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Brand Preference

Paper type: Essay
Pages: 6 (1289 words)
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Downloads: 35
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A Study of Customers’ Brand Loyalty For Selective Electronic Household Brands At Saidapet, Chennai INTRODUCTIONIf there are images in this attachment, they will not be displayed. According to America Marketing Association, a brand is a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or a group of sellers and differentiate them from those of competitors.

John Stewart, former CEO of Quaker Oats in the U S, once said – “If  this business were split up, I would give you the land and bricks and mortar and I would keep the brands and trademarks and I would fare better than you.

Thus brands are more powerful assets for any company because it influences the purchase decision through brand recognition, recall and brand identity and a key element for company’s relationship with consumers. Brands have been building consumer loyalty, competitive advantage and positive benefit perceptions for their corporate owners.

Coke, IBM, BMW, TATA, L & T, P & G and MRF have characterized their strength of a well positioned brand marketed to a mass consumer audience through traditional Medias. A powerful brand has high brand equality. It is a measure of the brands ability to capture consumer preference and loyalty. A brand with high brand equality is very available asset for a company. Corporate owners brand strategy and tactics are typically based on an understanding of how consumers brand choice behavior is influenced by marketing factors such as Quality, Price, Innovation, Creativity, Design, Package and Advertisements etc.

So when positioning a brand the marketer should establish a mission for that brand and a vision of what the brand must be and do. Objectives of the Study: 1. To know the brand preference of the customers for the selected brands in Chennai city. 2. To study the factors which are influencing brand preference for different Brands? 3. To provide insights as to how to build strong brands and track their strength over time. Methodology: Research Design: Descriptive Study Data Collected

Primary Data: Structured Questionnaire and personal interview Statistical Tool: Percentage analysis method Sample Design: Convenience sample Sample Size: 25 Limitations of study: Chances of respondent’s bias are involved in the research. As the research is restricted to Chennai city, the results are not applicable to other parts of the district or state or country. Data Analysis:- Table 1: Socio-Economic Conditions of the Respondents      |S. No |  |Factors |Frequency |Percent | |1. Age of the Respondents |18-25 years |5 |20 | | |(in years) | | | | | | |26-35 years |7 |28 | | | |36-45 years |8 |32 | | | |45 & above |5 |20 | | | |Total |25 |100 | |2. |Sex |Male |15 |60 | | | |Female |10 |40 | | | |Total |25 |100 | |3. Education |Graduate |12 |48 | | | |Post Graduate |5 |20 | | | |Diploma |2 |8 | | | |Others |6 |24 | | | |Total |25 |100 | |4. |Marital Status |Married |20 |80 | | | |Un Married |5 |20 | | | |Total |25 |100 | |5. Occupation |Business |4 |16 | | | |Govt employed |3 |12 | | | |Pvt sector employed |7 |28 | | | |Professionals |11 |44 | | | |Total |25 |100 | |6. |Family annual income (in Rs. |Less than 2 lakhs |5 |20 | | | |2-3 lakhs |10 |40 | | | |3-5 lakhs |6 |24 | | | |Above 5 lakhs |4 |16 | | | |Total |25 |100 | Table 2: Expectations from Their Preferred Brands |S.

No |Factors |Frequency |percent | |1 |Recognition |3 |12 | |2 |Satisfaction |9 |36 | |3 |Value for money |4 |16 | |4 |Praise from friends |4 |16 | |5 |Social acceptability |3 |12 | |6 |Others |2 |8 | |  |Total |25 |100 | From the above Table 2, it can be seen that 36% of the respondents said their expectation from their brand was satisfaction. Table 3: Selection of a Brand                                                                   |S. no. Factors |Frequency |percent | |1 |Popularity |5 |20 | |2 |Brand name |6 |24 | |3 |Brand Image |4 |16 | |4 |Current trends |  3 |  12 | |5 |Availability |  4 |  16 | |6 |Others |3 |   12 | |  |Total |25 |100 | From the Table 3, it can be inferred that 24% of the respondents selected a product based on the Brand name. 16% of the respondents selected the product, based on the Brand Image Table 4: Awareness about the Brand. |S. no. Factors |Frequency |percent | |1 |TV |8 |32 | |2 |Radio |3 |12 | |3 |Friends & Relatives |5 |20 | |4 |Print |2 |8 | |5 |Others |7 |28 | |  |Total |25 |100 | From the Table 4, it can be inferred that 32% of the respondents came to know                                                    , about the brands through the TV media. Table 5: Advertisement Influence |S. no. Factors |Frequency |Percent | |1 |yes |22 |88 | |2 |No |3 |12 | |  |Total |25 |100 | From the Table 5, it can be seen that 88% of the respondents were of the view that Advertisement influences them to make a purchase for a brand. The respondents were asked to give their preferred brand for the various Electronic Households like TV, Washing machine, Refrigerator. Table 6: Respondents Preferences for TV Brands |S. no. |Company Brand |No. f Respondents  | |1 |LG |2 | |2 |Onida |7 | |3 |Videocon |3 | |4 |Samsung |5 | |5 |BPL |4 | |6 |Others |4 | |  |Total |25 | Table 7: Respondents Preference for Washing machine Brands |S. no. |Company Brand |No. f Respondents | |1 |Whirlpool |9 | |2 |Electrolux |2 | |3 |Videocon |4 | |4 |LG |5 | |5 |Godrej |2 | |6 |Others |3 | |  |Total |25 | Table 8: Respondents preference for refrigerator brands |S. no. Company brand |No. of Respondents | |1 |LG |4 | |2 |Videocon |4 | |3 |Godrej |7 | |4 |Whirlpool |5 | |5 |Kelvinator |3 | |6 |Others |2 | |  |Total |25 | Table 9: Factors influencing the Buyers behavior |4s. o | Factors |No. of respondents | |11 |price |3 | |22 |Quality |9 | |33 |Brand name |7 | |44 |Service & Satisfaction |6 | | |total |25 | | | | | FINDINGS OF THE STUDY ®36% of the respondents were of the view that they expect Satisfaction from their brand. 24% of the respondents selected a product based on Brand Name. ®28% of the respondents came to know about through TV media and 88% were influenced by advertisements. ®The most preferred TV brand ONIDA. ®The most preferred Washing machine brand Whirlpool. ®The most Preferred Refrigerator brand Godrej. ®The important key factor the that influences the customers to go for specific brand was Quality (ranked I),           Brand Name (ranked II), and Brand Image (ranked III). ®Socio economic variables have a strong association with the selection of a particular brand. ®Annual family income was strongly associated with advertisement influence to prefer a particular brand. CONCLUSION

A Consumer prefers a particular brand based on what benefits that brand can offer to him/her. Because of such consumer preferences, the brand can charge a higher price and command more loyalty. In this study it was observed that in forming the tendency of customers to prefer a particular brand, the marketing variables like Advertisement, Quality of the product, Brand name and Brand image plays an essential role. So, a marketer must understand how the customer made his purchase decision towards the brand. Hence information provided from this study will assist those companies already existing in or planning to enter the market, in selling and increasing the market share.

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Brand Preference. (2020, Jun 01). Retrieved from https://studymoose.com/brand-preference-new-essay

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