26-06-2012, 05:14 PM
Factors leading to improvement of Brand Assessment For UltraTech Cement
Factors leading to improvement of Brand Assessment.docx (Size: 397.66 KB / Downloads: 105)
ABSTRACT
The project gives a broad outline on average monthly sales of different brands of cement in Puri deistic and Brand Assessment of different brands in comparison to total sales and their present market share. From the research I came across several interesting results about the dealer and the retailer’s behaviour and response towards increment in sales of any particular brand, and then steps are to be taken to matching the expectation in case of UltraTech cement. From the analysis we are able to make aware about the fact that the role of masons and dealers are impressive in hiking the sales of any particular brand by influencing the customer.
The dealers and the sub-dealers dealing with UltraTech cement mainly for customer’s demand, good quality and the promotional activities. The factor that attracts most for dealing with a particular brand is high margin. In Puri dist, there are two market leaders KONARK, and ULTRATECH, there is a competition of beating each other in price because most of the customers are price sensitive. From this project, I got a very clear message from the respondents is that the best medium for advertisement of cement is TV, followed by WALL PAINTING and HOARDINGS. The overall brand image of UTCL is not fair enough in the market. So UTCL has to grad the market by applying various marketing strategies.
Basic Theoretical concepts and Contexts of the Topic
Brand Assessment
Brand Assessment refers to the marketing effects or outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name. And, at the root of these marketing effects is consumers’ knowledge about a brand makes manufacturers/advertisers respond differently or adopt appropriately adept measures for the marketing of the brand. The study of brand assessment is increasingly popular as some marketing researchers have concluded that brands are one of the factors which can increase the financial value of a brand to the brand owner, although not the only one.
Brand Assessment is the value of a brand built up over a period of time. It is composed of four components namely image, perception, Awareness and Loyalty. However some researchers say that image and awareness are the main components and the other two covered in these two. To calculate Brand Assessment, both the tangible (functional) and intangible (emotional) attributes are measured. The end result of the measurement is brand assessment. It’s quite complex and difficult to calculate brand equity. But to make it easier to understand, I would say brand assessment is the difference between the expected future sales of a branded product and an unbranded product. Now marketing masterminds have also come up with a new theory “Customer Based Brand Assessment” with models to measure it. The models to measure brand assessment are based mainly on conjoint analysis. However there are many models and they may have different algorithms... For detailed information on Brand Assessment you can refer “managing Brand Assessment” by David Aaker and Economist Series on Brand Assessment.
Measurement of Brand Assessment
There are many ways to measure a brand. Some measurements approaches are at the firm level, some at the product level and others are at the consumer level.
Firm Level: Firm level approaches measure the brand as a financial asset. In short, a calculation is made regarding how much the brand is worth as an intangible asset. For example, if you were to take the value of the firm, as derived by its market capitalization – and then subtract tangible assets and “measurable” intangible assets the residual would be the brand assessment. One high profile firm level approach is by the consulting firm Inter brand. To do its calculation, Inter brand estimates brand value on the basis of projected profits discounted to a present value. The discount rate is a subjective rate determined by Inter brand and Wall Street assessment specialists and reflects the risk profile, market leadership, stability and global reach of the brand.
product level: The classic product level brand measurement example is to compare the price of a no name or private label product to an “equivalent” branded product. The difference in price, assuming all things equal, is due to the brand. More recently a revenue premium approach has been advocated.
Positive brand assessment vs. Negative brand assessment
A brand assessment is the positive effect of the brand on the difference between the prices that the consumer accepts to pay when the brand known compared to the value of the benefit received.
There are two schools of thought regarding the existence of negative brand assessment. One perspective states brand assessment cannot be negative, hypothesizing only positive brand assessment is created by marketing activities such as advertising, PR and promotion. A second perspective is that negative assessment can exist, due to catastrophic events to the brand, such as a wide product recall or continued negative press attention (Black water or Halliburton, for example).
Colloquially, the term “negative brand assessment” may be use to describe a product or service where a brand has a negligible effect on a product level when compared to a no mane or private label product. The brand related negative intangible assets are called “brand liability”, compared with “brand assessment”
Family branding vs. Individual branding strategies
The greater a companies brand assessment, the greater the probability that the company will use a family branding strategy rather than an individual branding strategy. This is because family branding allows them to leverage the assessment accumulated in the core brand. Aspects of brand assessment includes: brand loyalty, awareness, association, and perception of assessment.