branding in small business

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Table of ContainsChapter 0ne: Introduction --------------------------------------------------------------------- 31.1: Introduction1.2: Objective of the StudyChapter Two: Literature review -------------------------------------------------------------- 32.1: Branding2.2: Brand equity2.3: Small BusinessChapter Three: Methodology of the study ------------------------------------------------- 53.1: Methodology of the Study3.1.1 Population3.1.2: Sample size3.1.3: sampling technique3.1.4: Sources of Data collection3.1.4.1: Primary data3.1.5: Data analysisChapter Four: Analysis of the study ---------------------------------------------------------- 64.1: Analysis of the study4.1.1: Profession wise analysis4.1.2: Gender wise analysis4.1.3: Age wise analysis4.1.4.1: Purchase from renowned small shop4.1.4.2: Prefer shops with good names.4.1.4.3: Prefer the name of owner as the shops name rather any other name4.1.4.4: Like small shops with nice logo4.1.4.5: Like to go to shop who remember me4.1.4.6: Prefer that shops who advertise in any media4.1.4.7: Expect different events from the shops usually purchase4.1.4.8: Small shop can do better if they perform branding activities like big companies within their budget.

Chapter five: Summary of Findings, Conclusion and Recommendations -------- 135.1: Summary of Findings5.2: Conclusions5.3: RecommendationsReference Appendix

Chapter 0ne: Introduction1.1: IntroductionBranding is one of the most important aspects of any business, large or small, retail or B2B. Branding is the main element because of its success of any business depends on the way which the service /product tend to be marketed to the consumers. The successful brandingis single that comes up having a coherent and also consistent technique of building the visible regarding itself as well as finally succeeds throughout laying the solid foundation that progress for years without virtually any shortcomings .One of an great positives associated with establishing a title is actually that It\ll support the business for getting easily identified and established.1.2: Objective of the StudyThe objectives of the study are as follows:1. The objective of the study is to branding in small business.2. To provide some recommendations (if necessary) to improve the branding in small business.

Chapter Two: Literature review2.1: BrandingA traditional definition of a brand was: the name, associated with one or more items in the product line, which is used to identify the source of character of the item(s) (Kotler 2000, p. 396). In an earlier article, (Williams j),Branding is one of the most important aspects of any business, large or small, retail or B2B. An effective brand strategy gives a major edge in increasingly competitive markets. The American Marketing Association defines a brand as A name, term, design, symbol, or any other feature that identifies one sellers good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name. Within this view, as Keller (2003a) says, technically speaking, then, whenever a marketer creates a new name, logo, or symbol for a new product, he or she has created a brand (p. 3). He recognizes, however, that brands today are much more than that. As can be seen, according to these definitions brands had simple and clear function as identifiers.2.2: Brand equityBranding equity is a phrase used in the marketing industry which describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more money from products with that brand name than from products with a less well-known name, as consumers believe that a product with a well-known name is better than products with less well-known names. Aaker, David A. (1991), Keller, Kevin Lane (2003), Leuthesser, L., C.S. Kohli and K.R. Harich (1995).Some marketing researchers have concluded that brands are one of the most valuable assets a company has,(Neumeier, Marty (2006).) as brand equity is one of the factors which can increase the financial value of a brand to the brand owner, although not the only one.Grannell, Chris (2009).Elements that can be included in the valuation of brand equity include (but not limited to): changing market share, profit margins, consumer recognition of logos and other visual elements, brand language associations made by consumers, consumers' perceptions of quality and other relevant brand values.Consumers' knowledge about a brand also governs how manufacturers and advertisers market the brand.Keller, Kevin Lane (1993).Lassar, W., B. Mittal and A. Sharma (1995). Brand equity is created through strategic investments in communication channels and market education and appreciates through economic growth in profit margins, market share, prestige value, and critical associations. Generally, these strategic investments appreciate over time to deliver a return on investment. This is directly related to marketing ROI. Brand equity can also appreciate without strategic direction. A Stockholm University study in 2011 documents the case of Jerusalem's city brand.Metti, Michael Sebastian (2011-06-01) the city organically developed a brand, which experienced tremendous brand equity appreciation over the course of centuries through non-strategic activities. A booming tourism industry in Jerusalem has been the most evident indicator of a strong ROI.Brand equity is strategically crucial, but famously difficult to quantify. Many experts have developed tools to analyze this asset, but there is no agreed way to measure it. As one of the serial challenges that marketing professionals and academics find with the concept of brand equity, the disconnect between quantitative and qualitative equity values is difficult to reconcile. Quantitative brand equity includes numerical values such as profit margins and market share, but fails to capture qualitative elements such as prestige and associations of interest. Overall, most marketing practitioners take a more qualitative approach to brand equity because of this challenge. In a survey of nearly 200 senior marketing managers, only 26 percent responded that they found the "brand equity" metric very useful.Farris, Paul W.; Neil T. Bendle; Phillip E. Pfeifer; David J. Reibstein (2010).

2.3: Small BusinessThe U.S. Small Business Adminstration (SBA), defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field. Depending on the industry, size standard eligibility is based on the average number of employees for the preceding twelve months or on sales volume averaged over a three-year period.Chowdhury.s, Azam K.G,Islam ,Asian Business Review, Volume 2, Numebr 2/2013 (Issue 4).Under Bangladesh Banks regulations Small Enterpriserefers to the firm/business which is not a public limitedcompany and complies the following criteria:

SerialNo.SectorFixed Asset other thanLand and Building (Tk.)EmployedManpower(not above)

1Services50,000-50,00,00025

2Business50,000-50,00,00025

3Industrial50,000-1,50,00,00025

Chapter Three: Methodology of the study3.1: Methodology of the Study3.1.1 PopulationPopulation will be all person who lives in Dhanmondi and kola Bagan.3.1.2: Sample sizeSample size is a number of elements to be included in a study. Data will be collected from 50 respondents. So the sample size of the study will be 50.3.1.3: sampling techniqueIt is sampling technique in which are selected on the basis of personal judgment and where people are most conveniently available.3.1.4: Sources of Data collectionThe study will be collected based on the primary sources of information.3.1.4.1: Primary dataThe primary data will be collected from local person in Dhanmondi and Kola Bagan. The survey will be conducted by providing questionnaires to the person.

3.1.5: Data analysisIn order to emphasize on certain information, higher percentage of opinions will be considered as the acceptable views and opinion. For the data analysis computer software (e.g. Microsoft excels) will be used. Data will be analyzed through pie charts and bar charts which makes the analysis more effective and efficient.

Chapter Four: Analysis of the study4.1: Analysis of the study4.1.1: Profession wise analysisProfessionNO of the respondentsPercentages

Student0918%

Teacher036%

Business1428%

Service holders1530%

Others0918%

Total=50=100%

Table 4.1.1: Profession wise analysisThe profession respondent is divided into five categories. The categories are Student, Teacher, Business, Service Holders, and Others. Among the respondents 18% were students, 6% teachers, 28% business, 30% service holders, and 18% others.Figure4.1. 1: Profession wise analysis4.1.2: Gender wise analysisGenderNO. of respondentsPercentages

Male3468%

Female1632%

Total=50=100%

Table 4.1.2: Gender wise analysisAmong the 50 respondents, it is found that 68% were Male and 32% were Female.

Figure4.1.2: Gender wise analysis

4.1.3: Age wise analysisAgeNo. of respondentsPercentage

18-282856%

29-381530%

39-48510%

49-above24%

Total=50=100%

Table4. 1.3: Age wise analysisThe age group of the respondents is divided into four classes. Among them 18-28 years old were 56% respondents, 29-38 years old were 30% respondents, 39-48 years old were 10% respondents, 49-above years old were 4% respondents.

Figure4. 1.3: Age wise Analysis4.1.4. 1: Purchase from renowned small shopEvaluatePercentage

Strongly Agree30%

Agree28%

Neither Agree Nor Disagree14%

Disagree22%

Strongly Disagree6%

Table:4.1.4.1- Purchase from renowned small shopIt is found from the survey that 28% of the respondents said that Purchase from renowned small shop does necessary, and 58% of the respondents said that it is necessary. So it can be said that small shop businesses Purchase from renowned small shop is necessary, which made most of respondents satisfied.

Figure:4.1.4.1- Purchase from renowned small shop4.1.4.2: Prefer shops with good names.EvaluatePercentage

Strongly Agree14%

Agree34%


Disagree16%

Strongly Disagree10%

Table:4.1.4.2- Prefer shops with good namesAmong the 50 respondents, 26% of them dissatisfied on the Prefer shops with good names and only 48% of them like shops with good names, so majority of respondents said that good name is necessary for shops.

Figure:4.1.4.2- Prefer shops with good names

4.1.4.3: Prefer the name of owner as the shops name rather any other nameEvaluatePercentage

Strongly Agree24%

Agree18%


Disagree24%


Table:4.1.4.3- Prefer the name of owner as the shops name rather any other nameHere, it can be seen from the above table that strongly agree 24% respondents responded, 18% respondents responded agreed, 24% respondents responded neither agree nor disagree, 24% are disagree, and 10% respondents responded provided strongly disagree, so majority of respondents are satisfied.

Figure:4.1.4.3- Prefer the name of owner as the shops name rather any other name4.1.4.4: Like small shops with nice logoEvaluatePercentage

Strongly Agree32%

Agree40%


Disagree10%

Strongly Disagree6%

Table:4.1.4.4- Like small shops with nice logoAmong the 50 respondents, 72% of them satisfied and 16% does not like nice logo with shops, so majority respondents said that nice logo important.

Figure:4.1.4.4-Like small shops with nice logo

4.1.4.5: Like to go to shop who remember meEvaluatePercentage

Strongly Agree48%

Agree32%


Disagree6%

Strongly Disagree8%

Table:4.1.4.5- Like to go to shop who remember meAmong the 50 respondents, 80% of them like to go to shops who remember them, and only 14% like its, so it can be said that customer Like to go to shop who remember them.

Figure:4.1.4.5-Like to go to shop who remember me

4.1.4.6: Prefer that shops who advertise in any mediaEvaluatePercentage

Strongly Agree18%

Agree26%


Disagree18%


Table: 4.1.4.6- Prefer that shops who advertise in any mediaPrefer that shops who advertise in any media is found that 44% of the respondents said that advertisement is necessary in any media and 34% respondents said that it is not necessary.

Figure: 4.1.4.6-Prefer that shops who advertise in any media4.1.4.7: Expect different events from the shops usually purchaseEvaluatePercentage

Strongly Agree24%

Agree30%


Disagree20%


Table: 4.1.4.7- Expect different events from the shops usually purchaseAmong the 50 respondents, 32% does not expect deferent events from shops, and 54% respondents are expect deferent events.

Figure:4.1.4.7-Expect different events from the shops usually purchase4.1.4.8: Small shop can do better if they perform branding activities like big companies within their budget.EvaluatePercentage

Strongly Agree22%

Agree52%


Disagree8%

Strongly Disagree2%

Table: 4.1.4.8: Small shop can do better if they perform branding activities like big companies within their budget.Among the 50 respondents, 74% satisfied with concept, and 10% are dissatisfied this concept. So majority said that this concept is good.

Figure:4.1.4.8-Small shop can do better if they perform branding activities like big companies within their budget

Chapter five: Summary of Findings, Conclusion and Recommendations5.1: Summary of FindingsFrom the analysis are some significant findings- The profession respondent is divided into five categories. The categories are Student, Teacher, Business, Service Holders, and Others. Among the respondents 18% were students, 6% teachers, 28% business, 30% service holders, and 18% others. Among the 50 respondents, it is found that 68% were Male and 32% were Female. The age group of the respondents is divided into four classes. Among them 18-28 years old were 56% respondents, 29-38 years old were 30% respondents, 39-48 years old were 10% respondents, 49-above years old were 4% respondents. It is found from the survey that 28% of the respondents said that Purchase from renowned small shop does necessary, and 58% of the respondents said that it is necessary. So it can be said that small shop businesses Purchase from renowned small shop is necessary, which made most of respondents satisfied. Among the 50 respondents, 26% of them dissatisfied on the Prefer shops with good names and only 48% of them like shops with good names, so majority of respondents said that good name is necessary for shops. Here, it can be seen from the above table that strongly agree 24% respondents responded, 18% respondents responded agreed, 24% respondents responded neither agree nor disagree, 24% are disagree, and 10% respondents responded provided strongly disagree, so majority of respondents are satisfied. Among the 50 respondents, 72% of them satisfied and 16% does not like nice logo with shops, so majority respondents said that nice logo important. Among the 50 respondents, 80% of them like to go to shops who remember them, and only 14% like its, so it can be said that customer Like to go to shop who remember them. Prefer that shops who advertise in any media is found that 44% of the respondents said that advertisement is necessary in any media and 34% respondents said that it is not necessary. Among the 50 respondents, 32% does not expect deferent events from shops, and 54% respondents are expect deferent events.

5.2: ConclusionsSo, in summary, every small business should have branding, whether you're small or large and the importance of branding cannot be overstated. It's the best way to add value to your product or service and to communicate to your customers and prospects your ideals and values. Quite simply, without branding, people will quickly forget who you are, so make sure you've got your branding in place today.

5.3: RecommendationsFrom the study and analysis I got lot of result about branding in small business. I identified that many of the respondents from my sample aware about the branding in small business, and many customers provide recommendation for branding in small business regarding the improvement of this concept and also I have come up with some points, which can improve the efficiency as well as quality of branding. The points are as below:1. When building brand, think of it as a person.2. Aim to build long-term relationships with your customers.3. Speak to your customers with a consistent tone of voice.4. Always consider your branding when communicating with customers.5. Ask unhappy customers why they are unhappy and resolve the issues.6. Regularly review your products/services and ALL communication to make sure they fit in with your brand values and your client base.7. Build relationships, not just transactions.8. Find out how customers see your brand.9. Continue to evolve your brand.10. Build relationships, not just transactions.

Reference 1. Williams j, The Basics of Branding, viewed 5 December2014. http://www.entrepreneur.com/article/774082. 30 Branding Definitions,http://heidicohen.com/30-branding-definitions/3. Aaker, David A. (1991), Managing Brand Equity. New York: The Free Press4. Keller, Kevin Lane (2003). "Brand Synthesis: The Multidimensionality of Brand Knowledge," Journal of Consumer Research, 29 (4), 595-6005. Farris, Paul W.; Neil T. Bendle; Phillip E. Pfeifer; David J. Reibstein (2010). Marketing Metrics: The Definitive Guide to Measuring Marketing Performance. Upper Saddle River, New Jersey: Pearson Education, Inc. ISBN 0137058292. The Marketing Accountability Standards Board (MASB) endorses the definitions, purposes, and constructs of classes of measures that appear in Marketing Metrics as part of its ongoing Common Language in Marketing Project6. Neumeier, Marty (2006). The Brand Gap: How to Bridge the Distance Between Business Strategy and Design, Berkeley, CA: New Riders Publishing.7. Keller, Kevin Lane (1993). "Conceptualizing, Measuring, and Managing Customer-Based Brand Equity," Journal of Marketing, 57 (January) 1-228. Lassar, W., B. Mittal and A. Sharma (1995). "Measuring Customer-Based Brand Equity," Journal of Consumer Marketing, 12 (4), 11-199. Metti, Michael Sebastian (2011-06-01). "Jerusalem - the most powerful brand in history". Stockholm University School of Business. Retrieved 1 July 2011.

10. Branding activities affect the consumers buying pattern http://www.ukessays.com/dissertation/literature-review/branding-activities-affect-the-consumers-buying-pattern-marketing.php

11. Asian Business Review, Volume 2, Number 2/2013 (Issue 4) ISSN 2304-2613 (Print); ISSN 2305-8730 (Online)http://oaji.net/articles/800-1398829325.pdf

AppendixQuestionnaire

A SURVEY ON BRANDING IN SMALL BUSINESSName: ()Age: () Gender: () Male () Female () Mobile No: ( )(1)Profession:() Student () Teacher () Business() Govt. job( ) (2)Position: () Private Job( ) Others()

() (3)Income level(monthly): 10000-20000(-) 20000-30000(-) 30000-40000 (-) 40000-above (-) (Please carefully read each statement thinking in terms of your opinions about the Branding for small business) ( )(1)Do you purchase frequently form small shops around?(i) Yes () (ii) No () (iii) No Comment ( ) (2)Do you like branded product all time?( ?) (i) Yes()(ii) No()(iii) No Comment ( )(3)From where you normally purchase your daily commodity?( ?) (i) Local small shop ( )(ii) Super shop ( ) (iii) Large whole sell shops ( ) (iv) From other sources ( )

(4) Evaluate the following terms on your satisfaction of service taken from Branding for small business. ( ) 5= Strongly Agree ( ), 4= Agree (), 3=neither agree Nor disagree ( ),2= Disagree ( ), 1= Strongly Disagree ( ) S.LCriteria()Strongly Agree (5)Agree (4)Neither agree Nor disagree (3)Disagree(2)Strongly Disagree (1)

1I purchase from renowned small shop.( )54321

2I prefer shops with good names.( )54321

3I prefer the name of owner as the shops name rather any other name.( ) 54321

4I like small shops with nice logo.( ) 54321

5I like to go to shops who remember me.( )54321

6I prefer that shops who advertise in any media.( )54321

7I expect different events from the shops I usually purchase.54321

8I think small shops can do better if they perform branding activities like big companies within their budget.54321

(5) Would you like to add anything regarding Branding for small Business? ( ?)

Thank you for your kind Co-OperationDate:Signature