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Corporate Social Responsibility

Extracts from this document...

Introduction

Branding Name of Student Name of Instructor Date Course name Abstract This paper aims to study the influence of branding on consumers and their purchasing decisions. Branding is also like the reputation of a company� which also effects business' publicity. Often the choice of setting up an industry or a business is often directly linked to this notion of reputation. As a company has a good reputation� it may attract new customers� which would create ones' demand and 'brand loyalty'. Customers tend to purchase products from companies that have a good reputation. This is because as the firm have a good reputation� consumers tends to 'trust' their products� hence� consumers will be more willingly in trying their products� which would increases the amount of new customers for the business. As the business have more new customers� its demand and loyalty would eventually increase. As consumers try the products� satisfy with its quality� most of them will be used in using the product and are unwilling to change to another brand. The company would also gain more consumers' recognitions. Thus� such consumers will repeat-purchase the product on a regular basis. This way� brand loyalty would not only eliminate competition� but also increases business's sales and revenue� and presumably its profit would increases as well. According to my findings, from the 100 respondents that were interviewed 57 of them voted that Sony had very high quality. Hence the hypothesis that people because of its high quality prefer Sony T.V is true. From the survey conducted 41% people said that the quality of Panasonic T.V was medium. The results from this study reveal that Sony is the brand which the majority prefers. People prefer Sony because it has ? very good reputation in the market since many years. And also that it is ? high quality product that is reliable also. Table of Contents Acknowledgment 5 List of Tables 6 List of Figures 7 Chapter One: Introduction 8 1.1 Introduction 8 1.2 Problem definition 8 1.3 ...read more.

Middle

4 Creating the awareness of new brand to new target market. Awareness is measured according to the different ways in which consumers remembers ? brand� ranging from recognition to recall to "top of mind" to dominant. (Aaker� 1996). Branding research is helpful to search the target customer for the awareness of the advertising and brand. 2.4 Managing Brand Loyalty Brand loyalty is ? preference for ? particular brand that results in its repeated purchase. (Belch and Belch� 2001). Achieving customer loyalty can be very rewarding for many organizations and businesses. It is well known that it is usually more profitable to maintain an established client than continually be searching for new ones. (Griffin� 1998) The loyalty of existing customers also represents ? substantial entry barrier to competitors in part because the cost of enticing customers to change loyalties is often prohibitively expensive. (Aaker� 1996) To low-involvement or convenience products� the decision-making process for such products is very simple. The consumers may have ? mental shopping list that includes certain brand names. A high level of awareness may be sufficient to product phase. "They use reminder advertising to keep their brand names in front of consumers� maintain prominent shelf positions and displays in stores� and run periodic promotions to deter consumers from switching brands." (Belch and Belch� 2001) To high-involvement product� advertising only can get customers attention and provide information. The major role of advertising is to reduce dissonance and give them confidence after purchase. Build relationship with customers is more important. "One should consider the lifetime profitability of ? customer� not the profit on many particular transaction."(Amlber� 1997) Service is core component of building relationship with the customers. In today's environment� training for front-line and support staff need to cover such aspects as product knowledge� appropriate skills� customer-focused attitudes� teamwork� empowerment� process improvement and problem-solving. Customer service training should not be restricted purely to front-line staff but should include support staff � these often become front-line staff with appropriate development. ...read more.

Conclusion

Sony televisions design is very trendy and latest. People do not like the size and weight of Sony Televisions. Sony needs to consider this matter and it should try and reduce the size and weight of its product. It was also seen that the after sales service provided by both Sony and Panasonic was not satisfactory. It is important to know how the customers actually make their buying decisions. What are the factors, which they consider while making ? purchase. It was seen that features was the most important and the foremost factor, which the customers look for initially. The second most important consideration is the price. The customers in the England market are very price conscious and very price sensitive also. They look for good reasonable price offered for the product. After the features, price and quality the fourth most important attribute is the brand name that they are going to purchase. Many consumers buying decisions are influenced by the image they have of the brand. Good brand image increases the preference levels of the customers for that particular brand. Brands vary on the amount of power and value they have in the marketplace. We have brands that are not known more by the people and on the other hand we have brand that are known to the people and has ? very high degree of brand awareness. Sony is one of the highly recognized brands in the world. Brand equity makes it possible for the company to charge ? premium price. Many consumers buying decisions are influenced by the image they have of the brand. Consumer's preference is developed through brand image. High brand image will result in high customer preference for that brand. We have seen that Sony has ? very strong brand image. But it is not always true that ? brand with ? good image will influence the customer to prefer or buy the product. We have seen the factors which influence brand preference. Brand image was only one of the many factors which influence. ...read more.

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