BRANDING AS A TOOL FOR INCREASING SALES VOLUME OF AN ORGANIZATION
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BRANDING AS A TOOL FOR INCREASING SALES VOLUME OF AN ORGANIZATION
Chapter one
INTRODUCTION
1.1 Background of the Study
Adeleye (2003) defines a brand as the name associated with a product or service. According to the author, a brand symbolises many more intangible qualities of a product or service, including thoughts and perceptions regarding quality, image, lifestyle, and prestige.
Other researchers contended that a brand produces in the minds of customers and prospects the impression that there is no other product or service on the market that is just like yours (Keller, 2006; Ajagbe, 2007; Solomon et al., 2012).
In short, a brand makes a promise to its customers and then follows through on it. Kotler (2000) emphasised that branding is more than a commercial jargon. According to Keller (2003), the concept of brand name has become the most important aspect of selling in the new economy.
The author noted that the traditional marketing motto was “Nothing happens until somebody sells something,” while the new concept could be “Nothing happens until somebody brands something” (McCarthy, 2002).
Branding is a crucial issue in product strategy, and it is likely the most distinguishing competence of professional marketers in terms of brand creation, maintenance, production, and enhancement. Branding is the art and foundation of marketing.
According to the American Marketing Association, a brand is a name, phrase, sign, symbol, or design, or a combination of these, that is used to identify and differentiate the goods or services of one seller or group of sellers from those of competitors. Thus, a brand identifies the seller or manufacturer.
Brand names and trademarks provide legal protection for developing product characteristics that might otherwise be replicated by competitors. Furthermore, branding allows the seller to attract a loyal and profitable set of customers while also providing some protection from competitors and greater control over their marketing mix.
All of this causes corporations to spend a lot of money on branding with the sole purpose of product distinction and identification, thereby influencing the tastes of customers and resulting in strong sales branding.
Branding has become an important driving component in sales branding for any organisation, whether it manufactures industrial or consumer items.
The researcher chose the topic area because he is very interested in increasing sales, particularly in branding, which entails determining the extent of client dependence on this effort and on the organisations. As a result, the influence of branding on Nestle Foods Nigeria Ltd. sales has increased.
The researcher also discussed the effectiveness, achievement, and results that branding has provided to the organisation in terms of sales volume and profitability.
Nestle Plc began a basic trade activity in Nigeria in 1961 and has since developed into a major food manufacturing and marketing firm. It is a publicly traded corporation that has been listed on the Nigerian Stock Exchange (now known as the Lagos Stock Exchange) since 1978.
The primary production units were developed in accordance with current manufacturing methods, ensuring efficient manufacture of the following products. NESTLE NUTREND, NESTLE CERELAC MAIZE AND CHOCOLATE, NESTLE GOLDENMORN, NESTLE MILO, CHOCOMILO, MAGGI CUBES, and so on.
Nestle Nigeria Plc has regional sales offices in the Lagos, east, north-west, and northeast regions. It operates depots in Ibadan, Benin, Kaduna, Makurdi, Kano, Aba, and Jos.
Branding is unrelated to product design, which includes both inherent and extrinsic aspects such as branding, textile, colour, names, tastes, and so on.
Branding is actually a collection of activities that involve establishing brand identities, brand marks, copyright, and so on. Confident marketing is the best way to characterise a marketing situation without branding.
According to Francis and Stephen (2003), branding is the production of three-dimensional characteristics for a product that are characterised by its name, branding, colours, and symbols. The authors argue that branding helps to distinguish a particular product from its competitors.
They also stated that branding allows buyers to develop a bond with their items. Bearden and Ingram (2007) defined branding as the use of a name, term, symbol, or design to identify a product.
McCarthy (2002) defined branding as the process by which a corporation uses marketing methods to ensure that people remember their company and products above those of competitors.
He stated that a brand promises to continuously provide a specified set of features, benefits, and services to customers. Worlu et al. (2007) define branding as the use of a name, symbol, design, or a mix of these to identify products and services.
In a nutshell, it may be defined as a deliberate and planned process of aligning business processes with brand identity and values. According to Batra and Homer (2004), branding is an activity in which organisations employ a name, slogan, design, or symbol, or a mix of these, to identify and differentiate their products from competitors’.
According to Palmer (2000), branding is the process of developing a distinct identity for a product that sets it apart from competitors. Branding is the process of developing distinct and long-lasting perceptions in the minds of consumers (Johnson and Russo, 1984; Blythe, 2001; Ajagbe et al., 2015).
1.2 Statement of the Problem
The importance of food product branding in Nigeria cannot be overstated; some believe that food product branding would cause problems for society as a whole, while others disagree. To be more specific, we have various types of soft drinks that, when consumed by customers, provide the same level of satisfaction;
however, these products must be branded so that each product has its own identity that distinguishes it from others, or rather its competitors. The purpose of this research, however, is to determine the impact of branding on an organization’s increased sales volume.
1.3 GOALS OF THE STUDY
The primary goal of this study is to determine the effectiveness of branding as a technique for increasing an organization’s sales volume. Specifically, the study intends to:
1. Determine the approach of selling branded products in an organisation.
2. Learn about the many forms of branding employed by organisations.
3. Determine the impact of branding on Nestle Foods Nigeria Ltd.’s increased sales volume.
1.4 RESEARCH QUESTIONS.
1. What strategies can be utilised to market branded products within an organisation?
2. What are the many types of branding employed by organisations?
3. How has branding affected Nestle Foods Nigeria Ltd.’s increase in sales volume?
1.5 Research Hypothesis
Ho: There is no significant impact of branding on the sales increase of Nestle Foods Nigeria Limited.
Hello, there is a significant impact of branding on the sales increase of Nestle Foods Nigeria Limited.
1.6 Significance of the Study
Similar research may have been conducted in this field of human endeavour; however, because the business environment is never static, many changes may have rendered portions of the findings obsolete.
This research will benefit the organisation under evaluation (Nestle Nig Ltd) since the researcher will investigate many aspects of marketing branded food items inside the organisation to determine whether the significant amount of money spent on branding food products is justified.
The study is also expected to serve as a reference material for future research in this vital area of business administration, as it can be consulted as such, particularly if the study has to be improved.
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