Brand is a name or symbol used to identified the source of a product when developing a new product. Branding is on important decision .the brand can add significant value when its well recognized and as positive association in the mind of the consumer this concept is referred to as brand equity.According to American marketing association a brand is defined as the use of name term symbol or design, or some combination of these to identify the product of a certain seller from those of competitors" a brand identifies the product from buyers. A seller can earn the goodwill and have the patronage repeated.
Branding is the management process by which a product is branded it covers activities such as giving a brand name to a product, designing a brand mark and establishing and popularizing it. Brand makes it easy for consumer to identify products or services. It is a powerful instrument of demand creation and retention Brand equity is an asset. Brand equity refer tot the power of brand in the market place. A powerful brand has high brand equity and customers will stick to that brand. A weak brand has less brand equity and customer major contributor to customer equity. The proper focus of marketing planning is to extend customer life time value, with brand management serving as a major marketing tool
Strong brand equity offers the following advantages to accompany.
The company will have more trade leverage in bargaining with distributors and retailers and because customers except them to carry the brand.
The company cans a charge a higher price than its competitors because the brand carries high perceived quality.
The company cans more easily launch extensions because the brand name carries high credibility.The brand offers the company some defense against price competition.
Objectives of the Study
In order to study the above primary objective the following secondary objective have been proposed
- To find out customer preference about spin co
- To study awareness of brand switch
- To study factor influencing brand power of spin co
- To determine the most important factor which influencing purchasing decision
- To offer suggestion to the spin co & to improve its activities
Questionnaires are prepared and telephone, personal interview was conducted. Most of the questions are consist of multiple choices. The structured interview method was undertaken. The interview was conducted in English as well as in Tamil. Proper care was taken to frame the interview schedule in such a manner it should be easily understood in view of educational level of the customer & agent. Generally 50 questions are prepared and asked to the customer and agent Secondary data was collected from Internets, various books, Journals, and Company Records.
A sampling plan is a definite design for obtaining a sample from the sampling frame. It refers to the technique or the procedure the researcher would adopt in selecting some sampling units from which inferences about the population is drawn. Sampling design is determined before any data are collected. Convenient Sampling technique was adopted. In this method the researcher select those units of the population in the sample, which appear convenient to him or the management of the organization where he is conducting research.
Findings of the Study
surveyed 86%of the respondent (a maximum) had male
80%of the total customer. 20% of the agent
54% of the respondents brand choice has been spin co brand
surveyed 44% of the respondents (a maximum)
Had purchased 5-10 yr
Most of the respondents may know the brand for agent 32%
The respondents selecting the brand 44% belong to the quality & price 10% of the respondents
The above table infers that 52% belong to the spin co brand, 38% belong to the AFT satisfied
The above table infer that 54% of purchase directly from the company
The above table infers that 36%of quick sales, 58%of cost benefit
The most respondents may opinion on price 40% normal, 32%respondents high
From above table shows that frequency of strong brand image is 56% of yes and 44% of no
The total number of respondents 50, discount provide they satisfied 48%
The above table infers that 62% of the respondents belong to the No, 38%of the belong to the yes.
The above table infers 52% of the others, price will be more 22%,credit belong to the 14%
The above table infers that 40% belong to the Yes, 38% belongs to the some time 22% belong to the No
- From this study we found that most of the customer and agent prefer from cone yarn product because it provides quickly finished product.
- Only some of the agent are well-known with the cone yarn product and other customer does not have even the basic awareness about the hank product also those agent who are having the hank product because it gives very slow of finished product while comparing to cone yarn product
- Consumer will switch for the reasons for increase in their purchase ability or income, discounts offered by competitive companies