1.1 BACKGROUND OF THE PROBLEM/STUDY
Branding is one of the most important aspects of the marketing arena. In this world of ever increasing competition and removal of barriers to trade due to the enforcement of the WTO (World Trade Organization), branding has become even more important. In a situation where a multitude of alternatives are available to the consumer at lower prices, the establishment of a strong brand name is extremely important.
A strong brand can make all the difference between a successful brand and a failure. Branding is at the heart of marketing. The reason for this statement is that marketing should not only be about meeting needs but also about fulfilling expectations. Marketers …show more content…
The research will also be helpful in understanding the new market trends and cope up with the new challenges.
The study is important because branding influences the consumer perception and buying behavior. Branding enhances impression upon customer through its appearances
Through this research study economy can be boosted up because this gives adequate knowledge to the consumers.
2.1 What is a brand?
Brands are at the heart of marketing in the sense that marketing should not only be about meeting needs but also about fulfilling expectations. A brand has come to be seen as far more than a name or a product, but as a mix of both real and perceived values which are recognized by those who buy goods and services. According to one definition (Interbrand, 1990),
‘a brand is a simple thing: it is in effect a trademark which, through careful management, skilful promotion and wide use, comes in the mind of the consumers to embrace a particular and appealing set of values and attributes, both tangible and intangible. It is therefore much more than the product itself; it is also much more than merely a label.’
The qualities that a brand stands for, often defined as its equity, drive both brand recognition and profitability. The very power of brands is underlined by the fact that most established brands, which make up almost 90% of the universe, have been in existence 20 years or more. [Mazur and Hogg, 1993]