The term brand has become the buzzword of the twentieth century. Manufacturers, marketer and corporate think tank have left no stone unturned in coming up with the new and innovative brand strategies that have not only captivated customers but have led to paradigm shift in the who process of branding. Gone are the days when a ‘brand’ was meant to give recognition to a product or at the most to a company. The 21st century has revolutionized the meaning of the term brand and has added a whole new array of dimensions to it like lifestyle branding, Retro branding, Employer branding, brand gendering etc. Though the whole world is now in the brand bubble wrap it is the Gen Y that has actually brought about the brand revolution. The maxim “let the buyer beware” has been replaced by “the customer is king” to suit to the needs of the Gen Y. This paper attempts to analyse the level of brand awareness that exists among Gen Y and the role of advertisement in creating such awareness. BRAND AWARENESS:
Brand awareness refers to customers’ ability to recall and recognize the brand under different conditions and link it to the brand name, logo, and jingles and so on to certain associations in memory. It consists of both brand recognition and brand recall. It helps the customers to understand to which product or service category the particular brand belongs and what products and services are sold under the brand name. It also ensures that customers know which of their needs are satisfied by the brand through its products (Keller).
THE OBJECTIVES OF THE STUDY:
* To examine if demographic variables have an influence on establishing a brand loyalty. * To quantify the levels of customer awareness about brands existence. * To understand the role of advertisements in creating brand awareness.
LIMITATIONS OF THE STUDY:
1. The time allotted for the study is only 2 months, which is a very short period to conduct an exhaustive survey. 2. The study is time based and the nature of the findings and suggestions may or may not be applicable for long period.
In accordance with the objectives of the present study, the relevant data was obtained from secondary as well as primary sources. The secondary information sources used for the present research include various journals and magazines. The primary data was collected from 500 respondents. A well-structured questionnaire was prepared and distributed to college students and general public in Chennai district. The statistical techniques used for analyzing the data are percentage analysis, frequencies, cross tabulation, mean etc.
REVIEW OF LITERATURE:
(Aaker, 1991) As already mentioned, an important dimension of brand equity is brand awareness, very often an undervalued component. Not only that awareness is almost a prerequisite for a brand to be included in the set (the brands that receive consideration for purchase), but it also influences perceptions and attitudes, and can be a driver for brand loyalty.
(Keller, 1998)Brand awareness is essential in buying decision-making as it is important that consumers recall the brand in the context of a given specific product category, awareness increasing the probability that the brand will be a member of the consideration set. Awareness also affects decisions about brands in the consideration set, even in the absence of any brand associations in consumers’ minds. In low involvement decision settings, a minimum level of brand awareness may be sufficient for the choice to be final. Awareness can also influence consumer decision making by affecting brand associations that form the brand image.
Uncle et.al. (1995) analysed the ‘Patterns of Buyer Behaviour’ and linked together many empirical regularities in the buyer behaviour of consumers into a comprehensive model, called Dirichlet. Some of the well-established regularities are theoretically intervened and hence this approach to modeling definitely assists the marketing analyst. The regularities concern a number of brand performance measures, including: The percent of consumers buying a certain brand in a month; The number of purchase per buyer; The percent buying once, twice etc.; The percent who are 100% loyal and their rate of purchasing; and the rate of category purchasing, and which other brands are bought.
ANALYSIS AND INTERPERTATION:
After the data has been collected, the next step in the research process is data analysis. The purpose of this analysis is to interpret and draw conclusions from the collected data. The researcher can use a variety of techniques, such as simple frequency analysis (percentages), descriptive sample statistics (mode, median, mean, range, and standard deviation) or complex multivariate techniques. In the current study, the raw data was captured in MS Excel and analysed by using the statistical program.
DEMOGRAPHIC PROFILE OF THE RESPONDENTS:
Demographic profile usually covers background factors of respondents. The study covered three demographic factors of respondents of Chennai districts – Gender, Age, and Educational Qualification.
Table 1 shows the gender response rate of survey. Female respondents are 58% and Male respondents are 42%. A scrutiny of the age group shows that majority of the respondents are young.ie, less than 25 years. The table illustrates that 56 % of the respondents are less than 25 year of age, followed by age group of 25-35yrs. In terms of Educational qualifications about 48% of the respondents were Under Graduates, while 48% are Post Graduates and Professional are 20%.
From the above data for two wheelers considering the three major aspects brand awareness, brand loyalty, brand promotion, TVS Company has highest brand awareness and brand loyalty from the respondents and the promotion of Hero Honda is highest with 15% taking nearly 50% of the market. Suzuki has low brand awareness of 14% and Yamaha promotion is very low at 2%.
The above data reveals that Nokia is more popular than other brands and it has highest brand awareness and brand loyalty of 46% and 39% respectively. Samsung is very competitive to Nokia has brand loyalty and brand awareness 22% and 34% but they have highest brand promotion of 51%. Apple has low awareness of 2% and Sony Ericsson has low promotion of just 5%.
As seen from the above data it is very clear that Lakme is the most popular amongst all brands and Lakme has the highest brand awareness of 74%, brand loyalty of 41% and promotion of 47%. The Oriflame is the second highest in brand awareness and brand loyalty. The Chamber has lowest brand awareness, brand loyalty and promotion.
As seen from the above data of sports shoes of leading brand. The data shows that Adidas is the most popular amongst all the brands with the highest brand awareness, loyalty and promotion. Fillas has a low brand promotion, awareness and loyalty.
The above data for laptops of leading brands shows that Dell has highest brand awareness and brand loyalty. Sony leads in brand promotion. Dell has lowest brand promotion and Samsung and Lenovo have slightly higher brand promotion of 12% each. Brand awareness and brand loyalty is low in case of HP and Acer.