The Impact Of Branding On Consumer’s Behaviour

Project and Seminar Material for Marketing

The Impact Of Branding On Consumer’s Behaviour


Abstract


The purpose of this research is to determine the impact of branding on Nigerian consumers. The knowledge derived from relevant literature was used to draft out organized questionnaires to be filled by respondents in Diamond bank Nasarrawa State, Nigeria. A total of 200 questionnaires were distributed to respondents. With the information gathered frequencies and percentages were used in analysis of the data. Two hypotheses were posited and tested using the chi-square. Recommendations were made for organisations to consider branding as a sole aspect of marketing and sales of consumer product and services because of its benefits as Nigerian consumers consider thebranding of products at the time of purchase.


Chapter One


Introduction

1.1 Background of the Study

The growing need to maintain a competitive edge and customer loyalty in the industry segment predetermine the significance to maintain unique and outstanding brand of services and product that commands consumer satisfaction and loyalty. The research seeks to investigate how Diamond Bank branding impacts on customers’ behavior.

Diamond Bank Plc began as a private limited liability company in March, 21, 1991. (The Bank was incorporated in December 20, 1990). Ten years later in February 2001, it became a Universal Bank. In January, 2005 following a highly successful private placement share offer which substantially raised the banks equity base, Diamond Bank became a public limited company. In May, 2005, the Bank was listed on the Nigerian stock exchange. Moreover, in January, 2008, Diamond Bank Global Depositary receipts (GDC) was listed on London Stock Exchange, the first bank in Africa to record that fact.

Today, Diamond Bank is one of the leading banks in Nigeria – respected for its excellent service delivery, driven by innovation and operating on the most advanced banking technology platform in the market. Diamond Bank has over the years leverage on its underlying residence to grow its assets base and to successfully retain its key business relationship. And like a diamond, the Bank’s strength make it even more valued.

In 2008, to ensure the Bank grows with the need of the customer, the Bank streamlined its operation into three district strategic business segments; retail banking, corporate banking and public sector.

Diamond Bank continues to develop and to build on its live competences, by continually cutting from the rough, the

Bank have improved on services and other banking facilities.

However, like cutting from the rough gem to create a diamond of the finest quality the banks continuously builds on its brand. Hence, the nature of this research to investigate the impact of branding on customers’ behavior with a case study of Diamond Bank plc.


1.2 Statement of the Problem

Research in consumer behavior shows that we have a consumer driven society where the ultimate motive of business products and service is to satisfy consumer expectation makes them happily and remain loyal to the brand. Therefore, a perfect understanding of consumer behavior is determining.

  1. The psychology of the consumers and how they make decisions between depending on their needs and brand awareness
  2. how service or products providers make to implement the best branding strategy for their product a service (e.g culture, family, signs, media).
  3. The various stages a consumer gives through before purchasing a product or service.
  4. What factors determine consumer’s loyalty or repeat purchase of the brand” is crucial in meeting customer’s satisfaction and brand loyalty.

Therefore, an attempt to reach out to the consumer effectively demands a suitable banding strategy since consumer buying decision making and loyalty is affected by various branding strategies. In an industry characterized by stuff competition an effective branding strategy is significant not only to attract customers but to create customer loyalty to the brand.

Therefore, this research seeks to investigate the impact of branding on case study of Diamond Bank Plc.


1.3 Objectives Of The Study

  1. To determine the nature of branding and branding strategies
  2. To determine the nature of consumer behavior
  3. To determine effective branding strategies that would impact on consumer behavior
  4. To investigate the impact of branding on consumer behavior
  5. To investigate the impact of branding on consumer behavior in Diamond Bank Plc.

1.4 Research Hypotheses

Hypotheses One
  • Ho: Branding is not given significant attention in Diamond Bank Plc.
  • Hi: Branding is given significant attention in Diamond Bank Plc.
Hypotheses Two
  • Ho: Customers’ loyalty to brand in Diamond Bank Plc. is low
  • Hi: Customers’ loyalty to brand in Diamond Bank Plc. is high

1.5 Significance of the Study

  1. To provide a detail analysis on the nature of consumer behavior
  2. To provide detail analysis in the nature of branding and branding strategy
  3. To provide detail appraisal on the impact of branding in consumer behavior
  4. To serve a reference point of information in branding consumers’ behavior and of the various branding strategies.

1.6 Scope and Limitation of the Study

This study is primary concerned with the impact of branding on consumers’ behaviour. This study/project work covers Diamond Bank plc. Nassarawa state branch. The researcher encountered some constraints, which limited the scope of the study. These constraints include but are not limited to the following

a) Availability of Research Material:

The research material available to the researcher is insufficient, thereby limiting the study

b) Time:

The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.


1.7 Definition of Terms

Definition of Branding

Branding is a specific or unique idea, any image or any specific name of any product or service with which the consumers can connect very easily. Branding thus, become a process of using that unique idea, name to make your product distinct from others. It helps to identify one’s product or services. Thus, in the minds of consumers a brand becomes a promise that promise which will fulfill the needs of the consumers. Kotler P (1999).

Definition of Consumer Behaviour

Consumer behavior is a branch of marketing which deals with the various stages a consumer goes through before purchasing products or services. It deals with how commercial and social information sources influence of culture, sub-cultures, social class, membership and reference groups on buying behavior. How buying decision extend beyond the individual to the family and the household, the roles of motivation, perception, learning, personality and attitudes in shaping consumer behavior and the importance of statistical factors in buying. Senguptha J. S. (2011).


1.8 Organization of the Study

This research work is organized in five chapters, for easy understanding, as follows

  • Chapter one is concerned with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
  • Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
  • Chapter three deals on the research design and methodology adopted in the study.
  • Chapter four concentrate on the data collection and analysis and presentation of finding.
  • Chapter five gives summary, conclusion, and recommendations made of the study

Chapter Five


Summary, Conclusion and Recommendation

5.1 Introduction

It is important to ascertain that the objective of this study was to ascertain a critical analysis of the impact of branding on consumers’ behaviour.

In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations are made, which in the opinion of the researcher will be of benefit in addressing the challenges of poor customer patronage of goods and services due to brand inclination.


5.2 Summary

This study aimed at having a critical analysis of the impact of branding on consumers’ behaviour. Five objectives were raised. These objectives include: To determine the nature of branding and branding strategies, to determine the nature of consumer behavior, to determine affective branding strategies that would impact on consumer behavior, to investigate the impact of branding on consumer behavior, to investigate the impact of branding on consumer behavior in Diamond Bank Plc.


5.3 Conclusion

Based on the above findings pertaining to the objectives of the study the following conclusions are drawn.
People are switching from the local products to branded products. They like to use the branded products in order to show their status, power and wealth. Reference groups play an important role in choosing the branded products. People tend to become more loyal to specific brands because of their commitment but brand switching increases with the age due to low income problem of aged consumers. So there is a positive correlation among branding and consumer buying behavior. Bargaining habit increases with the age due to low income factor


5.4 Recommendation

Marketers and manufacturers should endeavour to carry out research on the product branding preferences of their target market. In other, to attract more consumers to their products and consequently increase profit. Marketers should study the product branding features of successful substitutes in the market and use that to differentiate their products.


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