Write an essay on Impact of Branding In Sales.
Branding is a unique image and name of the product, which helps in creating the special presence and attraction in the minds of the loyal customers. The branding exists from the prehistoric age since the time of the human existence. The term ‘brand’ is derived from the Middle Ages Nordic word meaning ‘brandr’ which implied ‘burning down’ in order to separate from the ownership. In the contemporary conditions, advertising and branding the have been written a significant number of works. When a product has a brand, it enables companies to gain manifold levels which allows them to create workable strategies which in the end help to promote the product. This can include the product logo, corporate colours and the business model. This is what helps to come up with a positive consumer regard to a product, since consumers are always looking for characteristics, which meets their wants and needs. Thus, if the brand is able to accomplish this, the customers will be able to choose this brand over other products.
For a company to be able to sell their products, it is important that they consider different strategies. Each organisation has its own strategy and structure is done in relation to the factors affecting the markets of the products and its strengths (Adrian, 2007). This will also means that the organisation needs to consider different angles so as to make sure their products are able to penetrate the markets and sell with little or no challenge. By looking at several factors that come in the way of having a successful marketing campaign, product branding is the main component it the penetration of the product in the market since it is able to control the decision of the consumer (Blyth, 2006). This will also depend with the brand reputation over time as it looks at the way that the product as appeared to consumers in the past and how they were able to enjoy using it (Allen, 2005). This research proposal will investigate the impact of product branding in sales by looking at selected products which have done well in the market. The paper thus provides literature and research methodology to be used in investigating the impact of branding.
Recession is a phenomenon, which decreases the demand for the services and products in the beginning wherein the progress and ending of the operational measures depends on the economic conditions of the market and the demand of the customers. One of the main reasons that makes this important is companies continue to realise in the homogenous market that credit is not given to a particular individual unless the company is seen to grow in particular areas. One of the main examples is with the brand, which may provide different types of products and services; it is also important to note that it is the company that suffers from the economic downturn and recession in the market.
The aim of this research is to investigate the impact of product branding in sales.
The objectives of this research will be as follows:
The objectives of this research will be as follows:
This s study is very important is it helps to understand the meaning of branding and how it enables entrepreneurs to understand ways in which entrepreneurs behave when products are introduced in the market (N.Lockwood, 2005) (Fabozzi & Markowitz, 2011).
At the end of the study, this research will be able to provide answers on the understanding of different factors that companies need to consider during product branding and ways in which they will be able to meet client needs in the long run.
The conceptual framework with be based on the theories by Carlson (2011) which looks at branding through different stages of his model. The model does not examine a particular product, however the theories that concern the strategy of each stage of the model (Brownell, 2005). In order to come up with an empirical data of the study, the research used a framework that is easy for the reader to follow each is discussed in different stages that include: Today- perceived image; Platform which looks at the branding goals of the product, strategy which discusses the branding strategies, the program which are written guidelines and anchoring which is the common understanding; lastly evaluation of the branding strategies (Saul, 2013). The connection around the models are there to indicate that branding is a process which consists of all the stages discussed above, as indicated in the following diagram as well.
This section will discuss the views of other scholars in the field of product branding. The section is very important in research as it discusses what branding is and how it is important in consumer decision making and how sale of products is impacted by product branding.
According to Vitolo, (2013), a product brand allows companies to differentiate their business from other competitors. However, CFP & Katz, (2004), adds that brands help in motivating the loyalty of product customers. When a product has a brand, it enables companies to gain manifold levels which allows them to create workable strategies which in the end help to promote the product. Brownell, (2005), adds that coming up with a brand entails creating an identity which is different from other products in the same line. This can include the product logo, corporate colours and the business model. This is what helps to come up with a positive consumer regard to a product, since consumers are always looking for characteristics which meets their wants and needs (CocaColaCompany, 2016). So, if the brand is able to accomplish this, the customers will be able to choose this brand over other products.
In the recent times, the branding concept has become more to do with the way that people perceive business. In this regard, there is a lot of drive towards ways in which brand are able to alleviate the position of sales, businesses and consumer base. The main knowledge with regard to branding can consist of three main criteria as provided by Armstrong, (2012), which entails business product confidence which does exactly what it is expected to do by the customers according to what they already have in mind.
One example is on a 24 hour convenience store brand which when a customer forgets to do his or her shopping early will expect to find it open at any time of day or night. Failure for the product to do so will results to loss of confidence and sales from the customer’s perspective (Vogel, 2006) (Stern, 1995). There is also the emotional response to a brand where the customer will tend to purchase a product due to the emotional attachment that the customer associates with the product. Because of this, a clothing retailer for example, will use this concept to create a brand that is based on making his client feel good about the clothes they are wearing since it defines how they feel, how they look and how they would want other people to perceive them when they wear the product.
Armstrong & Kotler, (2012), adds that a brand is very important for a company as it builds an exceptional personality for the business and also makes customers get attached to the product. Thirdly Klein, (2006), also discussed that branding is about the rewarding of the confidence of delivery and the way that the seller would expect the client to react emotionally once they are able to access the product. One of the ways this is evident is for example when a car company decides to build their brand successfully on the grounds that customers are satisfied with the mechanical services that are offered by the company (CFP & Katz, 2004). The owners will believe that their car is serviced by the best car company in the world thus it makes them feel good when they are able to use their cars once more.
Due to the fact that there is a set of criteria to be followed when branding a company or a product, it is important to understand how customers respond to product branding since these brand are not created overnight. According to Brownell, (2005), customer will respond to brand with regard to different identities. Brand identity is usually created through first of all assessing the kind of business one is engaged I, the way that the business operates and the type of messages that the business would want conveyed to its customers. Customers will also be attracted to a particular product brand so long as they are able to deliver the promise they have made to their customers in terms of the brand and the quality of the product.
For example, if the price is the main cause of driving away customers, there is little or no point for the business to present itself as a premium product supplier of the product by competitors. (Lockwood, (2005), also adds that it is advisable for the business to find out how customers and employees feel about the business or product. They need to ask themselves of the product is caring? Reliable? Cheap? Luxurious? Expensive or has no Frills? With this kind of progress, the responses are going to form the basis for the product brand message. It is also important for the business to ensure that the product defines favourably how the customers are going to view the business in general, this is usually the perceived quality from the business itself. Akpoyomare, Adeosun, & Ganiyu, (2012) says that customers need to trust the business, its brand and services. They also need to know what the brand will give them as a results of using it and what they think of whenever the brand is mentioned to them. It the customers perceive the business or product brand with low quality it will damage or even restrict the business, the vice versa however will ensure growth for the business.
Lastly it is important for the business to consider how far one needs to develop the business with the current perception from customers without losing the main competencies. Kerin, Hartley, & Rudelius, (2010), adds that the amount that the business will change will depend on the offer of its brand stretch. For example, a market store known for selling fresh fish can also decide to sell dried fish without going out of their competencies, but also selling frozen fish may be seen as stretching the brand too far.
With regard to this research there is a lot of concepts of brand identity which is a part of the business process where companies claim the right to several qualities which include design, product category, innovations and creations. One of the main reasons that makes this important is companies continue to realise in the homogenous market that credit is not given to a particular individual unless the company is seen to grow in particular areas. One of the main examples is with Wal-Mart, Coca-Cola and K-Mart brand which may provide different types of products and services; it is also important to note that a company should always strive to come up with a brand that makes is customers experience a unique appeal to their products above others (CocaColaCompany, 2016).
For there to be successful results of this study and be able to answer the above research questions on the impacts of branding in sales and the way that consumers purchase and make decisions there will be need to conduct further research. The literature review was relevant in authenticating the most relevant part of research questions. The study will use both the quantitative and qualitative research questions.
According to Armstrong (2012), a qualitative and quantitative research study is important to answering the research questions since the research will entail both figures and facts which are relevant part of the research area. There is also the managerial aspect of the research that will be considered. These aspects will be represented in regard of facts and figures. In addition the research will entail both statistical and numerical presentations which will be considered as part of answering research questions. Apart from incorporating qualitative and quantitative research, the research will also make use of random sampling. Armstrong & Kotler (2012), defines random sampling as considering a wide variety of sources in research. However, it is important to note that the research will have its limits to particular areas that the researcher will consider only data that is relevant to the area of study. Sources that were used for literature review will be the ones used to authenticate and must be important to the areas of research.
Sources will be gathered from journals and books, official websites, magazines and newspapers. It addition, the researchers use of the above mentioned sources and important factors mentioned in the literature review will be very important in the area of study with regard to related literature and other reviews. Respondent’s opinions and facts will also be considered to assist the researcher in answering questions. Facts and figures from various company brands in different points of view will also be put in consideration. The ways in which brands seem to operate at a global scale and the focus of this research will be considered at length to bring about a greater understanding of the brand and the way that these companies communicates to their customers.
The use of secondary data will also be considered. Fabozzi & Markowitz, (2011) defines secondary data analysis as the process of re-valuating data that is already research. The secondary data in this case will be collected from the previously sourced publications that will also include officially researched documents. Data collection will also consider research materials that are relevant to the research problem, however, it is may not necessarily answer the research questions and objective.
With regard to this research, the main purpose of having secondary data analysis is to assist the researcher in collecting much needed data that will be able to delineate the objectives that are provided as a basis of analysing primary data. With regard to the conclusions of secondary analysis of data, the researcher will also validate and analyse primary data which is collected through a survey questionnaire. Questions that will be used in the research will be close ended. This is because they will be able to generate more precise results and reduce errors and also simplify accumulation of answers.
As Lafley & Martin (2013) suggests, the data collection design is the overall plan used to relate a conceptual framework of research problem to the most important empirical research. In this regard, Lafley & Martin (2013) also indicated that when designing a research approach it is important to look at decisions on sources of data, research instruments, approaches and sampling plans. In the first place, this study is going to discuss different sources of data and mechanisms in which this data has been collected for the purpose of conducting this research, realizing the research hypothesis and answering all the four research questions.
Data for the research will be obtained from secondary as well as primary sources. It is also important to note that in some cases the research might be restrained because the needed information may not be publicly available. With regard to different techniques used during data collection, the researcher will deploy survey method as being the most useful technique to collect data. Survey research is important as it enables a large about of information to be collected from a reasonable population in a very economic manner. Also Lafley & Martin (2013) adds that a questionnaire will be described as a technique which each respondent will be asked questions regarding the research problem. Lafley & Martin (2013) also supports this when he claims that closed-ended questionnaires provide the researcher with an easy way to interpret answers where each respondent will select answers from a small list.
Armstrong ( 2012) affirms that answers realised in a research study can only be considered to be valid when they have achieved in reference to previously accepted data that is important to this field. In addition, the responses from the respondents in the survey questionnaire are valid since they are all original and will directly represent the opinions of on the subject with regard to what stands at the moment. The validity of research content will also ensure that there is an adequate information and representatives of the research are able to tap the concept of branding. As the scale of items are represented more on the domain, this or universe of the concept being looked at then it means the validity of the research will increase. To add on this, the content validity is the function of ways in which such elements and dimensions of the concept will be delineated (Allen, 2005).
With regard to this research also, the questionnaire was very useful as it reflected the main issues on the ground which also reflected the main issues on branding that influence the consumer purchase decisions with regard to the literature review. The research will makes use of 30 participants in the research as this would fully represent the feelings of what is on the ground.
The study begins with a literature review which was important in investigating the impact of branding in sales and also looking at the decisions made by consumers to purchase a particular product. Here the study also evaluates attributes and influences of the purchase decisions by customers due to branding. The underlying discussion in this section is important as it tries to come up with an understanding of perception of consumers and their attitude with regard to purchase choices and decision making for different brand. This research is thus divided in to five important sections that are will able to answer these questions as well as add more knowledge in the field of branding. The next chapters will also provide the results of the research study and provide interpretation of the same. Later on the paper ends with a conclusion and recommendation.
References
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Allen, F. (2005). Secret Formula: How Brilliant Marketing and Relentless Salesmanship Made Coca-Cola the Best-Known Product in the World. Harper Paperbacks.
Armstrong, G., & Kotler, P. (2012). Marketing: An Introduction (11th Edition). Prentice Hall; 11 edition.
Armstrong, M. (2012). Armstrong’s handbook of management and leadership: developing effective people skills for better leadership and management. Kogan Page.
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