A study on building a brand for cotton through marketing research
Summary :
Table of Contents
- Introduction
- Importance and need of branding
- Major uses of cotton fibers
- Global scenario
- Market influencing factors
- Processing of cotton
- Analysis of the results of the questionnaire
- Date interpretation and research
- Comparing responses
- The 10 C's to make a strong brand
- Recommendations and suggestions
- Learnings and findings from the study
- Conclusions
- Annexure
- Bibliography
Abstract
A product is a physical structure, but a brand is a perceptual entity that lives in the people's minds.
The first question that strikes our mind is "why branding is necessary?" As the products fail to generate competitive superiority, the need for the brand arises.
Though essentially the product is a key for any company to enter the market, it does not guarantee the success of every product. The success of a product in a particular market does not just come from market participation. The only way to survive in the market, today, is when the consumer prefers our product over others. Influencing or attracting customers to one's products or services and against the competitors is critical to success of any business. So, branding aims at attaining such favor from the consumers. But one should always keep in mind that success always comes from creating value to customer from one's offerings in the market.
"The customers do not perceive the world as it is. Their internal mental image of the world, at times, differs from the external physical world. The reality for an individual is perceived. "The objective reality of a product matters little; what matters is the customer's perception of a product or a brand." Perception is the process by which the customers make sense out of world. Customers translate the external physical world into internal subjective world."9
Strong brands are important both for the companies and for the consumers. Strong brands add value and increase revenues and also magnify the image of the companies. Thus they are important to the companies. for consumers, strong brands act as a source of quality certification and thus show them a product they can trust on.
A strong brand will allow you to influence the purchase decisions of the buyer and figure out perceptions held not only by your customers but also the prospects. It helps command a premium price and build customer loyalty through emotional association. It makes purchase.
The first question that strikes our mind is "why branding is necessary?" As the products fail to generate competitive superiority, the need for the brand arises.
Though essentially the product is a key for any company to enter the market, it does not guarantee the success of every product. The success of a product in a particular market does not just come from market participation. The only way to survive in the market, today, is when the consumer prefers our product over others. Influencing or attracting customers to one's products or services and against the competitors is critical to success of any business. So, branding aims at attaining such favor from the consumers. But one should always keep in mind that success always comes from creating value to customer from one's offerings in the market.
"The customers do not perceive the world as it is. Their internal mental image of the world, at times, differs from the external physical world. The reality for an individual is perceived. "The objective reality of a product matters little; what matters is the customer's perception of a product or a brand." Perception is the process by which the customers make sense out of world. Customers translate the external physical world into internal subjective world."9
Strong brands are important both for the companies and for the consumers. Strong brands add value and increase revenues and also magnify the image of the companies. Thus they are important to the companies. for consumers, strong brands act as a source of quality certification and thus show them a product they can trust on.
A strong brand will allow you to influence the purchase decisions of the buyer and figure out perceptions held not only by your customers but also the prospects. It helps command a premium price and build customer loyalty through emotional association. It makes purchase.
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