¶ … Branding Affects the Buying Decision
"How Does Branding Affect Consumer Purchasing?." Using this research question, analyze the strengths and weaknesses of each research method (qualitative and quantitative) within the scope of the proposed dissertation topic. Identify which method you will select (or state whether you will use a mixed methodology) and explain the reasons for your choice.
DBA Qs 1 Answer
The marketing guru Philip Kotler perceives branding as a "name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers." It has also been adopted by the American Marketing Association. Michael Dunn, President and CEO, of Prophet, a strategic professional services firm in San Francisco, states that branding is just a defensive tool against market competition; but acts as "insulation against deteriorating economic conditions."
The essence of a brand is the base upon which the prosperity of the parent company thrives upon. The entire corporation must support the brand in order to optimally manage the relationships between the customers, investors, workers and suppliers. The instance of Nordstrom is quoted by Sara Mason in her paper "Branding Matters" to describe the prospective degree of success that can be achieved; given the company brings on board all stakeholders. The workforce at Nordstrom is not required to gain approval from its boss for each and every decision. Instead, they are offered a viable commission and bonus so as to encourage this trend. (Mason). The late CEO of Coco Cola, Robert Goizueta, touches upon the value of the brand of Coco Cola by clarifying that even if all the production facilities at the company burnt down, it would not make a dent in the actual asset value or market value of the business in itself. The true worth of the company lies in the goodwill the brand name of Coco Cola holds. (Brands: Kotler on Marketing). The way a brand is marketed and promoted is meant to create an emotional connect with the target audience. This is why the role of branding is strategic towards consumer purchase.
One can classify consumer behavior as a psychological process that one goes through when he identifies his need, seeks various methods to fulfill it and then takes on a final choice. Consumer behavior is essentially dynamic in nature. Purchasing trends will evolve in one's lifetime as needs change as well as other external factors. These include technology, ambiguity of the future, and new inventions that can improve the quality of life. (Rence, 2006). The buying process analyzes a number of variables which include where to purchase from, previous exposure, return policy etc. All this consideration can be pooled into one term: the brand. It is important to distinguish between consumer markets and industrial segments that employ the branding concept. It is termed as a "multi-dimensional construct matching a firm's functional and emotional values with the performance and psychological needs of consumers." (Keith Walley, 2007). However, according to Walley and his fellow writers, the differences in the two markets are significant. The industrial market has less frequency of purchase with a high number of involved parties. The relationship between the buyer and seller is close and often the product is customized for the client. The bargaining process can be prolonged and usually, notable brand loyalty exists. In the industrial market, the brand name can be the company's name. On the other hand, consumer segments have multiple portfolios of brands, catering to variant needs.
Walley discussed a study that was carried out on 878 farmers in the United Kingdom. The intent was to study the role of branding had to play in their buying decision. A quantitative and multivariate statistical technique, known as conjoint analysis, was employed to carry out the research. This was selected as prior studies had resorted to simple interviewing techniques that did not take into account the fact that a number of factors influence consumers to buy items. It assumed that products have versatile components and such a method would be more reliable to evaluate the variables that an individual uses to make a purchase decision. An entire factorial design was applied that was founded on attributes that tractors possess as well as the corresponding levels. A literature survey was conducted to identify appropriate characteristics as well as semi-structured interviews with farmers. This qualitative research technique permitted the examiner to gain insights from within the farmer's mind. The following attributes were identified: brand, price, location of dealer, service quality, and prior experience. A response rate of 28.7% was achieved with 428 farmers on board. They ranked...
Brand Repositioning Consumer Product BRAND REPOSITIONING OF HALLMARK GREETING CARDS Repositioning in the Target Market Hallmark greeting cards are the most ubiquitous printed greeting cards found across the United States. The company prides itself on having a card for every occasion and to express every sentiment. Hence, the volume of cards printed by the company has increased with time. The chief strengths of the brand are excellent product quality, the quality of the sentiment,
This study will incorporate consumer perceptions and attitude green products, green values, green label and green environment. Finally, it will provide insights on areas of green buying commitment and green purchasing intention (Biel, Hansson & Ma-rtensson, 2008). References Abele, E., Anderl, R., & Birkhofer, H. (2005). Environmentally-friendly product development: Methods and tools. London: Springer. Ahvenainen, R. (2003). Novel food packaging techniques. Boca Raton, FL: CRC Press Biel, a., Hansson, B., & Ma-rtensson, M.
Consumer Behavior - Analysis of Coca-Cola Consumer Behavior - Analysis of a Product or Service The objectives of this report are to discuss what consumer behavior is, why consumer behavior is vital, and how consumer behavior is influenced by the needs, goals, and motivations of the consumer. The purchase and use of a product by the Coca-Cola Company will provide support for this report. The consumer behavior of consumers of soft drinks
Consumer subjective personal introspection of your own buying behavior, and to relate this to the notion of products as extensions of the self and consumer behaviour theory. buying behaviour Subjective personal introspection of your own buying behaviour as an extension of the self and consumer behaviour theory It has been noted in many studies on consumer behaviour that the products that the individual purchases are very often closely linked to the identity and
Brand Equity Measurement Consumer perceptions extensively influence and manipulate their purchasing behavior. Service and goods companies identify the significance of marketing strategies in influencing consumer behavior. All brands that attract high profits have desirable loyalty levels among customers. Customers tend to have a high level of perception of quality of goods and services that dominate markets in different industries. The power that emanates from consumers' goodwill and recognition of a brand,
Then soon other players came such as Pepsi who also tried to penetrate the market. With the introduction of Pepsi into the market, the market share was divided, sales volume for both commodities went low and the prices also lowered. The product life cycle of some of these products may go far beyond the expected limit, and this is attributed to the brand equity they have. Use of Interactive television
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