BRANDING AS A TOOL FOR INCREASING SALES VOLUME OF AN ORGANIZATION IN NIGERIAN ECONOMY
Abstract
The purpose of this study was to determine consumer perceptions of leading beverage brands produced by Nigerian Breweries Plc, as well as how brewers can use branding as a tool to increase or boost sales. To arrive at and consumer ratings of brands, I used a combination of tabulations and weightings.
The findings revealed that taste and flavor were the most important attributes to the research sample’s respondents. This was followed in that order by the alcoholic content, price, and aroma/smell. The questionnaire method of data collection was used, and a systematic random sample of respondents was administered.
The study’s findings revealed that consumers’ preference for a brand is determined by the relative importance of the product attributes and their beliefs about the brand. In a consumer preference ranking, star emerged as the most preferred brand and legend extra stout emerged as the least preferred brand.
The findings revealed that there was no relationship between brand preference and demographic variables such as gender, age, or income level.
CHAPTER ONE
INTRODUCTION
1.1 The Study’s Background
Adeleye (2003) defines a brand as the name that is associated with a product or service. According to the author, a brand represents many more intangible aspects of a product or service upon closer inspection: a collection of feelings and perceptions about quality, image, lifestyle, and status.
Other researchers contended that a brand creates the perception in the minds of customers and prospects that there is no other product or service on the market that is quite like yours (Keller, 2006; Ajagbe, 2007; Solomon et al., 2012). In short, a brand makes a promise to the customer and then follows through on it.
According to Kotler (2000), branding is more than just a business buzzword. The concept of brand name, according to Keller (2003), has become the crux of selling in the new economy. The author added that whereas the old marketing mantra was “Nothing happens until someone sells something,” the new philosophy could be “Nothing happens until someone brands something” (McCarthy, 2002).
Branding is a major issue in product strategy, and professional marketers’ ability to create, maintain, produce, and enhance brand is perhaps their most distinguishing skill. Branding is both an art and a foundational component of marketing.
A brand is defined by the American Marketing Association as a name, term, sign, symbol, or design, or a combination of these, intended to identify and differentiate the goods or services of one seller or group of sellers from those of competitors.
As a result, a brand identifies the seller or maker. The brand name and trademarks protect the legal rights to improve product features that would otherwise be copied by competitors. Furthermore, branding allows the seller to attract a loyal and profitable set of customers, as well as some protection from competitors’ greater control in planning their marketing mix.
All of this causes companies to spend a lot of money on branding with the sole purpose of product differentiation and identification, thereby changing customer tastes and, as a result, making good sales branding.
Branding has evolved into a critical motivator in the field of sales branding in any organization, whether it manufactures industrial or consumer goods.
The subject matter was chosen by the researcher due to his keen interest in sales increase, particularly in branding, which involves identifying the level of dependence of customers on this effort and on the organizations. As a result, the impact of branding on Nestle Foods Nigeria Ltd. sales has increased.
The researcher also discussed the effectiveness, achievement, and outcomes of branding for the organization in terms of sales volume and profitability.
Nestle Plc began as a small trading company in Nigeria in 1961 and has since grown to become a leading food manufacturing and marketing company. It is a publicly traded company that has been listed on the Nigeria stock exchange (now known as the Lagos stock exchange) since 1978.
The main production units have been designed in accordance with modern manufacturing methods, ensuring efficient production of the following products. NESTLE NUTREND, NESTLE CERELAC MAIZE AND CERELAC CHOCOLATE, NESTLE GOLDENMORN, NESTLE MILO, CHOCOMILO, MAGGI CUBES, and so on.
Nestle Nigeria Plc has regional sales offices in the Lagos region, the east region, the north-western region, and the north-eastern region. Its depots are located in Ibadan, Benin, Kaduna, Makurdi, Kano, Aba, and Jos.
Branding has nothing to do with a product’s design, which includes both intrinsic and extrinsic qualities such as branding, textile, color, names, tastes, and so on.
Branding is a collection of activities that include establishing brand names, brand marks, copyright, and the like. Confusive marketing is the best way to describe a marketing situation in the absence of branding.
According to Francis and Stephen (2003), branding is the creation of three-dimensional characters for a product, defined by name, branding, colors, and symbols. According to the authors, branding helps to differentiate a product from its competitors. They also stated that branding assists customers in developing a relationship with the products.
According to Bearden and Ingram (2007), branding is the use of a name, term, symbol, or design—or a combination of all—to identify a product. According to McCarthy (2002), branding is the process by which a company uses marketing strategies to get people to remember their company and products over others.
He mentioned that a brand promises to deliver a specific set of features, benefits, and services to customers on a consistent basis. According to Worlu et al. (2007), branding is also defined as the use of a name, symbol, or design, or a combination of these, to identify products and services.
In a nutshell, it is a deliberate and planned process of aligning business processes with the brand identity and values. According to Batra and Homer (2004), branding is an activity in which organizations use a name, phrase, design, or symbol, or a combination of these, to identify and differentiate their products from those of competitors.
According to Palmer (2000), branding is the process of creating a distinctive identity for a product that distinguishes it from its competitors. Branding is the process of instilling distinct and long-lasting perceptions in the minds of consumers (Johnson and Russo, 1984; Blythe, 2001; Ajagbe et al., 2015).
1.2 THE PROBLEM’S STATEMENT
The issue of food product branding in the Nigerian context cannot be overstated; some believe that food product branding will be a problem for society as a whole, while others disagree. To be more specific, we have different types of soft drinks that, when consumed by customers, will provide the same satisfaction;
however, these products must be branded in order to give each and every product its own identity that will differentiate it from others or rather its competitors. However, the purpose of this study is to discover the role of branding in increasing an organization’s sales volume.
1.3 THE STUDY’S OBJECTIVES
The primary goal of this study is to determine the impact of branding as a tool for increasing an organization’s sales volume. More specifically, the study intends to:
Determine a method for marketing branded products in a company.
Learn about the various branding styles used by organizations.
Discover the impact of branding on Nestle Foods Nigeria Ltd’s increased sales volume.
1.4 QUESTIONS FOR RESEARCH
What methods can be used in an organization to market branded products?
What are the various branding styles employed by organizations?
What effect has branding had on Nestle Foods Nigeria Ltd.’s sales volume increase?
1.5 HYPOTHESIS OF RESEARCH
Ho: There is no significant impact of branding on Nestle Foods Nigeria Ltd’s sales increase.
Hello, there is a significant impact of branding on Nestle Foods Nigeria Ltd’s sales increase.
1.6 THE STUDY’S SIGNIFICANCE
Similar studies may have been conducted in this field of human endeavor; however, because the business environment is never static, a lot of changes may have rendered parts of the findings obsolete.
This research will benefit the organization under review (Nestle Nig Ltd) because the researcher will investigate various aspects of marketing branded food products within the organization to determine whether the large amount of money spent on branding food products is justified.
The study is also expected to serve as a reference material for future research work in this important aspect of business administration because it can be consulted as a reference material, particularly if the study needs to be improved
1.7 OPERATIONAL TERM DEFINITION
Branding
A brand is a name, term, design, symbol, or other feature that distinguishes an organization or product in the eyes of the customer from its competitors.
Marketing
The study and management of exchange relationships is referred to as marketing. Marketing is used to acquire, retain, and satisfy customers.
Consumer
A consumer is a person or organization who purchases economic goods or services.
Patronage
Patronage is defined as an organization’s or an individual’s support, encouragement, privilege, or financial assistance given to another.
1.8 THE STUDY’S ORGANIZATION
For ease of comprehension, this research work is divided into five chapters, which are as follows:
The first chapter is concerned with the introduction, which includes the (overview of the study), statement of the problem, objectives of the study, research hypotheses, significance of the study, scope and limitations of the study, definition of terms, and historical background of the study.
The second chapter emphasizes the theoretical framework on which the study is based, as well as a review of related literature. The third chapter discusses the study’s research design and methodology. The fourth chapter focuses on data collection, analysis, and presentation of findings. The study’s summary, conclusion, and recommendations are presented in Chapter 5.
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