Brand Awareness and Brand Extension Literature View

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LITERATURE REVIEW

The Indian retail market is evolving rapidly. It is a parable that now Indian retail industry requires lots more of fashion. The organized retailing is developing at rapid speed. It is agreeable to all that fashion is a vital part of both the retail industry as well as the brands. Fashion has led the retail industry boom and it has sustained its dominance in malls, markets and stores. With radically changing fashion and retail industry, the Indian consumers are facing considerable transformation. With an increase income levels and increasing attitude "LOOK GOOD - FEEL GOOD", fashion is offering huge potential to penetrate deeper into the untouched Indian markets. 

The research study has been carried out to study the significance and relative importance of increasing brand awareness and need for brand extension by fashion brands.

2.1 BRAND AWARENESS

Brand awareness refers to customers' ability to recall and recognize the brand under different conditions and link to the brand name, logo, 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.

Brand awareness is of critical importance since customers will not consider a brand if they are not aware of it. There are various levels of brand awareness that require different levels and combinations of brand recognition and recall. Top-of-Mind is the goal of most companies. 

Top-of-Mind Awareness: occurs when your brand is what pops into a consumers mind when asked to name brands in a product category. 

Aided Awareness: occurs when a consumer is shown or reads a list of brands, and expresses familiarity with your brand only after they hear or see it as a type of memory aid. 

Strategic Awareness: occurs when your brand is not only top-of-mind to consumers, but also has distinctive qualities that stick out to consumers as making it better than other brands in your market. The distinctions that set your product apart from the competition is also known as the Unique Selling Point or USP.

Brand awareness is one of the most important aspects of marketing. Without this important tool a business cannot expect to see steady increases in sales. Brand awareness refers to how aware of your business and products customers and potential customers are.  This is an important aspect because brand awareness plays a major role in purchasing decisions. The more aware the potential customer is of your product the more likely they are to purchase from your business.

2.2 Ways to improve brand awareness through digital means include:

* Email Marketing: The key objective of email marketing for Indian marketers is creating “brand awareness” followed by new customer acquisition and customer retention. The least important objective is to send newsletters. All the above highlights the growing focus of using emails as an effective marketing channel but in India, brands still perceive email marketing as a one-to-many communication. Based on the Online and Email Marketing Survey instituted by Experian and DMAI last year in India, on an average 6 per cent of the total marketing budget of the marketers polled is utilized by email marketing. This amounts to on an average of Rs 15 million per annum per company polled. Two out of every three brands surveyed had undertaken email marketing and 71 per cent plan email campaigns on a weekly, monthly and quarterly basis.

* Social MedHYPERLINK "http://www.digalign.com/content/social-media-integration"ia marketing: refers to the process of gaining website traffic or attention through social media...
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