Getting New Ideas for Product Development
New product development refers to introducing a new product and launching the same in the market keeping in minds customers’ needs and expectations from respective organizations. Bringing a new product in the market and ensuring the same is accepted by end-users is extremely challenging and requires brainstorming which eventually leads to generation of unique and […]
Advertising Management – Meaning and Important Concepts
Advertising simply put is telling and selling the product. Advertising Management though is a complex process of employing various media to sell a product or service. This process begins quite early from the marketing research and encompasses the media campaigns that help sell the product. Without an effective advertising management process in place, the media […]
Strategic CRM – Mainitain Long Term Relationship with Customers
The aim of strategic CRM is to concentrate and enhance the knowledge about customers and use this knowledge to improve and customize the interactions with customers to maintain a long-term relationship with them. Determining and development of CRM strategies involves following steps: Amplify Commitment- Strategic CRM involves almost all the departments of an organization e.g. […]
Business to Business (B2B) Exchanges – Virtual Market on Internet
Ever since we stepped into internet world, we find a sea of change in the way people buy, communicate and socialize with one another. Internet has succeeded in erasing the boundaries and bringing markets together. Today it is possible for one to sit in the comfort of his home or office and search for information […]
Understanding Market Segmentation – Key Steps and Actions
Segmentation refers to the process of creating small segments within a broad market to select the right target market for various brands. Market segmentation helps the marketers to devise and implement relevant strategies to promote their products amongst the target market. A market segment consists of individuals who have similar choices, interests and preferences. They […]
Brand awareness is the probability that consumers are familiar about the life and availability of the product. It is the degree to which consumers precisely associate the brand with the specific product. It is measured as ratio of niche market that has former knowledge of brand. Brand awareness includes both brand recognition as well as brand recall.
Brand recognition is the ability of consumer to recognize prior knowledge of brand when they are asked questions about that brand or when they are shown that specific brand, i.e., the consumers can clearly differentiate the brand as having being earlier noticed or heard.
While brand recall is the potential of customer to recover a brand from his memory when given the product class/category, needs satisfied by that category or buying scenario as a signal.
In other words, it refers that consumers should correctly recover brand from the memory when given a clue or he can recall the specific brand when the product category is mentioned. It is generally easier to recognize a brand rather than recall it from the memory.
Brand awareness is improved to the extent to which brand names are selected that is simple and easy to pronounce or spell; known and expressive; and unique as well as distinct. For instance - Coca Cola has come to be known as Coke.
There are two types of brand awareness:
The relative importance of brand recall and recognition will rely on the degree to which consumers make product-related decisions with the brand present or not. For instance - In a store, brand recognition is more crucial as the brand will be physically present. In a scenario where brands are not physically present, brand recall is more significant (as in case of services and online brands).
Building brand awareness is essential for building brand equity. It includes use of various renowned channels of promotion such as advertising, word of mouth publicity, social media like blogs, sponsorships, launching events, etc.
To create brand awareness, it is important to create reliable brand image, slogans and taglines. The brand message to be communicated should also be consistent. Strong brand awareness leads to high sales and high market share.
Brand awareness can be regarded as a means through which consumers become acquainted and familiar with a brand and recognize that brand.
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