ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING Peer Reviewed and Refereed Journal, ISSN NO. 2456-1037
Available Online: www.ajeee.co.in/index.php/AJEEE
Vol. 06, Issue 11,November 2021 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 103 BUILDING A BRAND RESEARCH STRATEGY- AN ANALYSIS
Dr. Pavan Kumar Mittal
Assistant Professor, Commerce (Vice Principal), K.K. College Indore Dr. Arpita Mittal
Assistant Professor, SJHS Gujarati Innovative College Indore
Abstract - Brand research assists with the creation, development, and ongoing management and strengthening of brands. Analysis can be carried out to understand the landscape and develop a launch strategy. Brand research can also be conducted after launch to assist in the development of brand assets. For more established businesses, brand research can be used periodically, or continually, to track consumer‟s awareness, perceptions, and experience. With the help of globalized technology, information, and fund, barriers for the product, service production and consuming have been removed in anywhere. Nowadays, it is so normal that any kind of industry shows up in anywhere of the world in a short time. No longer is producing products or services not the work of just some economies. The topic of the nowadays modern economic order is branding rather than production capability. In that context, branding is one of the most important indicators of the competitive capacity nowadays. One of the most important assets of the businesses is the brand value. So many businesses take the advantage of that value in their new products and services. So brand strategies are highly important issues. Well-designed strategies are going to provide advantages for the businesses against their competitor in the compelling competition environment. In this study, brand and brand strategies are examined.
1 INTRODUCTION
Brand strategy today resembles popular music in the 1960s: The times they are a- changin‟. Consumers now jump from brand to brand, product to product, and site to site at a flick of their wrists. At the same time, brand relevance remains high.
Brands are beacons of trust. The more choices consumers have the more important these beacons become. Our research shows that brand relevance is especially high in categories that offer almost unlimited choice.
Businesses want their products and services to be requested on a regular basis and they aim to extend their sales reserves. So they struggle for bringing their brand into the forefront. Because of that reason, the brand can be qualified as the indicator of businesses' power and value. No matter which method is used in the brand value specification, a broad scanning is necessary. Brand strategies come up in the context of institution strategies in the business according to their advantages and consumers.
Expedition world globalization, in other saying, decreasing day by day, and as the result of much more producing society formation and in the free market conditions increasing product range, businesses start to spend much more money and effort for branding. Branding
is creating an identity for the business or product and giving some characteristic features of almost all people have to that identity. In this study brand and brand strategies are examined theoretically.
In parallel with the globalization and rapidly progress of technology and communication network, a business in a part of the world can be rival to another business that is in another part of the world. In that situation, the brand concept that is identified in the center of differentiation value has gained importance. Until today, so many definitions are made for the brand. The definition made by American Marketing Association is like that: Brand is a name, a term, sign, symbol or design which aims to define product and services of a seller or selling group and to differentiate itself from its. A brand can be identified as all kinds of signs that can be enlarged, issuable with a press, represent able. It can be also person names, words, shapes, letters, numbers, the form of the products and some original shapes on the package which provide distinguish of product and services among concerns. The brand is a name, concept, word, symbol, layout, picture or their combinations which serve for definition, introduction, distinguishing
ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING Peer Reviewed and Refereed Journal, ISSN NO. 2456-1037
Available Online: www.ajeee.co.in/index.php/AJEEE
Vol. 06, Issue 11,November 2021 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 104 and differentiation of product and services
of a seller or selling group.
2 BRAND STRATEGIES
The brand is a name, term, word, symbol, design, sign, shape, color or various combinations of these factors for defining, introducing product and services of a group of seller or producer. It is also for distinguishing and differentiating product and services of a group of seller or producer from their competitors. New discoveries and unique designs constitute and form the products. However, for presenting and selling these products, it is required an introduction tool that will distinguish this product from others.
These distinguishing marks, which are important for the businesses, are brands.
For the brands, we can say that they are the „'fingerprint'' of the businesses. The brand is the distinguishing mark which represents all assets of the business. All backgrounds of the business; factory land, factory building, machines etc., are only represented by that concept. Brand shows the source of the product to the customer and it becomes a quality mark and advertisement tool. It provides a free selection opportunity of desired product to the customer.
Strong brands consistently outperform the market. The world‟s 40 strongest brands yielded almost twice the total return to shareholders (TRS) of an investment in a Morgan Stanley Capital
International (MSCI) World index certificate over the course of the 20-year period ending in 2019 (exhibit).
In article of 5 of the law no.-4128 of the legislative decree no. 556 of KHK, brand is defined and signs that can be used as the brand are stated. According to that brand includes all kind of signs that can be enlarged, issuable and expressed with person names, especially words, shape, letter, number and shape of the productions by providing distribution among products and services of a concern. Brands draw their power from three sources: science- insights generation and performance measurement, art- creativity, and craft- management and execution. In times of rapid change, strong brands particularly need the benefits of these robust foundations: a deep understanding of customers and the market based on rigorously tested concepts, a clear purpose brought to life by creativity, and an inspiring brand experience delivered consistently across all touch points to drive both brand perception and business performance. At the same time, however, research shows that companies that are brand innovators are growing their top- line four percentage points faster than less-innovative companies. Even the best brands, it seems, can benefit from new methods and approaches in all three sources of brand power science, art, and craft.
Powerful brands come onto the market with high added value products and like a magician, they establish the expected result on consumers. No doubt that this is their branding success or in other words thanks to their successful brand creation process. In recent times, brand as one of the most popular trend is defined by different occupational groups as well. The main reason of having a brand is providing differentiation among the products. In English, the origin of word „branding' comes from the cattle stigmatization by peasantry on posture and this word refers to that origin. The main concept during the branding process perceived as stigmatization program as well, differentiates the produced product in the mind of the consumer. Branding the produced product just as cattle stigmatization in the farm, provide differentiation from other products even if
ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING Peer Reviewed and Refereed Journal, ISSN NO. 2456-1037
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Vol. 06, Issue 11,November 2021 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 105 it is so similar to the others. In modern,
branding products and brand name usage have shown towards to end of the 19 Century.
3 BRAND RESEARCH METHODS
As with any research, the most robust methodology will include information taken from multiple sources. Some will be easier or cheaper to obtain than others, but investing wisely means you will develop a more detailed picture of the landscape and reduce the possibilities for bias that are inherent in any form of research.
Surveys
The good old fashioned survey is still a great source of consumer views on brands and product categories, and can be useful regardless of what development stage the brand is at. You can conduct surveys in person, by telephone or online. Each has its own set of biases that researchers have to be aware of. Surveys can provide the quantitative insights for brand research, understanding consumer views on a larger scale. Survey Monkey is probably the most well known and popular online survey software.
Workshops and focus groups Bringing different types of people, from customers to employees, into a workshop can bring some qualitative insights into the research mix. Asking open-ended questions allows you to gain deeper perceptions, opinions and emotional responses to your brand, product or service. Twitter recently launched a service that turns 12,000 users into a quick research panel, allowing brands to gauge what a cross section of consumers thinks of a campaign or product. The service can be used before or during campaigns, offering focus group insights at speed and without using the same level of resources.
Employees
Any customer facing employee should have some insight into what prospects and customers think of your brand.
Salespeople, account managers, shop assistants and customer service representatives will all have stories from the front line that can add to the qualitative research.
Social Intelligence
Social intelligence offers a unique blend of research. Used well, it can offer a mix of
the qualitative and quantitative. The organic nature of conversations reduces response bias found in surveys while the volume of conversations means that you are not limited to a specific set of questions. You simply need to devise the methodology to best answer the questions you‟d like answered while also being able to find aspects of the conversation you hadn‟t anticipated. While collecting social media metrics for campaign monitoring has long been a popular use case, deeper business insights can also be found. Even brands at pre-launch or relatively new or small brands with lower volumes of conversation can gain insights by looking at broad topics and types of conversation. Segmenting the data using tags and categories is vital for highlighting relevant information in your data.
4 WAYS TO CONDUCT BRAND RESEARCH
With surveys and focus groups you can obviously just ask people the questions, although you need to design the questions to reduce bias where possible and keep them open ended. With social intelligence, you also have to design your methodology.
One advantage is that you may come across insights you hadn‟t previously considered. Below are some topics and themes that you may wish to track, but the list is not exhaustive. There may be brand or industry specific insights you wish to search for.
Competitive analysis
Whether you are launching a new brand or are an established player, understanding the current landscape is vital. Undertaking competitive analysis can give insights to help you position and improve your offering.
With social intelligence, you can uncover the strengths and weaknesses of the competition, understand their unique selling point in the eyes of the customer, and get an overview of the level of competition among different markets and demographics by measuring share of voice.
Brand awareness
Are people aware of your brand and are they able to recall it unprompted? Focus groups are best for measuring brand awareness, but surveys and social intelligence can also be used to
ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING Peer Reviewed and Refereed Journal, ISSN NO. 2456-1037
Available Online: www.ajeee.co.in/index.php/AJEEE
Vol. 06, Issue 11,November 2021 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 106 understand the level of fame your brand
has achieved.
Brand perception
Measuring brand awareness will tell you if people know your brand, but measuring brand perception will tell you what those people think of the brand. What does the brand represent for consumers? What do they think of its products and services?
How does this perception compare with competing brands?
Brand associations
Following on from brand perception, you can discover and measure brand associations consumers have when thinking about your business. f you are a luxury brand, you need to know that you are maintaining that exclusivity and admiration. If you aim at the opposite end of the market, do people associate your brand with savings and economy or cheap, inferior products?
Sentiment and satisfaction
Sentiment analysis in social intelligence platforms can provide a quick overview of public opinion on any topic. A human analysis of the data can surface more nuanced emotions, such as joy, humor, frustration, anger, and so on.
Working through the data you can understand if customers are satisfied or frustrated and why, helping you addresses any issues.
Shopping experience
Whether your shop front is brick-and- mortar or e-commerce, understanding perceptions of your shopping experience is also valuable. Average shopping cart abandonment rate for e-commerce stores is 68%. While shoppers don‟t tend to abandon carts in physical stores, experiences can still be improved through data led approaches.
5 CONCLUSION
Nowadays businesses have great difficulties in their assets' maintenance in the compelling competitive environment.
In that context, they are searching to gain competition superiority towards their competitors. The brand is the most important point for taking place in the field. Besides its legal protection for producers towards to counterfeits, it helps to consumers in terms of bringing prestige, protection, underwritings and maintenance opportunities. The brand is a sort of insurance for the consumers.
Because business and brand image have great importance in product selling, the perception of the customer and how the consumer positions that product in their minds, brand strategies have vital importance. Brand strategies, according to benefits presented by the product and target consumers, primarily should be considered in parallel with the institution strategies which all brands in the business have been integrated into them.
Brand strategies should be supported with a promise which will state and express the brand in the best way, advertising strategies and marketing communications activities. Intended strategies about the brand should make the product much more well-known one than the other competing brands. In addition to consumers' present buying tendency, their future tendency should be considered and brand loyalty should be increased.
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