BRAND LAP- AN EMPIRICAL STUDY ON LOYALTY, AWARENESS, PROMOTION INTRODUCTION
The term brand has become the buzzword of the twentieth century. Manufacturers, marketer and corporate think tank have left no stone unturned in coming up with the new and innovative brand strategies that have not only captivated customers but have led to paradigm shift in the who process of branding. Gone are the days when a ‘brand’ was meant to give recognition to a product or at the most to a company. The 21st century has revolutionized the meaning of the term brand and has added a whole new array of dimensions to it like lifestyle branding, Retro branding, Employer branding, brand gendering etc. Though the whole world is now in the brand bubble wrap it is the Gen Y that has actually brought about the brand revolution. The maxim “let the buyer beware” has been replaced by “the customer is king” to suit to the needs of the Gen Y. This paper attempts to analyse the level of brand awareness that exists among Gen Y and the role of advertisement in creating such awareness. BRAND AWARENESS:
Brand awareness refers to customers' ability to recall and recognize the brand under different conditions and link it to the brand name, logo, and jingles and so on to certain associations in memory. It consists of both brand recognition and brand recall. It helps the customers to understand to which product or service category the particular brand belongs and what products and services are sold under the brand name. It also ensures that customers know which of their needs are satisfied by the brand through its products (Keller).
THE OBJECTIVES OF THE STUDY:
* To examine if demographic variables have an influence on establishing a brand loyalty. * To quantify the levels of customer awareness about brands existence. * To understand the role of advertisements in creating brand awareness.
LIMITATIONS OF THE STUDY:
1. The time allotted for the study is only 2 months, which is a very short period to conduct an exhaustive survey. 2. The study is time based and the nature of the findings and suggestions may or may not be applicable for long period.
In accordance with the objectives of the present study, the relevant data was obtained from secondary as well as primary sources. The secondary information sources used for the present research include various journals and magazines. The primary data was collected from 500 respondents. A well-structured questionnaire was prepared and distributed to college students and general public in Chennai district. The statistical techniques used for analyzing the data are percentage analysis, frequencies, cross tabulation, mean etc.
REVIEW OF LITERATURE:
(Aaker, 1991) As already mentioned, an important dimension of brand equity is brand awareness, very often an undervalued component. Not only that awareness is almost a prerequisite for a brand to be included in the set (the brands that receive consideration for purchase), but it also influences perceptions and attitudes, and can be a driver for brand loyalty.
(Keller, 1998)Brand awareness is essential in buying decision-making as it is important that consumers recall the brand in the context of a given specific product category, awareness increasing the probability that the brand will be a member of the consideration set. Awareness also affects decisions about brands in the consideration set, even in the absence of any brand associations in consumers’ minds. In low involvement decision settings, a minimum level of brand awareness may be sufficient for the choice to be final. Awareness can also influence consumer decision making by affecting brand associations that form the brand image.
Uncle et.al. (1995) analysed the 'Patterns of Buyer Behaviour' and linked together many empirical regularities in the buyer behaviour of consumers into a comprehensive model, called Dirichlet. Some of the well-established...
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