AN ASSESSMENT OF THE IMPACT OF PRODUCT BRANDING AS A REPOSITIONING STRATEGY (A CASE STUDY OF FMCGS)
ABSTRACT
According to the analysis of literature, much research has focused on Branding Strategies for Nondurable Goods, very few studies have focused on FMCG companies in general, and no study has focused especially on the bating soap category in FMCG Companies.
Despite the fact that very few relevant studies have focused on bathing soap marketing and branding methods, the current study addresses a research vacuum in studies on branding strategies. Furthermore, the study focuses on the top three selling FMCG brands of bating soaps in India.
The study will assist companies in understanding the ground realities on the efficacy of FMCG companies’ branding initiatives. Furthermore, the study will seek to address crucial variables in branding strategies such as Brand Association, Brand Loyalty, and Marketer Perceptions of Selected FMCG Brands.
Brand preference, FMCG, branding strategy, and brand association are all keywords.
1) An Overview of Branding Strategies
The true strength of successful brands is that they meet the expectations of those who buy them, or in other words, they represent a promise maintained, thereby instilling trust, belief, and loyalty in the customer, persuading the buyer to make repeat purchases without fear.
Branding strategy is currently an important topic in product strategy. Furthermore, due to the fast increasing competition in the FMCG industry, FMCG companies have been varied in their marketing methods, particularly with regard to branding.
Consumer brand preference and retention are two of the most difficult problems for businesses to overcome. With the importance that brands have for the success of commercial organizations, this chapter provides a full explanation of Brand and Branding strategies, the notion of FMCG brand, and FMCG brand classification.
The chapter also includes a full description of the review of literature, the need for the value of the study, the aims, methodology, and chapterization scheme devised to analyze the objectives.
A brand strategy is a long-term plan for the development of a successful brand with the goal of achieving particular objectives.
A well-defined and implemented brand strategy has a direct impact on all elements of a business and is closely related to consumer demands, emotions, and competitive conditions. There are numerous branding tactics in marketing that will increase brand equity and bring value to the organization. Brand strategy has the ability to expand significantly and reach far beyond the intended audience.
There are numerous types of brand strategies, which varies depending on target demographics, marketing campaigns, and budgets. A well-received brand strategy has the potential to increase brand equity and strengthen the company’s position as an established brand.
Some businesses use various techniques to boost the chances of a successful campaign. Branding is an essential component of the business development process. Large firms invest hundreds of millions of dollars in brand development.
For products and services supplied in large consumer markets, branding is critical. It is particularly significant in B2B since it allows the consumer to stand out from the crowd. The brand strategy brings the consumer’s competitive positioning to life and attempts to position the consumer in the minds of prospects and customers as a certain “something.”
To achieve the brand objectives, branding strategies are developed. These are concerned with concerns such as manufacturer’s brand or private label, mass or niche brand, value-added or low-cost brand, and so on. These also specify the criteria that the brand name must meet.
All of the preceding elements lead to the formulation of the brand name criterion. Group conversations, brainstorming, inspiration, word association, contests, and computer-generation could all be used to produce brand names. According to Thamaraiselvan and Raja (2008), in today’s intensely competitive climate, corporations offer new items to meet the continuously changing demands of consumers.
Many variables contribute to the failure of innovative products. Companies work hard to reduce new product failure rates in order to optimize returns for their stakeholders. Beura D researched FMCG brand extensions strategy and consumer purchasing behavior with a focus on the Odisha region.
The study sought to ascertain the impact of several characteristics such as perceived risk, similarity, reputation, consumer innovativeness, perceived quality, and brand concept consistency in the FMCG industry. The overall influence of brand extension techniques in both actually extended parent brands and prospective parent brand extensions is investigated in this study.
Ogbuji and Chinedu N. (2011) investigated the impact of brand on consumer choice for regulated bottled water in Nigeria’s southeast. According to the findings of the study, branding should take precedence over product-related methods when developing a marketing plan for bottled water.
Furthermore, the authors stated that organizations using branding should place greater focus on company-of-make and packaging when developing a branding strategy. Neema G. (2011) investigated the marketing tactics used in developing FMCG brand image in India, with a focus on store promotion.
The survey recruited 549 respondents and asked them to fill out a questionnaire focusing on their opinions and preferences on perceived brand image of certain Indian FMCG brands.
Stankeviciute and Hoffmann (2010) investigated brand extension strategy in the luxury fashion industry. They investigated numerous well-known international luxury fashion firms, including Giorgio Armani, Calvin Klein, and Jimmy Choo.
They discovered that luxury fashion firms may work with non-luxury brands to create an extended co-brand. If the co-brand has luxury fashion features and the nonluxury businesses have a solid reputation, this extension can have a favorable impact on themselves.
Nobbs et al. (2012) investigated the important features of the format of the luxury fashion flagship store. They discovered that, in actuality, the scale and dimensions of the premium fashion flagship shop are more than enough for its practical requirements.
They claimed that the premium fashion flagship stores value exclusivity and originality the most and that this helps attract customers.
They investigated the characteristics of the premium flagship store model and illustrated how the flagship store contributes to distinction generation and communication.
According to Rajput, N. and Kesharwani, S. (2012), the modern period gives high quality materials and a wide range of options in the Indian garment sector to meet the needs of clients. Customers are also taking advantage of the occasion. The findings confirm that Indians are currently very brand conscious.
As a result, brand image is not a key consideration in deciding which product or brand to purchase. Other factors such as quality, comfort, expectations, and demographic traits all have an impact on the purchasing decisions of both males and females.
Daud M. (2013) investigated the ingredient branding differentiation approach for FMCG companies. The author attempted to comprehend the concept of Ingredient branding in the paper and investigated Ingredient branding from the end consumer’s perspective. Muhammad Ehsan Malik et al. (2013) conducted research on the effect of brand image and advertising on consumer purchasing behavior.
According to the writers, brand image is an implied instrument that can positively alter people’s purchasing behavior, and advertisement is acting as a driving force for any organization because it’s an effective source to transmit your message and stay in the minds of customers.
Jain and Bhatnagar (2014) conducted a critical analysis of branded men’s apparel purchase behavior. According to the report, 33.33 percent of students and 58.67 percent of professionals visit Branded men’s wear showroom to shop, while 6.67 percent and 1.33 percent of students and professionals visit showroom to pass the time. 29.33 percent of students and 48 percent of professionals make purchases with certain brands in mind.
Suganthi V(2016) investigated Hindustan Unilever Limited’s marketing methods.
The study aimed to get insight into the rural market, with a particular emphasis on HUL and FMCG products. The research relies on secondary data sources.
The author remarked that HUL has the distinction of being one of the few Indian corporations that has widely touched the country’s enormous rural population, and the author has exposed the contribution of FMCG companies in Indian rural market and rural economy.
Das et al., (2016) found associations in which brands are well positioned and new associations in which weaker or new brands can place themselves. The brand image was evaluated using a technique known as perceptual mapping, which can have any number of dimensions but is most commonly two.
Rowntree L(2017) investigated the effect of digital advertising on FMCG brand sales. According to the author, digital advertising has long promised accountability, but FMCG marketers have unique problems in correlating marketing efforts to sales results. According to the author, FMCG firms require a large amount of data in order to slice it and acquire actionable insights that will help them make better business decisions.
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AN ASSESSMENT OF THE IMPACT OF PRODUCT BRANDING AS A REPOSITIONING STRATEGY (A CASE STUDY OF FMCGS)
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