Brand Image- Hyundai PDF

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project report on brand image - Hyundai...

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ABSTRACT Branding is a management process by which a product is branded. It is a general term, covering various activities such as giving brand name to a product, designing a brand mark and establishing and popularizing it. Brand score/equity is a type of brand measurement system. It is also referred as” Brand Metrics”. The brand score/metrics can be classified into three types, namely perception metrics, performance metrics and financial

metrics.

Perception

matrices

measures

“function

and

emotional connections “that combine to form an opinion of a brand. This may include factors such as Brand image and relevance, perceived quality etc. The present study shows that the Cars of Hyundai brand are mostly liked by the respondents after Maruthi. Consumer while purchasing a brand of motor cycles they look for the mileage followed by price, finance and service. While purchasing a particular brand the customers are very much influenced by relatives and friends. The most effective Brand Ambassador, from the consumer point of view sports person followed by Film Personality. From the consumer point of view, the brand name plays an effective vital role in building trust and confidence in the product and its success.

In contrast, in 21st century BENEFIT WILL BE THE BRAND. That a brand name will tell the benefits of a product .

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CHAPTER I INTRODUCTION

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INTRODUCTION The automobile industry of India is one of the most booming and dynamic industry of the country. Every home in India possess four wheeler or four wheeler. There is no segment of the society that has not been touched by the automobile revolution. All kinds of

four-

wheelers, family, luxury, big or small have become an indispensable parts of every man’s life.

That is what the automobile industry thrives on. Obviously this has been identified by innumerable companies.

Today the automobile industry is a thriving industry with thousands of companies competing neck to neck, working tirelessly to roll out newer and better models of four-wheelers that will prove to be big hits with the customers.

Differentiation is the need of the hour. Manufacturers try and identify their customer’s needs and wants to develop tractors that would to be the exact liking of their buyers. One of the main players in the Indian context is HYUNDAI MOTORS. It has been the primary dealer of four-wheelers, catering to all the segments of the society from time immemorial.

In order to stay ahead of the entire competition, it is of prime importance

that

“consumer

perception”

is

given

the

utmost

importance.

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Companies need to get “inside the head” of their customers. They need to produce what the latter wants and expects. They need to foresee that forthcoming demands and meet them effectively and efficiently. Thus customer surveys are conducted on very regular basis to keep updated on the latest trends and changes in this ever changing segment.

This study has been conducted keeping in mind the exact same thing: ‘Understanding the perceptions, the needs and the wants of customers and prospective buyers of HYUNDAI Motors products.’

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NEED AND IMPORTANCE OF THE STUDY

A Brand is defined as name, term, sign, symbol or a seller. A Brand in short is an identifier of the seller or the marketer. A Brand consists of word, letters or combination of all these. And the need of branding is to know about quality and standard to know the features and about consumers and also about manufacturer and price. It helps to build the corporate image and profitable set of consumers Brand Name decision, the first decision whether the company should develop a Brand Name for its product. Branding is such a strong force that hardly anything goes unbranded. A company has five choices with regard to Brand. They are Line extension, Brand extension, Multi Brands and Company Brands

The importance of branding is that to create about the brand awareness. To creates Brand awareness the company should go through advertisement, hoardings or some special event. And through this they can know about the brand idea of the product and it also creates a particular image in the consumer’s min

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OBJECTIVES OF THE STUDY

1. To ascertain consumer’s awareness about HYUNDAI Brand and models of Four wheelers. 2. To extract the information through which buyers came to know various Brands. 3. To determine the decision maker. 4. To identify the factors influencing the customer while selecting particular Brand 5. To evaluate Brand Ambassador’s influence on purchase decision.

SCOPE AND PERIOD OF THE STUDY

The study involves the users of all four-wheeler brands such as HYUNDAI, Maruthi , Honda, Mercidaz. It evaluates customer perception towards branding at Hitech

MotorsPvt.Ltd automobile in terms of

perception level of customer. The study is restricted to twin cities. The sample size for this study is 100. The Methodology used for analysis and interpretation is simple percentage method The period of the study is 45 days.

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RESEARCH METHODOLOGY MARKETING RESEARCH: It is a systematic process of gathering, recording, analyzing and interpreting the data related to any problem in the field of marketing. This marketing research consists of various steps. They are as follows 1) Problem formulation. 2) Development of research design. 3) Determine the source of data. 4) Planning and designing data collection forms. 5) Determine sampling plan. 6) Organizing and conducting field survey. 7) Data analyses and interpretation. 8) Report preparation and arrangement to decision makers.

Source of data: Once the research design has been decided upon the next stage is that of selecting the source of data. They are primary data, secondary data.

Primary data: Are those, which are collected fresh and for the first time, and thus happened to be in original character? The data is gathered through administering the questionnaire.

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Secondary data: Are those which are already been collected by some one else and which have already been passed through the statistical process. And source of secondary data organization report, journal, etc.

Sampling: The selected respondents constitute which is technically called as sample and the selection process is called as sampling technique.

Random sampling: The research study employed random sampling technique which randomly selects the respondents.

Sample size: An important decision that has to be taken while adopting a sampling technique is about the size of the sample and the sample size is 100 respondents. The respondents include employees, businessmen and students.

Research instrument: The research instrument use for this study is questionnaire.

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Questionnaire: A schedule containing various items on which information is sought from respondents. And it consists of dichotomous question, multiple choice question and open-ended questions, ranking questions.

Dichotomous question: Are extreme from the multiple choice questions in which one or four responses are allowed framed as yes/no.

Multiple-choice questions: Is which requires the respondents to choose one of the several answers listed in the questions itself or following the question?

Open-ended question: Are which requiring the respondents to answer it in his own words and which does not bind the respondent to select an answer from among a set of alternatives.

Ranking question: Are those, which are based on ranks?

RESEARCH METHODOLOGY ADOPTED

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Research design

: descriptive research

Research Instrument

: Structured non-disguised questionnaire

Sampling Plan a) Sample method

: Random Sampling

b) Sample Size

: 100

c) Analysis Method

: Simple percentage Method

PLAN OF THE STUDY Chapter 1 consists of introduction. It includes need and importance of the study, objectives of the study, plan of the study, scope and period of the study, limitations and conceptual and methodological framework. Chapter 2 consists of review of literature. Chapter 3 comprises of company profile. Chapter 4 consists of data analysis and interpretation. Chapter 5 includes summary and conclusions. Chapter6 includes recommendations.

LIMITATIONS OF THE STUDY

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1. Due to limitation of span of time and limited resources, survey was

conducted for a period of 6 weeks.

2. Convenient sampling was used as the mode of conducting the research. 3. The geographical region covered for the survey was limited to the boundaries of twin cities. 4. Improper response from the customer but it was minimal. 5. Respondents were reluctant to answer some question, as they took them personal therefore increasing the possibility of error.

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CHAPTER II REVIEW OF LITERATURE

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CUSTOMER PERCEPTION ON BRANDING

A crucial step in Brand strategy is deciding on a specific Brand Name for the Product that is being introduced. In the earlier times when the concept and practice of Branding was much less developed, very often the family name or surname is used. Some of those are still very much alive, for example Siemens or Ford. The other common of brand was by way of addressing the product range of the company. Four famous examples are General Motors and General Electric. It seems the function the brand was supposed to perform was either to indicate the source or the origin of the product (family name) or indicate product range. However, a Brand Name has emerged as one of the most important element of the merchandising function in the recent times and will become more sever in India.

A strong brand image helps “pull” manufacturers product through the channel of distribution by establishing recognition and preference among the consumers. This can also establish the powerful bargaining positions with suppliers and distributions. A strong brand can easily help in tackling the growing menace of pirated product.

CONCEPTUAL AND METHODOLOGICAL 13

FRAMEWORK BRAND NAME The American management association defines it as “BRAND name is a part of a brand consisting of a word,letter,group of words or letters comprising of a name which is intended to identify the goods or services of a sellers or a group of sellers and to differentiate them from those of competitors.”

A Brand is a promise of seller to deliver a specific set of benefits or attributes or service to the buyers. Each Brand represents level of quality. HYUNDAI ,MARUTHI, NIKE Brands reflects the value and culture these organization nurture and cherish Brand helps the position accompany ‘s product offering in terms of price level, quality, Service, prestige and other factors that are important to buyer’s in organization target markets.

Comparing this definition with that of a brand, it is found that the function remains same; Brand name is a word or a combination of words/letters that is pronounceable example Promise Paste, Rexona Soap etc. Some times you must have heard words like brand mark and trade mark. Since a Brand name name is used in identification of a product amgost the competing set, it is necessary that each Brand must have only a unique identity and it must be protected by law.

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BRAND AWARENESS The basic communication task in which advertising excels is to create awareness. Awareness can be particularly needed when the goal is to stimulate a trial Purchase perhaps of a new brand. The awareness measure could be based on a telephone survey in which people are if they have heard of a new Brand and perhaps if they know what type of product is involved.(“yes I have heard of Arizona iced tea; it is new iced tea”)The percentage correctly would be the

awareness measure. Different

awareness measure of awareness are possible: Top-Of-Mind Awareness (first

brand

mentioned,

without

any

promoting),other

unaided

mention ,or aided awareness.

Awareness may also be an advertising response measure that could be instrumental at generating loyalty such as Postulated in model. Some low involvement products such as gums, soaps or Beers are purchased without much thought or consideration. The choice is often Based upon which brand is most familiar. One role of advertising is to get a brand To be more prominent in people’s minds so that it is the choice in those no thought Choices. The goal in such situation could be

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improved top- of –mind awareness, Since this should indicate maximum familiarity]

BRANDING A Brand is a term used to identify its products. Branding is the practice of identifying a product or line of product by a special name or symbol. Its uses go back to the middle ages for promoting sales. The continued use of Brands of the present times in business has been largely due to 1. Growth in competition. 2. Growth of national and local advertising. 3. Growth of packaging.

FUNCTION OF BRANDS 1. It helps in product identification. 2. Indirectly it denotes the quality or standard of a product. 3. It eliminates imitation of the product. 4. It ensures legal right on the product. 5. It helps in advertising and packaging activities. 6. It helps in price differentiation.

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Perception : Perception is defined as the process by which an individuals selects, organizes and interprets stimulate in to a meaning full and coherent and picture of the world. It can be described as “how we see the world around us “ .four individuals may be exposed to the stimulate under the same apparent conditions , but how each person recognizes selects , organizes and interprets these stimulate is a highly individuals process based on each person’s own needs , values and expectations , the influence that each of this variables has on the perceptual process and its relevance to marketing.

Elements of consumer perception :

1. sensation 2. The absolute threshold. 3. The differential threshold. 4. subliminal perception

What It mean by sensation: sensation is the immediate and direct response of the sensory organs to stimulate .a stimuli’s is any unit of input to any of the senses.

Ex : stimuli (I.e. sensory input ) includes products , packages , brand names , advertisement , and commercial s. sensory receptors are the human organs (the eyes , ears,nose,mouth,skin) that receives sensory inputs .there sensory functions or to see ,to here ,to smell, to taste ,

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and feel .all are these functions are called into play , either singly (or) in combination , in the evaluation and use of most consumable products. What it means by The absolute threshold :

The lowest level at which and individuals can experience say sensation is called as absolute threshold. The point at which a person can detect a different between something and nothing . is that persons absolute threshold for that stimulies.to illustrate ,the distance at which a driver can note a specific bill board on a high way is that individuals absolute threshold. Ex : four people riding together may first spot the bill board at different times (I.e. different distances ) ; thus they appear to have different absolute threshold.

What it mean by The differential threshold :

The minimal difference that can be detected between to similar stimulate is called The differential threshold (or) the just noticeable difference (The J.N.D) a 19 th century German scientist named Ernst weber discovered that the J.N.D between to stimulate was not an absolute amount ,the an amount relative to the intensity of the first stimuli’s. Weber law’s as it has come to be known states that the stronger and the initial stimulus , the greater the additional intensity needed for the second stimuli’s to be perceived as the as different .

Ex : If the price of a half gallon container of premium , freshly squeezed orange juice is $5.50 ,most consumer will probably not notice and increase of 25 cents (I.e. increment would falls below the J.N.D ) ,and It 18

may take an increase of 50 cents or more before a differential in price would be noticed .however a 50 cent increase in the price of gasoline would be noticed very quickly by consumers because it is an it is a significant percentage of the initial cost of the gasoline.

What it means by subliminal perception

People being motivated below their level of consciousness awareness . people are also stimulated below their level of conscious sly awareness that is they can perceive stimulate with out being consciously aware that they are doing so .stimulate that are too weak or too brief to be consciously seen or heard may never the less be strong enough to be perceived by one or more receptor cells this process is called subliminal perception

Ex: The effective ness of so called subliminal advertising was reportedly first tested at a drive in movie in new-jersy in 1957.where the words “eat popcorn” and “drink coca-cola” were flashed on the screen during the movie exposer time were so short that viewers or unaware of seeing a message. It was reported that during the six week test period , popcorn sales increased 58% and coca-cola sales increased 18% but these findings were later reported to be falls years later, a scientific study found although the simple sublimate stimuli’s coke served arouse thirst in subjects the subliminal command “DRINK

COKE”

did not have a greater

effect ,not did not have any behavior consequences.

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Dynamics of perception : The preceding section explained d how the individuals receives sensations from stimulate in the outside environment and how the human organism adopts to the level and intensity of sensory input. we now come to one of the major principles of perception raw sensory input by it self does not produce or explain the coherent picture of the world that most adults poses indeed , the study of perception is largely the study of what we subconscsciously add to or subtract from raw sensory inputs to produce our private picture of the world. Human beings are constantly bombarded with stimuli during every minute and every hour of every day. The sensory world is made up of an almost infinite no of discrete sensation that are constantly and subtly changed according to the principle of sensation intensive stimulation “bounces of “ the most individuals who subconsciously black a heavy bombardment of stimulate.

Perception of dynamics : 1. Perceptual selection 2. Perceptual organization 3. Interpretation.

Perceptual selection :

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Consumer subconsciously excurses a great deal of selectivity has to which aspect of the environment they perceives. an individuals may looks at some things ignore others , and turned a way from still others. it actually people receives only a small fraction of the stimulate to which they are exposed

Ex : woman in super market , she may be exposed to over 20000 products of different colors, size and shapes to perhaps 100 people (looking, walking, searching, and talking) to smell (from fruit ,meat, disinfectant people) to sound with in the store (cash registers ,ringing, shopping , carps rolling and air conditions humming and clerks sweeping , moping aisles stocking and children’s this is...