THE INFLUENCE OF BRAND CONSCIOUSNESS ON INDIAN CONSUMERS TO BUY THE DIAMONDS
OF ARCTIC CIRCLE Abstract
"This research report is to aid Article Circle Limited of Canada in the exporting of diamonds to the Indian market."A brand is an offering from a known source. Brand Consciousness is more than simply a preference for brand names. The term luxury was limited to only the rich and the elite, but today in India, disposable incomes and of middle class and upper middle class are increasing. The consumers in India are also very brand Conscious. The scenario being so in India, this research facilitates Arctic Circle to exploit the opportunity by crafting a unique set marketing strategies for the Indian market.
India is set for a dramatic expansion of domestic consumption that will make the country one of the largest consumer markets in the world. If overall economic growth remains 7 to 8 per cent, as most economists expect, then consumption will increase. It is estimated that real consumption will grow from Rs 17 trillion today to Rs 70 trillion by 2025. This will take India into the premier league among the world’s consumer markets. The primary driver of India’s growth as a consumer economy will thus be increasing incomes. Our analysis shows that average real household disposable income is set to grow from Rs 113,744 in 2005 to Rs 318,896 by 2025, a compound annual growth rate of 5.3 per cent. Rising incomes will also create a sizeable and largely urban middle class is expected to will swell to 583 million people or 41 per cent of the population. While the growth in Indian incomes and consumption will deliver substantial societal benefits with further declines in poverty, the growth of a large middle class spells an opportunity for the manufacturers and the invasion of multinational brands is sure to change the dynamics of market phenomena. While the corporate spending on branding is high and what kind of Marketing strategies the companies will have to craft for the Brand - Conscious Indian Market is the question which is left unanswered. Therefore, the present study is an attempt to explore ‘The influence of Brand Consciousness on Indian consumers to buy the Diamonds(Luxury Product) of Arctic Circle. Given the understanding of the extant literature this study is expected to provide directions on the phenomena for practicing manager on understanding that Indian`s are more Brand-Conscious. Therefore, the objective of this study is to build a marketing strategy model for the Brand-Conscious Indian Consumers.
A survey in 2008 indicated that India is among top 5 countries when it comes to Brand Consciousness. A country where savings rate is very high (nearly 36%) and where top 10% percent of people hold 53% of the wealth of this nation and lower 20% own about 1%, it is hard to believe that brand consciousness is on the rise. A brand becomes a brand after how it is perceived by people, the image that it projects and the quality and promise to customers which it upholds. Most of the brand names out there today have become a symbol of a characteristic quality which they have imbibed in them self, a quality which leaves a consumer’s mind wondering after its usage.(live mint.com, priyanka mehra)
India is an emerging market, being a part of a developing economy. The consumers now to a certain extent have started differentiating between what every brand of a product has to offer, which tightens the competition because it's not only about that little puma on your shirt or the bitten apple on your phone. Until now the premium brands were catering to the high end consumers and they have carved out their niche in this segment of market, but now they are getting aware of the needs of the other segments of the society specifically the middle class. Being the real savers they are being targeted by the premium brands. These brands are now coming out with the products keeping in mind...
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