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Branding is a major issue in product strategy. On the one hand, developing a branded product requires a huge long-term investment, especially for advertising, promotion, and packaging.

Extracts from this document...

Introduction

CHAPTER 1 INTRODUCTION TO BRAND MANAGEMENT AND IMC STRATEGY 1. INTRODUCTION Branding is a major issue in product strategy. On the one hand, developing a branded product requires a huge long-term investment, especially for advertising, promotion, and packaging. Brand Management If a brand is not effectively managed then a perception can be created in the mind of your market that you do not necessarily desire. Branding is all about perception. Brand management recognizes that your market's perceptions may be different from what you desire while it attempts to shape those perceptions and adjust the branding strategy to ensure the market's perceptions are exactly what you intend. What is brand? The American Marketing Association defines a brand as a name, term, sign, symbol, or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. The word "brand", when used as a noun, can refer to a company name, a product name, or a unique identifier such as a logo or trademark. Today's modern concept of branding grew out of the consumer packaged goods industry and the process of branding has come to include much, much more than just creating a way to identify a product or company. Branding today is used to create emotional attachment to products and companies. Branding efforts create a feeling of involvement, a sense of higher quality, and an aura of intangible qualities that surround the brand name, mark, or symbol. In essence, a brand identifies the seller or maker. Whether it is a name, trademark, logo, or another symbol, a brand is essentially a seller's promise to deliver a specific set of features, benefits, and services consistently to the buyers. The best brands convey a warranty of quality. The level of marketing efforts depends on factors like product quality, size of the market, firm's familiarity with market, firm's resources, and growth of the market. ...read more.

Middle

Broadcast media now offer "narrow-casting" so specific that advertisers can reach consumers at precise locations, such as airports and supermarket checkout counters. The proliferation and fragmentation of media have resulted in less reliance on mass media and more emphasis on other promotional options such as direct mail and event sponsorship. 2. Better audience assessment. More sophisticated research methods have made it possible to more accurately identify and target specific market segments such as Asian Americans, teenagers, Hispanics, and dual-income households with no kids (DINKs). This leads the marketer away from mass media to promotional tools that reach only the segment that has been targeted. 3. Consumer empowerment. Consumers today are more powerful and sophisticated than their predecessors. Fostering this greater power are more single-person households, smaller families, higher education levels, and more experienced consumers. Empowered consumers are more skeptical of commercial messages and demand information tailored to their needs. 4. Increased advertising clutter. Not only are consumers becoming more sophisticated, they are becoming more jaded as well. The proliferation of advertising stimuli has diluted the effectiveness of any single message. There is no end in sight to this "message" proliferation. 5. Database technology. The ability of firms to generate, collate, and manage databases has created diverse communications opportunities beyond mass media. These databases can be used to create customer and non-customer profiles. With this information, highly targeted direct response and telemarketing programs can be implemented. 6. Channel Power. In some product and market categories, there has been a shift in power away from big manufacturers toward big retailers. The new "power retailers," such as WalMart, The Gap, ToysRUs, and Home Depot, are able to demand promotional fees and allowances from manufacturers, which diverts funds away from advertising and into special events or other promotions. 7. Accountability. In an attempt to achieve greater accountability for promotional spending, firms have reallocated marketing resources from advertising to more short-term and more easily measurable methods, such as direct marketing and sales promotion. ...read more.

Conclusion

The basic research instrument used is a questionnaire. The questionnaire is a mixed bag of open ended and closed ended questions. The questionnaires were either filled by the respondents themselves or were dictated by the respondents. The respondent was free to give his opinion on the questions. Data source: The survey was conducted outside shopping malls, multiplexes in Baroda city. Sample Design Only those wearing jeans were taken as respondent, so non-probability judgment sampling is employed. 100 respondents were surveyed for research Sample Profile: Gender No. Percent Male 60 60 Female 40 40 Occupation Engineers 36 36 Businessman 14 14 Students 29 29 Others 21 21 Age Up to 20 13 21 to 25 58 25 to 30 22 The ages of respondents ranged from 17 to 29 with mean age of 24. Research Design: The primary data was obtained from the respondents, using a questionnaire. The data collected was evaluated manually. Percentage was used to estimate the proportion for various aspects under consideration. Microsoft Excel was used to depict graphical representations of the analytical inferences and tabulations. Limitations of the methodology: It should be noted that the research methodology was limited by the following factors: * This being a judgment sampling, the analysis may not be the true picture of the target population. * Limited time frame was the biggest constraint. Data analysis and Results: When we asked respondent about their frequency of wearing jean in a week it was found that on an average a respondent wears jean 4-5 days a week with 6-7 jeans in their wardrobe. Their mean frequency of buying jean in a year is 4-5 jeans. It was found that male and female having same no. of jeans in their wardrobe and frequency of wearing jean/week is also same with female having lesser frequency of buying than male. Table-1. Table shows the data in table mean value, standard deviation from mean value and maximum and minimum values are shown along with Q values which tells 25% of respondents wears 3 or less than 3 days/week and Q2 and Q3 value suggest same for 50% and 75% respectively. ...read more.

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