- TITLE OF THE PROJECT:
A STUDY TO INCREASE PENETRATION LEVEL & BRAND LOYALTY AMONG EXISTING CONSUMERS OF BHOLASONS JEWELLERS
Degree to which a consumer repeatedly purchases a brand, for advertisers to achieve their ultimate goal of brand loyalty, the consumer must perceive that the brand offers the right combination of quality and price. Many factors influence brand loyalty, such as consumer attitudes, family or peer pressure, and friendship with the salesperson. The advertiser must consider all such factors. The degree of brand loyalty-that is, the brand’s market share-is known as the brand franchise. Brand loyalty is stronger on established products than on new products.
Brand loyality has been proclaimed by some to be the ultimate goal of marketing. In marketing, brand loyalty consists of a consumer’s commitment to repurchase the brand and can be demonstrated by repeated buying of a product or service or other positive behaviors such as word of mouth advocacy. True brand loyalty implies that the consumer is willing, at least on occasion, to put aside their own desires in the interest of the brand.
Brand loyalty is more than simple repurchasing, however. Customers may repurchase a brand due to situational constraints, a lack of viable alternatives, or out of convenience. Such loyalty is referred to as “spurious loyalty”. True brand loyalty exists when customers have a high relative attitude toward the brand which is then exhibited through repurchase behavior. This type of loyalty can be a great asset to the firm: customers are willing to pay higher prices, they may cost less to serve, and can bring new customers to the firm For example if Joe has brand loyalty to Company A he will purchase Company A’s products even if Company B’s are cheaper and/or of a higher quality. From the point of view of many marketers, loyalty to the brand – in terms of consumer usage – is a key factor:
Philip Kotler groups ‘users’ into a number of categories: non-users, ex-users, potential users, first-time users and regular users.
Most important of all, in this context, is usually the ‘rate ‘ of usage, to which the Pareto 80:20 Rule applies. Kotler’s `heavy users’ are likely to be disproportionately important to the brand (typically, 20 per cent of users accounting for 80 per cent of usage — and of suppliers’ profit). As a result, suppliers often segment their customers into `heavy’, `medium’ and `light’ users; as far as they can, they target `heavy users’.
A third dimension, however, is whether the customer is committed to the brand. Philip Kotler, again, defines four patterns of behavior:
Hard Core Loyal – who buy the brand all the time?
Soft Core Loyal – loyal to two or three brands.
Shifting Loyal – moving from one brand to another.
Switchers – with no loyalty (possibly `deal-prone’, constantly looking for bargains or `vanity prone’, looking for something different).
Branding today is a blend of art and science and the topic is of interest to both academics and practitioners. Huge amount of money is being spent by marketers to develop brands, with a conviction that brand building, will create brand differentiation. While the intrinsic value with regard to functionality is created by the marketer through the offering, consumer psyche plays a vital role with regard to short and long term effects of brand associations. Besides brand associations, cultural dimensions plays an important role with regard to both branding associations and how consumer’s mind adapts to the development of brand associations
For a century now, Bholasons has stood for a lifetime of faith. Faith in knowing that our gold and diamond jewellery, kundan and polki, and everyday ensembles all bear the highest global standards of purity, excellence and design.
Not surprisingly, faith in Bholasons has now crossed international barriers and reached the United States of America, the United Kingdom, Canada, the Middle East and South East Asia. And generation after generation of women continue to cherish the experience of feeling ‘preciously different’, only with Bholasons.
- IIGJ Award for Party and Bridal Wear, 2006
- IIGJ Award for Everyday Wear, Bridal / Formal Wear (Gold/Platinum) and Bridal/Formal Wear (Stone/Studded), 2005
- DTC Best Showroom Award, 2005
- 1st prize for Bridal Wear, World Gold Council Swarnanjali Design Competition, 1998
- Special prize for Design and Unusual Execution, De Beers Millennium Diamond Prize Contest, 1999
- Conferred status of a ‘Government Recognized Export House’
Every purchase comes with the special Bholasons guarantee of exchange and buy-back. (Conditions apply)
- RATIONALE FOR THE STUDY
Brand loyalty is more than simple repurchasing. Customers may repurchase a brand due to situational constraints, a lack of viable alternatives, or out of convenience. Such loyalty is referred to as “spurious loyalty”. True brand loyalty exists when customers have a high relative attitude toward the brand which is then exhibited through repurchase behavior. This type of loyalty can be a great asset to the firm: customers are willing to pay higher prices, they may cost less to serve, and can bring new customers to the firm. For example, if Joe has brand loyalty to Company A he will purchase Company A’s products even if Company B’s are cheaper and/or of a higher quality. A brand is a name, term, sign, symbol, or design, or some combination of these elements, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors. The different components of a brand. Brand names, logos, symbols, package designs, and so on are brand elements. Brands offer a number of benefits to customers and firms. Brands are valuable intangible assets that need to be managed carefully. The key to branding is that consumers perceive differences among brands in a product category. Bholasons Jewellers is a classic Jewelry-driven brand, but has struggled to reach that next generation and has Bholasons Jewellers created such a following that their most loyal.
- OBJECTIVES OF THE STUDY
1. To check the brand loyalty among existing consumers of Bholasons Jewellers.
2. To check the attitude of consumers to of Bholasons Jewellers.
3. To increase penetration level & brand loyalty among existing consumers of Bholasons Jewellers.
- RESEARCH METHODOLOGY
Research methodology in a way is a written game plan for conducting research. Research methodology has many dimensions.
RESEARCH DESIGN: – The research design used in this study is both ‘Descriptive’ and ‘exploratory’
METHODOLOGY ADOPTED: This research will be aimed at studying the increase penetration level & brand loyality among existing consumer of Bholasons Jewellers.
METHOD YOU WILL USE TO CLASSIFY:
PRIMARY DATA: Most of the information will be gathered through primary sources’. The methods that will be used to collect primary data are: Questionnaire and online interviews.
SECONDARY DATA: The secondary data will be collected through internet sites and reference book
SAMPLE SIZE : 100
AREA OF STUDY: DELHI
CONVENIENT SAMPLING: it is that type of sampling where the researcher selects the sample according to his or her convenience.
METHOD YOU WILL USE TO PRESENT DATA: Data collection will be done through questionnaire. The SPSS & Excel software will be used to analyze the data. Different types of graphs & Charts use to interpretation the findings diagrammatically, calculating the percentage of the responses. Formula, diagrams they are:
- Pie Charts
- Bar Graphs
- Likert scale