shown that it is loyal towards its consumers.
1. Lau, Geok Theng, and Sook Han Lee. "Consumers' trust in a brand and the link to brand loyalty." Journal of Market-Focused Management 4.4 (1999): 341-370.
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.
When customer identify with specific brand and has emotional attachment they form a psychological attachment and relationship with the brand and try tell those thing of the brand which he/she like and work instinctively to the benefit of the brand (Kuenzel & halliday, 2010). Thomson et al, (2005) argued that brand identification such as brand attachment, brand connection and bond with brand, has strongly predicts the frequency of past and future purchase of the brand. The intense relation and attachment also drives consumer toward the benefit of the brand by purchasing the specific brand. Kuenzel et al. (2010) identify that the brand identification concept is built on social identity theory in which consumer are engaged with the brand and extensively of the brand concept in other self-restraints. Identification based on social identity theory is in core a perception of oneness with a group of persons and make an identity in marketing we can also say that customer make their brand as an identity of their self-mean people identify someone with their brand (Albert et al., 2013). The customers who they uses the brand and they emotionally attached to the brand make the brand their identity, those customer called evangelist.. Stronger brand identification with consumer disposed to emotional attachment in pro-brand activities. Their self as an evangelist with the brand and also with the manufacturer (Bhattacharya &Sen,
It has been found that consumers will make a purchase based on self, social status and based on their personality. It will be advantageous for companies to try to establish a brand personality for that product. Having a brand personality will develop a relationship with the consumer and the business. It appears that a company must continue to create a personality for their product. This will set them apart from other brands if the product has a
This article studies the relationship between advertising and sales promotions and their impact on brand equity. A main priority for most companies is to establish and achieve a strong and powerful brand name. A company can build a strong brand name by creating the market for their customers want. By creating a strong brand name, a company will become more established. Brand equity is important to the producer, retailer and consumer. The consumer knowledge of the brand says how the producer will produce and market the product. The consumer knowledge of the brand name also determines the quantity the retailer will sale. Brand equity can have a positive or negative effect. A positive effect would be for everyone to recognize the name and purchase the product. The negative effect would be to have the product recalled. Brand equity is important because it can offer many advantages for a company. Brand equity can create a high demand for your product, reduce marketing cost and the company’s brand name will have high credibility.
The shifting of the consumer’s taste of simple products to high quality branded products is not sudden. It grew out in the middle of the 20th century and the companies selling various products needed a new way to differentiate their products from the others giving it a unique identity.
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
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...
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.