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    Introduction

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    sunilpadasalimani5

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    Introduction

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    sunilpadasalimani5
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    1

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    23 views5 pages

    Introduction

    Uploaded by

    sunilpadasalimani5

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    CHAPTER 1

    INTRODUCTION TO THE STUDY

    *INTRODUCTION
    Brand is one of the most valuable untangible assets of any organization. Hence it is imperative to
    manage it well, to maximize its returns. The end result of creating a successful imend
    fundamentally rests with the customers. Organizations can do their best to create a successful
    brand, but the spustom is whether customer also perceives the same about the brand. The
    marketing activity linked with the beand tries to miluence the customer’s mind towards the
    brand. For any given product, service, or company, brand equity is considered a key asser
    because it gives meaning to the brand in the minds of its consumers. Brand equity can help a
    strong brand remain relevant and competitive in the marketplace, and it can help brands and
    companies weather storms that threaten their value and existence. When consumers trust a hrand
    and find it relevant to themselves and their lives, they may select the offerings associated with
    that brand over those of competitors even at a premiam price.

    Branding has emerged as a top management priority in the last decade due to the growing
    realization that brands are one of the most valuable intangible assets that firms have. Brands
    serve several valuable functions. At their most basic level, branda serve as markers for the
    offerings of a finn. For customers, brands can simplify choice, promise a particular quality level,
    reduce risk, and/or engender trust. Brands are built on the product itself, the accompanying
    marketing activity, and the use (or non-use) by customers as well as others. Brands thus reflect
    the complete experience that customers have with products. The importance of branding has
    always been a highly debatable topic. It is much easier to convince management to allocate
    money for a new promotional flyer than for a magazine add. No company, regardless of size,
    operates with an unlimited marketing budget. A commitment to branding requires balancing long
    term growth and short term results.

    A strong brand can create referrals or viral traffic because people love to tell others about the
    brands they like. People eat, listen and wear brands, and they’re constantly telling others about
    the ones they love. In fact, 84% of consumers have said that they always or sometimes’ take
    action based on personal recommendations. In short, branding is the way in which your customer
    perceives you when they hear or think of your company name, service or product.
    Brand equity is the measurable totality of a brand’s worth and is validated by assessing the
    effectiveness of these branding components. As markets become increasingly dynamic and
    fluctuating. Brand equity is a marketing technique to increase customer satisfaction and customer
    loyalty, with side effects like reduced price sensitivity. A brand is in essence a promise to its
    customers of they can expect from their products, as well as emotional benefits. When a
    customer is familiar with a brand, or Favors it incomparably to its competitors, this is when a
    corporation has reached a high level of brand equity. Special accounting standards have been
    devised to assess brand equity.

    Market maturity is forcing firms to gain a greater customer orientation to retain customers in the
    home markets and to attract them in emerging markets. It empowers them with choice. It ensures
    that they keep getting the better end of the bargain. What may be called the brand battle ground
    is actually brands competing for more shares in the customer mind. And, mastering the art of
    building the relationship with the customer is at the heart of any successful business strategy.

    NEED FOR STUDY :


    With a brand uniqueness measurement tool at their disposal, the brand managers can know how
    their brands are performing in the marketplace. Is it being viewed the same way as it has been
    positioned through various marketing communication channels? How is it different than its peers
    as perceived by the consumers? These inputs are critical for brand positioning.

    Brand Equity refers to a value premium that a company generates from a product with a
    recognizable name, when compared to a generic equivalent”. “The basic idea is that companies
    can earn more money from their products if consumers believe them to be superior to those by
    lesser- known brands, and they can do this without having to rely purely on price or promotions.
    This helps them avoid the ‘race to the bottom" and lifts them above commodity status”.

    “Considered as an asset in itself, a business with high brand will therefore be more valuable than
    one with low brand equity”.

    Just as being good looking reportedly gives people an advantage in life, brands experience perks
    from having high levels of brand equity. Essentially, it becomes much easier to open doors.
    Companies with high brand equity find it easier to recruit talent. That’s because job seekers use
    reputation perception as a signal about job attributes, and reputation affects the pride that
    individuals expect from organizational membership. “Plus they know that working for a well
    known, well respected brand will help them when searching for their next role”.

    High Brand Equity leads to increase in sales, high profits and high influences. Hence there is a
    need for the study.

    STATEMENT OF THE PROBLEM :


    Competition is very high in today's marketplace. Every organization is therefore determined to
    differentiate their brands and service offerings compared to their competitors. In effect,
    everybody is trying to have unique features in their brand and market them. If organizations want
    to succeed in this space, they need to assess their brands honestly else similar me-too brands are
    out there in the market which can destroy their entire marketing efforts. Brands suffering from
    symmetry syndrome will find it difficult to survive in the market after some time. No marketing
    manager would like their brand to be seen as a commodity. In fact the whole concept of
    marketing is based on selling the brand which can be differentiable. The Marketer should always
    ensure that the Brand Equity of his company is high for long run survival of the company. Hence
    I have undertaken the study on ‘Customer Based-Brand Equity of Bajaj bikes at Bijjargi bikes’.

    OBJECTIVES OF THE STUDY :


    Following are the objectives of the study

    * To study the “consumer-brand” relationship, as a strategic dimension.

    * To study the concept of Brand.

    * To study the Importance of Brand.

    * To study consumer brand knowledge in terms of two components: brand equity and brand
    image.

    * To study the organizational analysis of Bijjargi Bikes (Bajaj)


    * To suggest measures, in the background of the findings of study.

    SCOPE OF THE STUDY :


    The project covers the study of Brand Equity. This study helps to know how a customer
    perceives towards Brand. The study is conducted at Bijjargi Bikes (BAJAJ) Bagalkot. The study
    is based on a structured questionnaire related to the Brand Equity.

    RESEARCH METHODOLOGY :
    Research is a systematic method of finding solutions to problems. It is essentially an
    investigation, a recording and an analysis of evidence for the purpose of gaining knowledge.
    According to Clifford woody, “Research comprises of defining and redefining problem,
    formulating hypothesis or suggested solutions, collecting, organizing and evaluating data,
    reaching conclusions, testing conclusions to determine whether they fit the formulated
    hypothesis”.

    The data was collected through Primary and secondary sources.

     PRIMARY DATA :
    Primary data is in the form of “raw material” to which statistical methods are applied for the
    purpose of analysis and interpretations. In other words it is the first hand information.

    The primary data was obtained by the discussion with the company manager and data was also
    collected through questionnaire.
     SECONDARY DATA :
    Secondary data is in the form of finished product which has already been treated statistically in
    some form or other.

    The secondary data was collected from records of the company and company website. Secondary
    data was also collected from various magazines and books.

    LIMITATION OF THE STUDY :


    The limitations of the study are the following

     As the data was collected through questionnaire, the response from the respondents may
    be biased.

     The study is made with reference to only one organization.

     The sample taken for the study was only 20 and the results drawn may not be accurate.

     Time limitation was the main constraint.

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