CS132-6 Developing Independent Research Assignment Sample
Module Code And Title : CS132-6 Developing Independent Research Assignment Sample
Introduction
Brand awareness is a term that denotes the degree of scoutmaster recognition by its names or sign. Brand awareness is an integral part of a business or organisation which assists in enhancing its overall performance in the market. In order to increase total revenues and performance in market brand awareness is a quite significant strategy that boosts product value in the global market. It p[lay a significant role in consumer buying behaviour and purchase decisions. This assignment is based on an analysis of effects of brand awareness on consumer perspective. This study sheds light on how brand awareness influences consumer purchasing decisions and their buying behaviour.
Concept of brand awareness in current era of market and its benefits
In recent trends in market, competition is quite high, every business and organisation adopts various kinds of marketing strategy through which it can be able to retain customers and enhance site performance. As cited by Lesmana et al. (2020), brand awareness is one of those kinds of strategies that is used by various businesses and organisations. As an increase in the number of rival businesses and companies make the market more competitive thus, it is quite necessary for businesses to showcase their product in unique ways.
Under these circumstances, brand awareness provides a wider range of scope through which an increase in the number of customers can be possible. As argued by Bilgin, (2018), customer buying is influenced by various factors such as the position of the product value in the market and its uniqueness. Brand awareness in the situation establishes the product and its value in the market in an effective way. This leads to attracting a customer and increasing demand for those products. Other than this, brand awareness is an important factor in today’s world as it enables businesses to recall customers, make them understand product quality and its uniqueness.
Based on an effective brand awareness process, a company is able to create demand among customers and ensure sustainability. Various theories in the current marketing strategy such as Porter’s five forces are an effective tool through which a business tries to make awareness about a product in the market, launching a new product through this theory enables the product to gain its maturity level in a short period of time. Porter’s five forces highlight various factors and their impact on the product launching process. Analysis of these forces highlights opportunities for a company to gain new customers and establish its brand value in the market. As opined by Dilham et al. (2018), customers of the new era are more sincere about the brand and they choose branded products rather than others. In this situation, a business has a wider opportunity to attract visitors through the brand awareness process.
Impact of brand awareness tactics on customer loyalty
Customers are a key aspect of a business on which business future growth and its development vary, thus every business and organisation adopt an effective strategy through which it can be able to attract more customers and retain them in its organisation. Through this process, a business can not only be able to gain high performance in the market but also be able to attain sustainable growth. As opined by Iqbal et al. (2021), this can be possible through increased customer loyalty. In recent trends in marketing where changes in the environment affect business activity and customer base, it is quite necessary for businesses to retain their customers and provide a better quality of products and services. The activity meets the expectations of customers and enhances the customer engagement process. Brand awareness in this whole process plays a crucial role through which a business is able to convey it’s easier to its audience through its product and retain them in a systematic way.
An organisation through various brand awareness strategies such as impressive guest content, infographic and freemium with credit process attract customers towards its product. Providing a better experience to customers leads to an increase in customer loyalty. Other than this, customer buying behaviour is also influenced by the activity of brand awareness. Furthermore, local partnership and social media contests is another tactic that is used by leading origination of the world such as coca-cola and lays for brand awareness programs (Bilgin, 2018). The current market is a digital era of a market where technology connects the whole world and using strategy such as social media contest make a customer more engaged and feel more comfortable with branding process. This activity of business leads to boost customer loyalty. Thus, brand awareness programs have a positive impact on customer loyalty and attract customers. Based on this, a business is able to increase its total revenues and position in the market.
Factors affecting brand awareness
As it has been noticed that brand awareness is an integral part of business activity, thus it is necessary for an organisation to analyse factors affecting brand awareness programs. Analysis of these factors ensures better management of business and organisation regarding this activity and ensures high performance in the market. As argued by Nadanyiova et al. (2018), the most important factor of brand awareness is the logo or sign which indicates its product name and its brand value. An eye-catching logo is an effective way through which an organisation can attract its customers. Companies such as Nike and Adidas use an eye-catching logo by which it can be able to visualise brand value in the market.
Based on a thin strategy this economy is able to mitigate complicated and cluttered elements in brand awareness programs. Thus, it can be said that in order to ensure an effective brand awareness program eye-catching logo is a prerequisite requirement. Apart from this, product differentiation is another key factor that has an impact on brand awareness programs. As argued by Shah et al. (2018), a brand awareness program deals with highlighting key features and products and their quality in front of customers, it is quite necessary for a business to have a unique product with great features. Unique products differentiate its brand value from its rivals and competitors which attract customers and generate goodwill for the business.
Impact of brand value on buying behaviour customer
Buying behaviour of customers is dependent on various factors such as psychological factors, personal factors and social factors. Psychological factors of customer buying behaviour consist of motivation, perception and attitude towards a product. Other than this, social factors of consumer buying behaviour consist of references groups, family and status. As stated by Ge et al. (2018), continuous operation branding process creates a positive image of the brand and will last for a great time. On analysis of all these factors, it has been noted that these factors have directly influenced the brand awareness program. Through brand awareness, a business injects a clear message of the brand into the consumer’s mind which influences consumer buying behaviour.
Based on this, a business can be able to affect customer buying behaviour and their perception. Apart from this, in digital era of market advertisement of a product unless through social media influencer which directly fall impact on buying behaviour of a customer. Based on this a company is able to attract and retain its customers in an effective way. As argued by Bhagyasree and Venugopal, (2021), peer influence is another significant way through which buying behaviours of customers are inflamed. It has been noted that most customer buying behaviour is influenced by society, family and friends.
Under this circumstance, it has been found that most of the customers go for those brands and products which are used by their family. Based on this it has been noted that brand value and brand awareness are quite significant factors that have a direct impact on customer buying behaviour. As argued by Sudaryanto et al. (2021), branded products create trust and loyalty of customers towards buses which signifies that branding programs not only attract the target audience but also make awareness about product quality and its features. This leads to an effect on customer purchasing patterns and decision making criteria. Using this strategy directly impacts the financial health of a business. as it has been noticed that using an effective branding style Amazon has become the most valuable brand in the world market which has a brand value of 220.8 billion USD in 2020 (Statista.com 2020). This signifies that brand awareness not only impacts customer buying behaviour but also boosts financial performance in business in the global market.
Conclusion
Based on the whole study it can conclude that brand awareness is quite a significant factor that has an impact on customer buying behaviour. On analysis of different braiding tactics, it has been noted that using social media contests and impressive guest content an organisation is able to attract customers towards its product and provide a better experience from its product. Other than this, these tactics allow businesses to showcase is product uniqueness and high quality which directly impacts customer purchasing patterns. It can be further concluded that Brand awareness programs create trust and loyalty which positively impact buying behaviour if customer and theory perception.
References
Journals
Bilgin, Y., 2018. The effect of social media marketing activities on brand awareness, brand image and brand loyalty. Business & management studies: an international journal, 6(1), pp.128-148. available at: https://www.bmij.org/index.php/1/article/download/839/904
Dilham, A., Sofiyah, F.R. and Muda, I., 2018. The internet marketing affect the customer loyalty level with brand awareness as intervening variable. International Journal of Civil Engineering and Technology, 9(9), pp.681-695. Available at: https://www.researchgate.net/profile/Iskandar-Muda/publication/328066155_The_internet_marketing_effect_on_the_customer_loyalty_level_with_brand_awareness_as_intervening_variables/links/5bb5f2d4a6fdcc1b31321ab2/The-internet-marketing-effect-on-the-customer-loyalty-level-with-brand-awareness-as-intervening-variables.pdf
Lesmana, R., Widodo, A.S. and Sunardi, N., 2020. The Formation of Customer Loyalty From Brand Awareness and Perceived Quality through Brand Equity of Xiaomi Smartphone Users in South Tangerang. Jurnal Pemasaran Kompetitif, 4(1), pp.1-12. available at: http://www.openjournal.unpam.ac.id/index.php/JPK/article/download/7211/4759
Nadanyiova, M., Kliestikova, J. and Kolencik, J., 2018. Sensory marketing from the perspective of a support tool for building brand value. Economics and Culture, 15(1), pp.96-104. Available at: https://sciendo.com/pdf/10.2478/jec-2018-0011
Shah, M.A.R., Husnain, M. and Zubairshah, A., 2018. Factors affecting brand switching behavior in telecommunication industry of Pakistan: A qualitative investigation. American journal of industrial and business management, 8(2), pp.359-372. Available at: https://www.scirp.org/journal/paperinformation.aspx?paperid=82613
Peer review journals
Bhagyasree, J.D. And Venugopal, J.S., 2021. A Study on the Impact of Online Shopping on Consumer’s Buying Behavior. Turkish Journal of Computer and Mathematics Education, 12(12), pp. 2843-2851. Available at: file:///D:/march/6/resources/out.pdf
GE, Y., YUAN, Q., WANG, Y. and PARK, K., 2021. The Structural Relationship among Perceived Service Quality, Perceived Value, and Customer Satisfaction-Focused on Starbucks Reserve Coffee Shops in Shanghai, China. Sustainability, 13(15), pp. 8633. Available at: file:///D:/march/6/resources/The_Structural_Relationship_am.pdf
Iqbal, K., Hafiz, S.M., Inam, H. And Qayyum, S., 2021. Promoting Customer Loyalty and Satisfaction in Financial Institutions through Technology Integration: The Roles of Service Quality, Awareness, and Perceptions. Sustainability, 13(23), pp. 12951. Available at: file:///D:/march/6/resources/Promoting_Customer_Loyalty_and.pdf
Sudaryanto, S., HANIM, A., PANSIRI, J. and UMAMA, T.L., 2021. Impact of culture, brand image and price on buying decisions: Evidence from East Java, Indonesia. Innovative Marketing, 17(1), pp. 130-142. Available at: file:///D:/march/6/resources/Impact_of_culture,_brand_image.pdf
Websites
Statista.com 2020, brand value of Amazon Available at: https://www.statista.com/statistics/268007/brand-value-change-of-the-largest-global-brands-in-2012/ [accessed on 6 March 2022]
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