Product and Brand Management Free Essays

?AFFECT OF BRANDING ON CONSUMER PURCHASE DECISION IN FMCG GOODS AND DURABLE GOODS? INTRODUCTION What is a BRAND? Brand recognition and other reactions are created by the use of the product or service and through the influence of advertising, design, and media commentary. A brand is a symbolic embodiment of all the information connected to the product and serves to create associations and expectations around it. A brand often includes a logo, fonts, color schemes, symbols, and sound, which may be developed to represent implicit values, ideas, and even personality. We will write a custom essay sample on Product and Brand Management or any similar topic only for you Order Now Concepts Marketers engaged in branding seek to develop or align the expectations behind the brand experience, creating the impression that a brand associated with a product or service has certain qualities or characteristics that make it special or unique. A brand image may be developed by attributing a â€Å"personality† to or associating an â€Å"image† with a product or service, whereby the personality or image is â€Å"branded† into the consciousness of consumers. A brand is therefore one of the most valuable elements in an advertising theme. The art of creating and maintaining a brand is called brand management. A brand which is widely known in the marketplace acquires brand recognition. When brand recognition builds up to a point where a brand enjoys a critical mass of positive sentiment in the marketplace, it is said to have achieved brand franchise. One goal in brand recognition is the identification of a brand without the name of the company present. For example, Disney has been successful at branding with their particular script font (originally created for Walt Disney’s â€Å"signature† logo) which it used in the logo for go. om. â€Å"DNA† refers to the unique attributes, essence, purpose, or profile of a brand and, therefore, a company. The term is borrowed from the biological DNA, the molecular â€Å"blueprint† or genetic profile of an organism which determines its unique characteristics. Brand equity measures the total value of the brand to the brand owner, and reflects the extent of brand franchise. The term brand name is often used interchangeably with â€Å"brand†, although it is more correctly used to specifically denote written or spoken linguistic elements of a brand. In this context a â€Å"brand name† constitutes a type of trademark, if the brand name exclusively identifies the brand owner as the commercial source of products or services. A brand owner may seek to protect proprietary rights in relation to a brand name through trademark registration. Brand energy is a concept that links together the ideas that the brand is experiential; that it is not just about the experiences of customers/potential customers but all stakeholders; and that businesses are essentially more about creating value through creating meaningful experiences than generating profit. Economic value comes from businesses ¶ transactions between people whether they be customers, employees, suppliers or other stakeholders. For such value to be created people first have to have positive associations with the business and/or its products and services and be energised to behave positively towards them  ± hence brand energy. It has been defined as â€Å"The energy that flows throughout the system that links businesses and all their stakeholders and which is manifested in the way these stakeholders think, feel and behave towards the business and its products or services. Attitude branding is the choice to represent a feeling, which is not necessarily connected with the product or consumption of the product at all. Marketing labeled as attitude branding includes that of Nike, Starbucks, The Body Shop, Safeway, and Apple Inc. â€Å"A great brand raises the bar — it adds a greater sense of purpose to the experience, whether it’s the challenge to do your b est in sports and fitness, or the affirmation that the cup of coffee you’re drinking really matters. † – Howard Schultz (CEO, Starbucks Corp. ) The act of associating a product or service with a brand has become part of pop culture. Most products have some kind of brand identity, from common table salt to designer clothes. In non-commercial contexts, the marketing of entities which supply ideas or promises rather than product and services (e. g. political parties or religious organizations) may also be known as â€Å"branding†. OBJECTIVE OF PROJECT WORK Main Objective:The main objective of research is to analysis how the brand effects the customer purchasing decision in FMCG goods and durable goods Sub Objective:The sub objective of research is to understand the choice of the customer is branded or nonbranded goods. JUSTIFICATION FOR CHOOSING A PARTICULAR RESEARCH PROPOSAL Branding can be viewed as a tool to position a product or a service with a consistent image of quality and value for money to ensure the development of a recurring preference by the customer. It is common knowledge that the consumer ¶s choice is influenced by many surrogat es of which the simplest one is a brand name. Although there may be equally satisfying products, the consumer when satisfied with some brand does not want to spend additional effort to evaluate the other alternative choices. Once he or she has liked a part icular brand, he or she tends to stay with it, unless there is a steep rise in the price or a discernible better quality product comes to his/her knowledge, which prompts the consumer to switch the brand. Companies spend a lot of money and time on the branding and thus it needs a careful evaluation on the effect of branding on consumer buying behavior. QUESTIONNAIRE 1. Are you a brand loyal customer? ` Yes ` No 2. Which attributes did attract you to purchase branded products? Rank these attributes in order of their importance to you. ` ` Brand Name Price Easy Availability ` ` Transparent Cleanliness ` Others 3. What was the reason for the delay between the purchase decision and the actual purchase? ` ` ` Financial constraints Waiting for more innovative product Waiting for market response 4. What influenced you to buy the above stated brand(s) ? ` ` ` ` Advertising Word of mouth Attractive packaging Dealer ` Shop Display ` Family/Friend/Relatives ` Any Other 5. Influence of Brand name on purchasing decision ` ` Agree Strongly Agree ` Disagree ` Strongly disagree 6. Influence of Quality on Purchase Decision ` ` Agree Strongly Agree ` Disagree ` Strongly disagree 7. Influence of Price on Purchase Decision ` Agree ` Strongly Agree ` Disagree ` Strongly disagree 8. Influence of Product features on Purchase Decision ` ` Agree Strongly Agree ` Disagree ` Strongly disagree 9. Influence of Family members on Purchase Decision ` ` Agree Strongly Agree ` Disagree ` Strongly disagree 10. Influence of Peer group on Purchase Decision ` ` Agree Strongly Agree ` Disagree ` Strongly disagree 11. Influence of Advertisement on Purchase Decision ` Agree Strongly Agree ` Disagree ` Strongly disagree 12. Will you like to switch your brand preference if you get some promotional scheme with another brand? ` Yes ` No 13. Do you think branded products are better than unbranded products? ` Yes ` No NAME OF THE RESPONDENT: ADDRESS: EDUCATIONAL QUALITICATION: OCCUPATION: AGE: MONTHLY INCOME: 1. 100% Financial Inclusion: A Challenging Task Ahead 2. Afforestation of ARID Was telands Through Energy Plantations: A Case Study from India 3. Agribusiness Sector in Rural India and Increasing Opportunities of E -Commerce 4. Asset prices and inflation is there a predictive link 5. Back Water Tourism in Kerala: Challenges and Opportunities 6. Banking Channel Perceptions An Indian Youth perspective 7. Banking on Themselves 8. Behavioral Skills Trainings in Travel Agencies 9. Brand awareness and preference in rural markets 10. Branding for 21st Century Teenagers 11. Branding India for Health and Spiritual Tourism 12. Branding India: Strategic Challenges and Possible Approaches 2. subliminal messages in advertising and how they affect consumers. How to cite Product and Brand Management, Papers