Impact of Branding on Social Class

Impact of markinging on Social Class blemishING AND ITS IMPACT ON MIDDLE CLASSIntroduction1.1 BRANDWhat is a brand? The Oxford American Dictionary (1980) contains the following definitionBrand (noun) a trade mark, goods of a particular make a mark of credit made with a hot iron, the iron exercised for this a piece of burning or charred wood, (verb) to mark with a hot iron, or to label with a trade mark.A short history of brandThe word brand comes from the Old Norse brandr, meaning to burn. In pre-historic times when the initial phases of trade was orgasm to existence, it was by burning that early man stamped ownership on his commodity, and with the development of advanced trade of goods buyers would use such marks (brands) as a delegacy of distinguishing between the goods being transacted. For example a farmer with a particularly good re preparedness apartation for the quality of his animals would square up his brand much sought after, plot of ground the brands of farmers wit h a lesser reputation were to be avoided or treated with caution. Thus the utility of brands as a guide to choice was established, a role that has remained unchanged to the typify day.With rapid and gradual advancement in the acknowledgement of brand for particular goods and commodity, lot started vying for goods with a good reputation i.e. brand. With the elapse of time goods and brands invite changed but the basic archetype remains unchanged and it is ultimately brand that persuades a buyer to go for that product. And with the advanced and developed securities industryplace situation, brand has depart an identity not completely for the company it guards but also of its customers. Brand itself has developed into a street corner and people vie for that segregated population associated to that brand. Brand today holds a very specific position and top brands excite today become a sense of class amongst the top notch people. hatful associated to a brand dont go for the pro duct but rather to the brand itself. And brand has set a platform to the people specially the elite class people as a way of differentiating themselves from others.But today with the fiscal strength of the overall population brand has become a favorite among the midsection class population as well. Middle class population that focused on reliable and durable products in the past have started becoming brand conscious and the major factor for this can be the realization in part of the companies in better understanding of the market scenario of the nub class population and diversifying itself in catering to that segment of people. And in parts of the customers they have started realizing in the concept of quality over quantity. Brand established companies like a shot have started manufacturing goods and services as per the demand of these pith class people with quality goods on reasonable prices. And this has played a major role in attracting to a greater extent and more people in to its circle.But a major hindrance for these products and services has become cheap imitation and delicacy. From the time of establishment of brand, imitation has been represent along time, so it can be justified that the practice of unlawful imitation lurked close behind, a practice that remains common till this day, fifty-fifty in the presence of highly developed legal systems.1.2 SOCIAL CLASSSocial class refers to a group of people with similar levels of wealth, influence, and experimental condition. Sociologists typically use three methods to determine social class. Humans have evolved living in a closed community and have thus been categorized according to their contact and their social identity and circle. Social class is that segmentation which varies the people according to this social status and financial industrial-strengthhold. Accordingly they can be differentiated as followsUpper class peopleUpper- fondness class peopleMiddle-class peopleLower-middle Class PeopleL ower Class PeopleThis segmentation according to their financial situation has been the center of attraction for marketers around the globe. Marketers focus on individual segment of people according to the product and services they serve. Some serve the ceding back market while many serve other general segments. But with financial increment of other class especially of the middle class, more companies serve the top class have started putting their focus on middle class people.1.3 ObjectivesGeneral ObjectivesTo find the importance of brand amongst general public.To identify the market scenario of branded products.Specific ObjectivesTo analyze the trend of brand influence among the middle class population.To study the stronghold of middle class people in the distance of branded goods.1.4 SIGNIFICANCE OF STUDYBrand has come a long way with the advancement of market and the people associated to the market. Brand nowadays cannot sustain itself only by serving the elite class so the foc us has been made relying on the trend and demand of the market, and accordingly their focus has been more directed towards middle class people and their demands. Another flavor of analyzing the situation can be the possibility of threat to the companies itself in trying to penetrate such a fickle segment that are still price conscious in some regards. And identifying the challenges for the brands itself and the consumers is also an important part of this study.1.5 RESEARCH QUESTIONSHas brand become so strong that it can easily influence the price sensitive population or is it the cheap imitation that has taken over their market?1.6 RESEARCH STATEMENTThe present middle class population feels more connected to the brand they are attached to than the traditional people/ family. With more and more brands being made usable at reasonable price, this segment of population has become the magnetic pull for companies that carry its significant brand. So have the companies really succeeded in luring this class of people towards itself or is it just an unsung tale of what they are yet to achieve.1.7 LIMITATIONS OF THE STUDYAlthough this study has tried uncovering the areas related to brand and its impact on middle class population, total evaluation may be lagging, and the limitation for this has been mentioned belowAs the cause of lack of adequate time and required information, some aspect of this study may do injustice to the overall scenario of the market.Limited number of people of this segment will be interviewed and the questionnaires filled accordingly.Some of the filled questionnaires may have doubtful results so proper information may be absent.2. Literature ReviewBrand itself is not a product nor an identity put forward by an individual or a company, rather it is an instinctive feeling that individual carries about for a product or services. Trust and bowel feeling on any product is a brand. And this trust comes from meeting and beating customers expectation , which comes from brand values asPrice insurance premiumCustomer preferencesReplacement costStock Price andFuture EarningsAnd the main purpose of branding is to get more people to buy more stuff for more years at a higher price. (Brand Gap A VISUAL PRESENTATION BY MARTY NEUMEIER)And brands that catered to the top class people has successfully lured in more and more middle class population into its circle through this trust it has created amongst the total population. The penny pinching population that thrives on price subsidise products has started minimizing their quantitative expenses to focus more on brands they get attracted to.Different types of companies have different concepts of exactly what it means to be middle class. Using income level as the defining criterion for differentiation of class is reasonable. But simply judging a group by income is far from sufficient for marketers of consumer goods. Such marketers trying to return the middle class have to know more than t heir salaries. They must know what makes middle class consumers tick.Income plays a powerful role in most purchase decisions for any consumer segment, but other elements play a role that is sometimes greater than income. When products are relatively inexpensive, income has little influence on a consumers decision making process. Deciding to buy chocolate, for example, depends significantly more on consumers emotion and shopping experiencea stores ambience, for examplethan it does on how much money they make. /Using income as the only indicator of spending habits allows much information to slip through the cracks. In addition, income is a difficult protean to act upon, in part because the data on income can be either unavailable or unreliable in most cases. Thus, companies must find meaningful alternatives to predict what consumers can afford and what they are willing to pay for certain goods and services.Zeithaml (1982, 1988) suggests in most purchasing decision customers objectiv e is to Get the surmount for the money. This represents the combi community of price and value orientation which is the most important cipheration for most of the consumers.Crier and Ross (1997) maintains that the greater the perceived value, the greater that the customers will be kindle in purchasing. They (Crier Ross) explained the term value orientation saying Consumer trends to select the lowest price alternatives when the options in the choice set are perceived to have the identical level of benefit. Consumers are becoming more price conscious does not mean that they always go for the lowest price, rather they will seek for cheap price range among their acceptable quality range.Maccilil, (1987), in his study told about the total business and household consumer market that both classes consider price, quality, convenient localisation of function as the most powerful influential factors in selecting or buying consumer goods. In the same time Winklin and Duery (1987) conduc ted a similar study focusing on the two groups of consumers having high income and low income in USA proved the influential forces earlier described by Maccilil.In the theory of marketing and buyer behavior, the concept of social class is considered the basic determinant of consumption behavior. In fact, among behavioral scientists, there was a consensus that market behavior of individuals is closely related to their social class. In this context, social class was often considered more important than income in affecting buying behavior (Slocum and Mathews, 1970).Though these mentioned look into pave a road lay out as to how brand influence the market of middle class people and how brand has come a long way from being a niche to being available for all in the developed nation the basic format or the fundamentals remains the same even for developing nation like ours. And it can be concluded that of the all class of people, middle class population has become the center target for the companies to penetrate and establish itself.2.2 metaphysical FRAMEWORKThe dependent and independent variables are as followsDependent variablesSales VolumeCustomer LoyaltyIndependent Variables handiness of products at affordable prices pecuniary StrongholdEnvironmentSocial Up gradation3. Research Methodology3.1 Research DesignThis research can be categorized as descriptive and observational study. This can be explained on the fact that it is based on what the trend persists on the market place and also includes facts and findings based on examine being carried out.3.2 Population/ SamplingProvided the fact of more brand conscious population is on the rise, this report is based only on limited sample distribution given the limited time period and resources. Not much study has been conducted on this topic hence it is limited to certain aspect and does not represent the total scenario of the market.3.3 Nature of dataThe source of data is categorized on two frontsPrimary SourceIntervi ewQuestionnaireSecondary SourceE-Books and magazines3.4 Data collection techniqueInterviewInterview is the best and the most effective method of collecting data, because you get a firsthand knowledge about the present market scenario and the impact of what youre searching for your study. This helps the interviewers gets to observe the intended market and its population and extract the immediate knowledge of the market.QuestionnaireQuestionnaire helps the researcher to find exactly what is to be prepare and analyzed. A perfectly shaped set of questions gives the intended findings. It also helps to get quick results on a limited time frame.3.5 Expected FindingsThrough this research I expect to understand the real market scenario of the branded products and its impact on the middle class population their reaction towards branded goods and services and their responsiveness towards the strategies played by the companies.Referenceshttp//www.chinabusinessreview.com/understanding-chinas-m iddle-class/http//www.dailymail.co.uk/travel/travel_news/article-2921577/Middle-class-travellers-demanding-300MILLION-upgrades-holiday-homes-luxury-self-catering-trend-takes-hold.htmlThe Oxford American Dictionary (1980)Zeithaml (1982, 1988)Crier and Ross (1997)Maccilil (1987)Winklin and Duery (1987)Slocum and Mathew (1970)Gantt chart / Work planBudgetS.NParticularsBudget HeadAmount1.locomotion expensesTravelling and expenses7002.StationeryMiscellaneous5003.Printing of questionnaires, proposal and final reportPrint and publishing200Total1400QuestionnaireDescribe what brand means to you?..In which social class do you put yourself in?Upper ClassUpper Middle ClassMiddle ClassLower Class fixate your annual income in the scale (in thousand)If others specifyWhat do you see in a product?PriceQualityBrandAll of the above case your reliance on brand?1086420Do you always purchase branded products?YesNoWhy do you prefer branded products?To maintain social statusBrand consciousnessPeer pressure QualityWhat do you think influences people to buy a branded product?QualityProduct AvailabilityCompetitive PriceGood value and servicesDo you think branded products marketed for upper class people is as same as the products for the middle class people?YesNoDo you think brand has really attracted the middle class people of our market scenario?Strongly AgreeAgreeachromaticDis coupleStrongly DisagreeWhen it comes to consumable goods do you think brand for a product has a significance?YesNoDo you consider yourself a price sensitive costumer?YesNoDo you bargain when buying a branded product or do you settle at the set premium price?YesNoDo you actually prefer brand or does cheap imitation satisfy you?BrandCheap imitation is best-lovedBrand helps middle class people to upgrade their social status?Strongly AgreeAgreeNeutralDisagreeStrongly DisagreeIf you consider yourself a brand conscious person, has brand upgraded your status?YesNoDo you agree the price tag placed is justifiable for the branded products?Strongly agreeAgreeNeutralDisagreeStrongly Disagree