APPRAISAL OF BRANDING AS COMPETITIVE TOOL IN MARKETING OF CONSUMER PRODUCT
(A case study of Globacom Communication Network Abuja)
ABSTRACT
This project work highlights the importance of branding to any organization. Brand and effective brand management are integral part of the strategic marketing management. The role of brands and branding toward corporate performance and customer satisfaction has been variously researched. Branding today, as a marketing tool has been recognized as a source of sustainable strategic competitive advantage tool in the organization. No wonder those organizations that have formulated and implemented strategic brand practicing are more successful and profitable than those that have not. In today’s hyper competitive knowledge driven economy characterized with consumer sophistication, the need for organizations to adopt strategically different approaches and method that will radically differentiate them from the competition in term of product, services, practice, structure, system, procedure among others. The study is quantitative in nature, and adopted a survey descriptive approach with the use of questionnaire.The study concluded and recommended that organizations should invest in effective branding to enable the organization the ability of enhancing their position in the competitive industry.
CHAPTER ONE: INTRODUCTION
- BACKGROUND OF THE STUDY
In the manufacturing industry today, a lot of importance is attached to branding and packaging for its significant role in the sale of a product. Branding can create a competitive advantage in the market and increase the products chance of success (Dewalski, 2008, Plant and Veryzer 2005). According to Chang and Wu 2007, the appearance of a produce communicates and this helps consumers to assess the product before they buy.
In developing a strategy for a product, the seller has to confront the branding being expert because of the major role it plays in the product strategy. Distributors need branding as a means of identifying super quality standard and increasing buyer’s preference. Branding is one of the major marketing concept and process which has been accepted as a useful tool for differentiating one firm product from another, makes it easier for individuals or customer to identify product of different customer from another.
Brand name influencescustomer’s attitude towards product which always affect their purchasing decision. The main of brands are to serve as guide to quality and encourage a repeating purchase and help in easy purchase. In Nigeria, a good product brand name assists the firm to sell with less difficulty. In the manufacturing industry today, a lot of importance has been attached to branding and packaging for its significant role in the sale of the product. Consumers need brand names to help them identify different shop efficiency.
1.1 STATEMENT OF THE PROBLEM
The main problem of this research work is that many companies fail to understand the functions and influence of branding which serves as competitive tool in marketing of consumer product. This problem has led to the poor acceptance of their product and for this reason, they hardly achieve their paramount aim and objective.
1.2 OBJECTIVE OF THE STUDY
The objectives of the study are:
- How branding can be used as a strategic tool in competitive market.
- To determine the effect of poor branding on product.
- To investigate the influence of branding on target customers.
- To evaluate the impact of branding in an organization.
- To identify the relevance of proper management of branding on marketing of consumer product.
1.3 RESEARCH QUESTIONS
The following are the research questions:
- What are the effects of competitive market on your organization?
- Does poor branding of your product undermine its significance?
- Does proper management of branding hamper the marketing of consumer product?
- Is branding an instrument that influences the target consumer?
1.4 STATEMENT OF HYPOTHESIS
Hypothesis is a tentative preposition used as a solution to solve a problem. They are of two types namely: Null hypothesis and Alternative hypothesis.
Ho: Poor branding of a particular product undermines its significance.
Hi: Poor branding of a particular product does not undermine its significance.
1.5 SIGNIFICANCE OF THE STUDY
The importance and usefulness of this kind of research work cannot over emphasized the user of this research work can be categorized in to the following:
The student, who do the research will learn a great deal which as a secondary source, also into importance to the manager of a companies who will gain a lot from the research. It hope that the recommendation made in this research work will facilitate the improvement of the existing system. Finally, the work will be useful to the library which keep the work in their references section for the benefit of users like students, lecturers etc.
1.6 SCOPE OF THE STUDY
The study mainly involved appraised of branding as a competition tool in marketing of consumer product with particular references to Globacom Communication Network in Abuja.
1.7 LIMITATION OF THE STUDY
There are many constraints and factors that were encountered by the research during the research work. The prominent once are:
- Financial Constraints: The cost of materials necessary to aid in carrying the research are very expensive, a lot of field work ought to have been done, but for inadequate finance, a limited coverage of the company understudy was embark upon.
- Time Constraints: Lack of time contributed greatly affected the quality of work, the academic session very short and the time given to submit the project work also short. Most of the information needed by the researcher in that information needed by the researcher in that company was not accessible for the sole reason of short notice. The study is limited to Abuja bottling company or plant because of time constraint.
- Biased Response: Biased response by the respondent was a problem encountered by the research when collecting data.
1.8 OPERATIONAL DEFINITION OF TERMS
For the purpose of good understanding of this research work, time has been taken to enumerate some of the unfamiliar terms that have been used. It will help the reader for a better understanding of this topic.
Brand: A name, term sign symbol, or design or a combination of them intended in identity the goods or service of one seller or group of sellers and to differentiate them from those of competitions.
Branding: Is a general term describing the establishing of brand name mark or brand name or trade name of a product.
Brand Name: Is a group of words or a word that can be vocalized or spoken that help to identify, facilitate, recognize and differentiate product from that of the competitors.
Brand Mark: Is a part of the brand which can be recognized but not alterable as symbol, design, or lettering colouring etc.
Copy Right: It refers to exclusive legal right to reproduce, publish and soles the matters, things or object inform of literary, musical etc.
Legal Right: This mean that firms competing within the same market are not allowed using similar brand name exclusively preserved by the law.
Trade Mark: Is a brand or part a brand that is given legal protection because it is capable of exclusive approbation or trade mark is a legal right to use the brand name or brand mark.
Packaging: Is the activity of designing and producing the container or wrapper for a product.
Brand Mix: Is the set of all brand lines that a particular seller make available to buyers.
Logos: Is a unique graphic or symbol that represents a company’s product, service or entity. It represents an organization very well and makes the customers well acquainted with the company.
Brand Identity: Is the total proposed promise that an organization makes to consumers or brand identity is all that an organization wants the brand to be considered as.
Brand Image: It can be defined as a unique bundle of association which in the minds of target customers. It signifies what that brand presently stands for. It is a set of beliefs held about a specific brand.