06-09-2016, 02:46 PM
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In the emerging knowledge based economy it has become necessary to know how much market power lies with the brand name. The study of brand awareness is essential in marketing planning. Customer needs and preferences keep changing where brands ultimately command customer’s loyalty.
The realistic side of the problem is to know the acceptance level of the brand awareness towards the product. This study will help us to understand the brand awareness and what problems are being faced by the consumers, to which appropriate measures to be taken to solve the problems.
This project has mainly been taken up to understand the brand awareness, buying motives to ensure the “Brand awareness towards ICICI Prodencial” apart from this; it is to understand the new opportunities in the market for the improvement of brand awareness and sales towards the products
8. Objective :
The objective of our study included the following important functions:
a) To check the awareness and interest of Insurance among people in general.
b) To find out the popularity of different insurance providers.
c) To find out the satisfaction level of existing policy holders.
d) To enlighten people with the benefits of Insurance and Investments.
e) To find out the reason behind less impetus of people towards Insurance.
f) To find out a strategy to make people aware and develop their interest in insurance and Investments.
g) To know about the most threatening substitute of Insurance.
h) To identify the various types of brand awareness strategies practiced in organization
i) To determine the factors that promotes or impairs the effectiveness of the practice.
j) To assess the influence of brand awareness on customers’ loyalty of organization.
9. Methodology to be used :
The purpose of market research is to help companies make better business decisions about the development and marketing of new products. Market research represents the voice of the consumer in a company.
A list of questions that can be answered through market research:
How to get a new customer and retain older?
What is happening in the market? What are the trends? Who are the competitors?
How do consumers talk about the products in the market?
Which needs are important? Are the needs being met by current products?
Research Design: The project was carried out, keeping in mind the main objectives. The research design is the conceptual framework within which the research is conducted. It contains the blueprint for the collection, measurement and analysis of data. Our project demanded the knowledge of portion of population, so we decided to go for random sample survey instead of census survey. The population in this case we had to deal with comprised of every kind of person, an illiterate and an educated one, a young and an old one, so we designed a questionnaire that would be easy to comprehend and that would be easy for us to make people understand. However, it is worth mentioning that the questionnaire dealt with every possible problem and solution, which was usually followed by an unstructured interview/ question conditioned to cooperation of respondent and many inferences were made on the bases of these interactions.
Research Type: Exploratory research is method of collecting information in an unstructured and informal way. Exploratory research helps determine the best research design, data collection method and selection of subjects. Exploratory research often relies on secondary research such as reviewing available literature and/or data, or qualitative approaches such as informal discussions with consumers, employees, management or competitors, and more formal approaches through in-depth interviews, focus groups, projective methods, case studies or pilot studies. The Internet allows for research methods that are more interactive in nature.
Project Design:
Our project demanded a design which would include:
Research nature: An exploratory research design was adopted to conduct the study in order to know the above mentioned objectives.
Data collection method: Population being very large, the Data Collection Method demanded the Sample Survey.
Primary Data Collection: Questionnaire
Phrasing of Queries: Queries were made in such a way that it was easy for us to make it understand and easy to comprehend.
Order of Queries: Order was most important feature which was kept in mind.
Optional Data Collection: Unstructured Questions