New
30-03-2022

MBA Research Project on Business Research Methods

1. Abstract

You can gain confidence by being aware of your strengths and weaknesses and learning to accept your differences. This research will examine the impact of brand awareness on consumer behavior. We are specifically trying to determine which steps are necessary to increase brand awareness among consumers. This research assumes that the customer-based brand image and loyalty will impact consumers' perceptions of the brand. It is a way to increase brand awareness through media store sellers, which could help sellers promote their products in light of consumer behavior.

This section contains all the information you need about increasing brand awareness. It includes a helpful brand awareness definition and a guide to brand awareness.

Brand loyalty appears to be the most critical dimension. However, consumers' perceptions of brands may be affected by the dimension. Awareness levels are essential for ensuring a brand or product's success in the market. This must be done throughout the product's entire life cycle, from its launch to its decline. Marketers regularly monitor brand awareness levels and, if they fall below a certain threshold, increase advertising and promotional efforts until awareness returns to desired levels.

2. Keywords

Brand equity, brand recognition, and brand awareness are critical factors in influencing consumer behavior.

3. Introduction

People live very busy life, and they don't have the time or energy to slow down and let their will dictate. It can be stressful to consider all buyers' possible motives when buying a product. The demand and possibility of what to do and how to act can add to the chaos. Consumers sometimes need someone to suggest a product or take the product from a list of others, but not necessarily bring the product into their perspective. In such situations, brand awareness is crucial.

Brand awareness is the ability to recall and recognize a brand by customers. Brand awareness can be measured using how easily consumers are able to identify brands under different conditions. Brand awareness is one the most important brand assets that can add value to a product, service, or company. Building brand awareness can help you gain long-term competitive advantages (Biel 2013, 2013).

Both business managers and consumers have access to the Internet to help them achieve their goals. The Internet allows organizations to reach their clients worldwide, while consumers of all ages use this channel to search for, select, and buy products and services from companies as far as they are able. This data is vital for both consumers and businesses. Nearly all businesses are currently doing their awareness through traditional media. This includes the newspaper, magazines and billboards.

4. Research Objectives

  • It is important to highlight the importance of brand awareness and how it can increase their market success rate.
  • It is important to recognize that there is a direct link between brand awareness, consumer purchase design-making behavior, and brand awareness.

5. Brand Equity

Brand equity is the sum and difference of all assets and liabilities that are related to a brand's name and logo. The sum or difference refers to the value offered by a product or service, a company, or its customers. Brand equity is affected by assets and liabilities that are related to the brand's name or logo. Changes in the brand's logo or name can have either a positive or negative effect on its assets and liabilities. Some of these assets may be transferred to the new logo and name. Brand equity is the sum of the brand's assets and liabilities. It can vary from factor to factor, such as brand loyalty, brand awareness, customer perceptions of the brand's quality, patent and trademark ownership, and other proprietary assets (David 1991).

Marketing researchers believe that brands are among the most valuable assets of a company (Neumeier 2006). Brand equity can be one factor that increases the brand's financial value to its owner. Brand equity valuation can include but is not limited to changing market share, profit margins. Consumer recognition of logos and other visual elements by consumers, brand language associations made by consumers, quality perceptions by consumers, and other relevant brand values.

6. Marketing implications of Brand Awareness

Advertising alone does not give consumers information about brands and products. Consumers use information from many sources when making purchasing decisions. Consumers may be able to identify a greater number of brands after searching for information about a particular category (Chon 2000).

Conversion is the process of moving customers from brand awareness to a positive brand attitude to actual sales (Hatten 2012). Advertising is a great tool to create awareness and brand attitudes, but it often requires the support of other marketing elements to convert attitudes into sales. Telemarketing and other promotional activities are far more effective at generating sales than advertising. The advertising message could be designed to encourage consumers to call sales representatives as part of an integrated communication strategy (Commonwealth of Australia 2014). There are many ways to convert interest into sales, including special price offers and promotional offers, attractive terms for trade-in, or guarantees.

Advertising new products should have the primary objective of creating awareness among a wide cross-sectional market. Once awareness has been achieved, advertising should be geared towards stimulating interest and desire.

7. Literature Review

Research and academics have done a lot of work on branding, including new product launches and brand awareness. Brands also have a greater ability to forge a lasting and profitable relationship with customers than regular products (De Chernatony L. et al., 2010).

Cernikovaite (2011) asserts that brand awareness is a prerequisite for purchasing a product. Users are more likely to purchase and produce the products if they are high-quality. The company's advertising delivers brand associations. These associations can enhance the brand's value by introducing new features that are perceived as adding value. This creates a positive effect on safety and exclusivity for consumers, which in turn increases the brand's value. There are many ways to increase awareness of new products in the market. These include traditional and innovative media. ATL promotions and traditional media-based advertising have the greatest reach, but they can be difficult to manage for new products. Businesses can now use new BTL launch methods (Salcido T.2011) to introduce new brands to the market in a more personal manner. This allows consumers to relate to the brand better and reduces overall costs. Businesses are using new media strategies such as the Internet and mobile-based network marketing strategies. (Jenkins, H., 2006).

According to Zeithaml (1988), the value and benefits the customer perceives from the product will determine whether or not they intend to purchase it. There are many factors that lead consumers to purchase the product. One of these factors is their satisfaction with the brand/product from previous purchases. This will determine the brand's position in the considerations of the consumer when they make their next purchase decision.

This research focuses on the relationship between brand awareness, various brand outcomes, and the consumer's purchasing behavior.

8. How to Create and Maintain Brand Awareness

A solid and trusted brand is essential for any company to succeed. How can we increase sales and customer base if the target audience doesn't trust or know the brand? Brand trust is essential in a world where customers rely on research and opinions from others before purchasing. Brand trust builds loyalty and makes it easier for consumers to return to the brand.

It is crucial to building brand awareness early in the product's lifecycle, and this will increase market acceptance. Marketers have relied on intense advertising campaigns to achieve top-of-mind awareness, particularly during product launches (Belch 2009). Once a brand is established and has achieved the desired awareness levels, the brand advertiser will switch to a reminder campaign instead of an intensive advertising campaign. Reminder campaigns are designed to remind target audiences about the brand and introduce new life to the brand offer (Business Dictionary).

Bloggers are now key influencers of important consumer goods and services, including fashion, consumer electronics, and food and beverage. Collective Bias recently conducted a survey that found digital influencers were more popular than celebrities when it comes to product endorsements. Only 3% of respondents said that they would consider purchasing a celebrity-endorsed item. This compares to 60% who said that they were influenced by a social media post or blog review when shopping.

9. Research Methodology

A qualitative research method was used to obtain future results and information. The qualitative study doesn't focus on numbers but rather on observations and content. Zikmund (2000) defined qualitative research as "stories and visual portrayals, meaningful interpretations, interpretations, and other expressive descriptions." He also stated that quantitative research was used to measure the extent or quantity of a phenomenon in numbers. Because the study seeks to determine the effect of online brand awareness on consumers' purchasing decisions, qualitative data was chosen. This study focuses more on the existence of the theory than the scale.

We can access reliable data sources from anywhere in the world by conducting telephone interviews. Interviews can give us a broad understanding of how brand awareness affects consumers' buying decisions. We can also gain further insight into the implications of consumers' behavior and the reasons behind it.

We will have a discussion with our supervisors and fellow interviewers about the interview questions to ensure there is no implied meaning. Interview questions should be based on two main themes: study purpose and research question. This allows us to adapt questions to suit the responses and allows us to ask questions that fall under the theme. The first theme is to discover what the brand's consumers think. This information is also the ones that consumers receive from the brand they purchase. This theme is the purpose of research question 1. It aims to find out what steps consumers use to make their purchasing decisions. The second theme aims to determine the causes behind specific steps in the consumer's purchasing decision process. This helps to understand the motivations of consumers to be aware of the brand.

10. Ethical Considerations

Research ethics and business ethics are becoming more important. Understanding the basics of ethics research and how it might impact your research project is crucial. Researchers may find themselves in ethically challenging situations when they have to choose between conflicting methods and must deal with contradicting issues. These situations may lead to disagreements between different parts, such as researchers, participants, researchers, their discipline, funding bodies, and society (Truscott 2004).

All information provided will be treated confidentially and not shared with any third parties.

11. Findings/Limitations

Because qualitative analysis is always more valuable than quantitative, I chose to conduct a telephone survey using a questionnaire-based survey. Due to time constraints and geographic limitations, I cannot perform a face-to-face interview, and only the United Kingdom's chosen interviewer will be able to access the findings. The conclusions drawn at the conclusion are solely based on my opinions.

12. Conclusion

Internet marketing tools can help increase brand awareness. These tools remind, remind, and persuade customers about brands, products, and services. Clients may come across the brand in a variety of ways, and they might view videos, play games, spend time on the site, communicate with other customers, or watch advertisements.

Current research shows a positive correlation between brand awareness, consumer preference, and brand market outcome. In this context, it is vital to recognize the importance of marketing efforts. Promoting and advertising are designed to help customers recognize the brand and product and consider purchasing it. Public relations in different media channels enhance the brand's recognition. Advertising, promotion, selling, and public relations via the Internet create brand awareness. Internet marketing does not just include advertising on websites but also emails and social media.

Frequently asked questions

What is Business Research Methods in MBA ?
What exactly is the Business Research Method? It is an organised, systematic, data-driven, critical, objective, scientific inquiry or investigation into a specific problem with the goal of finding answers or solutions.
What are the 4 types of business research ?
Surveys, interviews, focus groups, and customer observation are four common types of market research techniques.
What is business research method with example ?
Business research is defined as the acquisition of information and knowledge for professional or commercial purposes such as determining opportunities and goals for a business. Gathering sales information and writing a detailed report on marketing and sales is an example of business research.
What are the three types of business research ?
  • Exploratory Research. Companies use exploratory research methods to uncover facts and opinions regarding a particular subject. ...
  • Descriptive Research. ...
  • Causal Research.
What are the 10 types of research ?
Based on General Category,
  • Quantitative Research.
  • Qualitative Research.
  • Descriptive Research.
  • Analytical Research.
  • Applied Research.
  • Fundamental Research.
  • Exploratory Research.
  • Conclusive Research.
What are the 4 types of research methodology ?
Data can be classified into four types based on how it was collected: observational, experimental, simulation, and derived.
How do you create positive brand awareness ?
  1. Understand and Deliver What Customers Value. Always remember that continuously enhancing the value of your business strengthens your market position and increases demand for your products. ...
  2. Take Initiatives to Build Credibility. ...
  3. Focus on Multichannel Customer Support.
Which is the most commonly used in business research ?
Survey research is one of the most widely used methods of data collection, particularly in business research. Surveys entail posing various survey questions to a group of people using various methods such as online polls, online surveys, questionnaires, and so on.