10-04-2017, 07:48 PM
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1. Introduction to Study
Marketing deals with identifying and meeting human and social needs. Marketing is meeting needs profitability . Marketing is societal process by which individual and groups obtain what they need and want through creating, offering and freely exchanging products and services of values with others.
Modern market provides potential customer many opportunities to choose among commodities offered to him. It is a buyer s market and he enjoys the pleasure of deciding the various alternatives. In recent times sellers have realised that taking a customer for granted would be like a driver taking his hand off the steering wheel after starting the vehicle. Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is meeting needs profitably .
On the past, companies were product focused, and employed a team of sales persons to push their products into or onto the market, regardless of market desire. A market focused, customer focused, organisation first determines what its potential customer desire, and then builds the product.
Two major aspects of marketing are the recruitment of new customers (acquisition) and the retention and expansion of relationship with existing customers (base management).
Acquisition marketing is a four step process that being with analysing and defining a qualified universe of potential users or buyer. After this first phase in the marketing process, a true marketing effort succeeds in capturing the attention of the intended buyers with in the targeted universe. Third, systematic effort must be put into getting the prospects to accept the concepts or propositions being offered via the marketing effort. Finally, with all three of the previous steps achieved, the marketer must convert prospective buyers into an actual buyer by getting them to take the desired action (purchase, rent call, download, subscribe, refer, sell, follow the law, become a member, etc.).
Once a customer has converted the perspective buyer, base management marketing takes over. The process for base management shifts the marketer to building a relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place and improving the products/services continuously to protect her business from competitive encroachments.
Indian Mattress industry is a potentially growing segment with a constant and regular increase in number of player and turn over. Duroflex is a renowned company with strong good will, high reputation and a large number of satisfied and loyal consumers. It is a well - established company and has already made its mark in the consumer durable industry. Here I am dealing with the subject brand awareness of customers towards Duroflex Mattress
The essence of marketing is the realisation that customers use a product or service because they have a need, or because of perceived value, not because they want to spend their hard earned money.
The word "brand", when used as a noun, can refer to a company name, a product name, or a unique identifier such as a logo or trademark.
In a time before fences were used in ranching to keep one's cattle separate from other people's cattle, ranch owners branded, or marked, their cattle so they could later identify their herd as their own.
The concept of branding also developed through the practices of craftsmen who wanted to place a mark or identifier on their work without detracting from the beauty of the piece. These craftsmen used their initials, a symbol, or another unique mark to identify their work and they usually put these marks in a low visibility place on the product.
Not too long afterwards, high quality cattle and art became identifiable in consumers minds by particular symbols and marks. Consumers would actually seek out certain marks because they had associated those marks in their minds with tastier beef, higher quality pottery or furniture, sophisticated artwork, and overall better products. If the producer differentiated their product as superior in the mind of the consumer, then that producer's mark or brand came to represent superiority.
Today's modern concept of branding grew out of the consumer packaged goods industry and the process of branding has come to include much, much more than just creating a way to identify a product or company.
Branding today is used to create emotional attachment to products and companies. Branding efforts create a feeling of involvement, a sense of higher quality, and an aura of intangible qualities that surround the brand name, mark, or symbol.
So what exactly is the definition of "brand"? Let's cover some definitions first before we get too far into the branding process.
What is a brand?
If you ask ten marketing professionals or brand managers to define the word "brand", you very well may get ten different answers. Most of the answers you receive, hopefully, will at least have some commonalities.
In my own experience and in my extensive study of brands and branding, there is one definition of "brand" that seems to most succinctly define exactly what a brand is.
The definition of brand: A brand is an identifiable entity that makes specific promises of value.
In its simplest form, a brand is nothing more and nothing less than the promises of value you or your product make. These promises can be implied or explicitly stated, but none-the-less, value of some type is promised.
BRAND AWARENESS
Brand awareness is vitally important for all brands but high brand awareness without an understanding of what sets you apart from the competition does you virtually no good. Many marketers experience confusion on this point.