Chapter 2: LITERATURE REVIEW
Literature review is the most important chapter consists of all important information related to selected topic. It covers all important concepts and related framework of the study so as to develop deep understanding and each at the outcome of the investigation in a most effective manner. Basically the chapter of literature review is completed with the help of varied sources of information such as journals, books and online articles. These sources of information facilitate scholar to reach at the outcome of the investigation and produce most effective results in an effectual manner. Furthermore, literature review is completed on the basis of research aim and objectives whereby scholar access appropriate information for the sake of delivering fruitful outcome.
The current investigation is based on relationship between brand awareness and purchasing intention recommending of the suitable sales strategy for midsize event based companies where researcher splits the aim into objectives. In addition to this, aim of the study has been accomplished with the help of assessing the impact of brand awareness on purchase intention in the event management industry of UK first and then different key factors influencing the intention to purchase. In this manner, literature review cover all important concepts associate with aim of the investigation and accordingly accomplish the same with the help of propo
2.2 Concept of branding
According to Klimchuk and Krasovec (2013) brand is considered as the foremost aspect to add value for the business. It is an intangible assets for the business whereby corporation can effectively increase overall rate of return along with higher level of satisfaction among users. The customers perceive a brand which is easy to find to collect the information along with product. However, the preferences of customers for take a purchase decision consists of factors such as price, features, quality and image etc. This aids to cater need of all related parties and support them to take fruitful decision for the business. However, firm specifies its brand with the help of symbol, logo, name or term. These all related factors tends to create distinct image of the business in the marketplace and accordingly sales turnover of the business can be increased. The major role played by brand image is related to recognition of the manufactures and ensure the differentiation in the products and services of the same with other parties. In this manner, brand image of the business is created with the help of introduction of unique logo or symbol.
The concept of brand shed light on representing the image of companies like event management sector which aids to meet the expectations of all related parties. However, at the same time, focus is laid on product and its quality which in turn business can effectively increase the satisfaction level of users by offering them right kind of service. The frequency of purchase is increased along with occasional purchase which reflects the brand loyalty. At this juncture, customers become loyal towards a particular product or service only when are they are provided suitable product and services. Here, significant different of brand loyalty and replicate purchase intention. Here, the replicate purchase shows that a customer has relation with the brand which is expressed by his replicate purchase. This kind of scenario facilitates to cater need of stakeholders and accordingly as increased profitability help those parties to get certain percentage of return in an effectual manner. On a critical note, consumers who are conscious towards the brand usually do not evaluate the same but take purchase decision confidently. However, this experience towards a particular brand matters a lot. Okonkwo (2016) asserted that loyalty of customers can be understood in two terms such as emotional and behavioral. At this juncture, customers who are attached with a brand behaviourally will tend to be loyal but not emotional. On the other hand, some consumers are emotional who are attached towards particular brand with respective to emotion only. They just act like emotion on the basis of their experience or interest towards a brand. Apart from this, some of the brand make the customers loyal forcefully just because of their monopoly where interest of customers is not focused. Owing to this, appropriate strategy can be applied for the purpose of switching from one to another brand with th help of available options only. However, business try their best to retain buyers by increasing their level of satisfaction and offering them desired products and services.
According to Kotler and Armstrong (2011) branding has direct impact on the performance of the business because with the help of brand corporation can easily create its goodwill in the marketplace. This is made possible by let the customers know regarding the availability of different kind of products and services. It reveals that importance of brand can be seen in term of appropriate performance of the business as consumers will be attracted and their intention to purchase the particular brand will also be influenced to a great extent. At the time, branding is popularized with the help of selection of marketing marketing strategies only. Owing to this, suitable mode of communication is applied by the businesses in order to gain the attraction of buyers and make them more aware of varied products and services. This in turn enable consumers to get the most suitable product. It shows that advertisement plays important role in attracting buyers. In case a particular event management promote its services with the help of YouTube and other related popular chain then customers get to know about its success and try to access services of the same. Kapferer (2012) critically evaluated that, management of the business incur huge cost in adopting suitable marketing strategies. For example, access to internet require extensive efforts from the firm along with selection of right content and other related things. Similarly, use of marketing strategies such as Facebook and Twitter has become common through which stakeholders and customers both are attracted towards the business. For this purpose, concept of branding has huge impact in maintaining the good reputation of the business and ensuring its long survival with increased rate of return.
Hyun and Kim (2011) presented that brand loyalty is derived via clear communication with employees under which customers need react in cautious manner. Here, customers laid emphasis on unique kind of products and specific features associated with products and services. This is helpful for business to increase their attention towards the work and provide them most suitable kind of services for wellbeing consumers. Though, consumers do not like to access the products and services from the brand which do not value for the money and their expectations. For this purpose, advertisement plays important role under which company shows that it values for all its workforce as well as customers associated. Companies need to shed light on suitable mode of communication in context of popularity and resources requirement. For example, a mode of communication requiring higher cost and resources will not be selected by the business due to increment in overall indirect cost of production. At this juncture, company must carry out the operational activities on the basis of cost and resources requirement. This assists corporation to integrate the business operation and determine the long run success with the increased rate of return. Okonkwo (2016) asserted that brand strategy is seemed to be the long term plan whereby specific goals are attained by the business for the purpose of carrying out the operational activities. He stressed on the fact that brand in not the website, logo or product as well as name but it is more than all of these. This fact must be keep in mind by management of the business. As the brand is intangible so management need to put more efforts to maintain the same and make the same feel by customers.
There are seven components of comprehensive branding strategy where the first one is of purpose which reflects that brand make must a promise to its associated person. Under that promise a company should not target for its own profitability but the profit or wellbeing of customers. For example, IKEA posted under its vision that “It is not just to sell furniture but rather aims to create a better everyday life”. It has significant impact on the purchasing power of customers they at least want to try for the brand. This makes it possible for business to enhance the number of customers because when a customers will be entered into the corporation then he or she will get to know regarding the several options. These different option. Thus, better relationship take place between customers and the organization so as to make it possible that they provide the good products and services. Another important factor which must be considered at the time of brand development is of consistency. It represents that firm does not get the audience confused about the brand. For example, if you are continuous updating the pictures on social network then it would be considered as the wrong impact of the business. This is because organization is shedding light on show off only rather meeting the expectations of buyers.
Sasmit and Mohd Suki (2015) reported that customers or audience must not feel the pressure of brand advertisement rather they must get the cohesive message. It proves to be effective to increase the rating of the business. Along with that, style guide need to be considered for the brand under which corporation will ensure that customers are getting attraction and wellbeing of business can be considered in the right manner. Moreover, it should also be noted that customers are not always rational rather they act as emotional too. Owing to this, both aspects must be considered through which fruitful outcome can be derived. They further explained that personal association of customers is important so that company can easily address any kind of issues which are being faced by them. This would be more effective to retain them for longer time span and make them loyal towards the brand. It is the common thing that if a customers is continuously referring the brand then he would become the member of the same. It derives the additional or extra benefit whereby both parties can be satisfied. In this manner, branding make huge difference for an organization. In this manner, event management companies effectively implement the activities related to communication and advertisement of products and services. Apart from this, flexibility must be ensured under the services so as to incorporate the views and suggestion of customers and accordingly update the products and services both. For example, age group of 18-40 do not prefer to use television then they must be targeted by using social media and other related mode of communication. However, it requires extensive research through firm or management can understand about the targeted audience and provide them services in the same manner.
According to Luis Méndez, Rubio and Oubiña (2011) involvement of workforce is also important for building brand. For this purpose, formal meeting can be organized with personnel in order to extract their views and suggestions. This can be made better through consultation and open session. It is the fact that customers are directly interacted by employees only so they must have idea regarding their preferences. For this purpose, event management companies need to ensure that workforce are taking active participation for the marketing of products and services. It leads to determine long term success and derive valid outcome. Digital and human interaction is also very important for the business so as to address the issues of customers and provide them right kind of products and services. It aids to speed up the business activities and in the same manner requirement of the all related stakeholders can be met. Buil, Martínez and de Chernatony (2013) further explained that loyalty is associated with brand only and it is derived through active efforts of corporation.
For example, an organization cannot increase the loyalty among customers until audience or buyers are highly satisfied. At this juncture, focus is laid on provide right and valuable customers as well as offering extra benefits to the regular or loyal customers. This further contribute towards strengthening the brand image. Lastly, competitive awareness is another crucial element of branding strategy through which customers are made aware of the effectiveness of current services in comparison to other companies. It facilitates to determine the success of the business and grab attention of more and more customers in an effectual manner. Therefore, branding strategy should be specific and more effective which is understandable to all. It is the only way to ensure long term survival of the business as number of customers will be increased day by day. This aids to derive valid outcome and also support corporation in meeting the long as well as short term objectives in the right manner.
2.3 Concept of brand awareness and intention to purchase
Brand awareness is considered as the prominent aspect behind success of every organization which helps business to determine its upward direction. It is the process determine the extent to which buyers are able to recall a particular brand. According to Huang and Sarigöllü (2014) brand awareness is the probability that users or buyers are well familiar with life as well as availability of products and services. This reflects that association of consumers with particular brand is higher or low. However, it can be measured effective with the help of ratio of niche market which contain the former knowledge of regarding specific brand. It includes recognition and brand recall both. Brand recognition is developed with the help of recognizing the prior knowledge related to a brand and they can easily differentiate provided brands. On the other hand, brand recall is that specific brand remain in the mind of consumer when he or she is offered a particular product category. For this purpose, companies keep the name of brand very simple and easy to remember. This has direct impact on brand recall and accordingly ensure higher rate of return along with greater profitability.
According to Hutter and et.al., (2013) brand awareness has two types; aided awareness and immediate brand recall. The former one shows customer can easily come to know about the product by viewing the category. This enables him to recall the first from the list or category. Owing to this, name of brand must be simple and concise for betterment of corporation. It aids to deliver good quality of services to large number of buyers as corporation would effective increase the customer base. The another type of brand awareness is immediate brand recall under which customer remember the quality, features and other related factors of brand. This enables him to recall the first from the list or category. Owing to this, name of brand must be simple and concise for betterment of corporation. It aids to deliver good quality of services to large number of buyers as corporation would effective increase the customer base.
In addition to this, intention to purchase is automatically linked with brand awareness. However, what important is that keeping the customer satisfied with the available products and services. This assists corporation in attracting more buyers and keeping them loyal. However, customers will be satisfied until they do not get much better in the market till the time they perceive like firm is providing necessary services and products to cater their requirement effectively. In this manner, marketing department of business plays important role.
They need to focus on research and development so as to gather important information related to competitors. Thus, information collected from competitors would be highly beneficial for the business so as to update the current products and services. It provides higher level of satisfaction among shareholders too due to generation of greater return. Similarly, fund collection and other related aspects prove to be effective in the form of greater attention of customers. This shows that company is dedicated towards the expectations and want of buyers and they are provided quick responses accordingly. In case they are not offered right kind of information and misleading data are transferred to them they it would be likely for them switch to another brand.
According to Hyun and Kim (2011) brand awareness is important for the keeping the firm around for ages. It is the only brand image which ensure the presence of the business in the marketplace. Without application of right kind of marketing strategy, branding is not possible, hence customers will also be not attracted. At the same time, purchase intention is decided on the basis of quality and variety of brand. For example a brand is offering different kind of products will be preferred by some users but not by those who seek for better quality. For this purpose, a brand must consider both quality and variety. This is helpful for companies to shed light on important tactics of marketing through which customer’s attention can be gained and their influence can be strengthen. Moreover, positive relationship of brand awareness and purchase intention bring out the fruitful outcome and in turn expectations of all related stakeholders can be met in the right manner. Therefore, event management companies effectively focus on building brand and deriving the valid outcome of the same on the profitability of the business. Hence, brand awareness is important for taking the purchase decision.
According to Esch, Langner, Schmitt and Geus (2006) brand image of an organization showcase its value in the global or national market. This represent that how the organization is offering or treating its customers to meet their expectations. This aids to form the brand relationship as specific customers refer the same products and services every time because of specific bond with the corporation. However, the relationship based on brand is characterized by attachment, brand trust and satisfaction whereby firm is highly influenced and become more presentable in the global market. He critically evaluated that brand relationship must be maintained by the firm so as to make the positive impact of the corporation in front of customers. In this manner business can shed light on strong brand image by forming the positive relationship. In this manner, such kind of strong relationship works better to increase the purchase intention of consumers.
The event management sector must need to show its commitment towards the quality, type of services and many others fact and accordingly they enter into positive relationship with the customers. The study conducted by Wang and Yang (2010) reveals that brand credibility shed light on purchase intention of consumers towards the specific brand. This proves to be effective in competing different kind of activities and deriving the most suitable outcome for an organization. Though, he found that effective managerial practices are important to make the brand highly visible. For example, it is the managerial action whereby business tends to shed light on prospects of client and opt suitable strategies to increase their intention towards the brand.
Mohd Yasin, Nasser Noor and Mohamad (2007) reported that brand equity dimension consists of three aspects such as association with brand, loyalty and distinctiveness. These different aspects enable corporation to consider the value of brand with regard to customers or client. For example, how a brand is different from its competitors matters a lot to increase its value. It would have significant impact on consumers because they would like to purchase such kind of brand only. However, in case competitors do provide more suitable or attractive offer then they like to switch. It is just because of value of brand and other potential aspects associated with customer attraction. In case of event management sector, it is very typical to make the customers loyal. For this purpose, purchase intention is creased through forming the long term relationship with existing customers and accordingly word of mouth is created. The word of mouth works best in case of event management sector. It is because new customers are added in accordance with review and satisfaction level of the existing one. This way many of the buyers recommend the brand to their friends or relatives. Hence, brand strategy do affect the purchase decision of the customers so better companies shed light on the same. They further critically evaluated that in case existing customers are not satisfied then better firm focus on them first in order to bring out the positive word of mouth otherwise it will ruin the brand and long time will be taken to promote the same in the marketplace.
Hsin Chang and Wen Chen (2008) stressed on word of mouth as it is the best sources to recognize the brand in front of large mass of people. However, currently this word of mouth is spread under the globe in quick manner due to impact of social media and other related techniques. For example, people share their views by using the Facebook and accordingly fan page is displayed to the large number of people. Online social network proves to be effective for reviving the brand in the marketing and raising awareness among customers about it. Another fact is that clients or customers need accessible information for making the quick decision related to the purchase.
Though, it is important to note that brand awareness might in negative form in case firm leave a customers or client less satisfied. For this purpose, quick action should be taken to address the want or requirement of consumers. This facilitates to raise the profitability and making consumers more reliable on the brand. Owing to this, online communities remain highly focused for the purpose raising awareness. In this way both negative and positive outcome can be derived through the use of online mode of communication. He further stated that firm should focus on forming the positive word of mouth by launching appropriate scheme as once customers are attracted then it would be easy to let them know regarding the effectiveness of particular brand. Therefore, competitive edge of the business will be created and related parties like shareholders, clients or customers will also be highly contented. Thus, focus is laid on such kind of strategies to keep the customers happy and connected with the business effectively.
Many a times, customers make the spontaneous decision related to the project so as to make it more visible to customers. Here, firm ensure the showcase its product and services in such as effective manner so that first impression can be lasted for long time. This also considered as the very nice strategy of branding and raising awareness among customers related to the particular brand. In such cases, consumers take the immediate decision whereby it becomes very easy to select the right kind of product and service on the right time. At the same time, attitude of staff and their set pattern also have direct impact on the purchase intention of the customers. For example, many brands have such dedicated employees who influence their customers in a very positive manner.
Therefore, inclusion of skilled and competent personnel is also helpful to taking the quick decision related to the purchase (Reza Jalilvand and Samiei, 2012). It is found in majority of the corporation that workforce make the customers ready even with no use product. This all happens just because of skills and their strategies to persuade client or consumers. This scenario remains little different in case of event management sector under which clients need to understand everything related to time, price etc. So, employees or staff must be polite and clear towards everything associated with the services.
2.4 Importance of brand awareness for event management industry in UK
According to Panchal, Khan and Ramesh (2012) brand awareness seems very important factor behind the success of corporation as integrate employees and make them able to incorporate in the decision making procedure. This facilitates firm to adopt appropriate strategy for promotion of its brand and according gain the attraction of large number of buyers. The corporation builds its competitive edge only with the help of brand awareness as it is the way firm come to know about popularity of its products and services. In case many customers know about the product then business can easily expand its venture in order to cover large geographical areas.
In this manner, brand awareness is important for corporation for its successful operation along with higher rate of return. It can be critically evaluated by the study of Rubio, Oubiña and Villaseñor (2014) that brand awareness procedure require to invest big budget on different financing activities. This in turn firm might suffer from low rate of return at the initial phase and suffer from loss. It might be critical to face the competition in the marketplace and some buyers might switch to another brand. Owing to this, recognition strategy is applied in such a manner that ratio of profitability remain stability and firm can effective get the competitive edge.
Hyun and Kim (2011) asserted that it is the only brand awareness which makes it possible for organizations to understand the requirement and expectations of the preferences of buyers. It is because after delivery of product they are also asked to rate the product. Along with that their experience is shared by using appropriate mode of communication. This record keeping procedure contributes towards introducing the product in the marketplace effectively and cater requirement of all related parties.
Sasmit and Mohd Suki (2015) explained that brand awareness is created by using varied strategies under which at first focus is laid on raising the awareness related to problem or need. It forces customers to search for the best suitable or effective solution to get rid of their issue or meet their expectations. In this manner, firm also demonstrate the solution by shedding light on problem. It can be critically evaluated that appropriate mode of communication must be selected along with suitable marketing strategies so that accordingly buyers can get to know about the brand. Luis Méndez, Oubiña and Rubio (2011) analyzed that very unique way can be adopted for the purpose of making the buyers aware of the product and its positive impact on their daily life routine or any specific purpose.
For example, KFC introduced itself as quality center offering variety of product as per the taste of buyers. This is the biggest reason customers are able to recognize this brand easily. In this manner, firm is getting huge profitability along with retention of buyers. However, result can be seen in term of their repeat purchase decision. Furthermore, Buil, De Chernatony and Martínez (2013) asserted that brand awareness plays important role in increasing the sales revenue of the corporation. This aspect contribute towards meeting the sales target and supporting all related parties of the business to deliver higher quality of services among end users.
According to Malär and et.al., (2011) brand awareness is important just because of increasing the repeat purchase decision. Owing to this, management put efforts to deliver good quality of services and creating brand image of the business in the marketplace. At this juncture, firm need to shed light on consumer behavior so that accordingly brand awareness can be created. On the other hand, business can easily handle varied kind of activities to continue with the production with the help of understanding the need and expectations of buyers. However, different types of behaviour is followed by consumers such as knowledge, attitude and action. This three step is identified in order to introduce the most needed brand for the expectations of all related consumers. Apart from this, brand awareness proves to be effective to showcase the positive and negative behavior of customers towards the particular brand. It facilitates to carry out all operational activities in the direction of growth and development of the business. This proves to be effective for retention of consumers and provide them good kind of environment which leads to determine long run success with the increased rate of return.
Furthermore, with the use of brand awareness corporation come to know about the consumer purchase decision and enable them to access good quality of products and services which are being provided by the business. This enables firm to seek its direct growth with the help of consistent expansion and higher rate of growth in the marketplace. In this manner, brand success is determined with the help of strong brand awareness whereby firm tend to attract more buyers and make them able to access good quality of products and services effectively. Gartner and Ruzzier (2011) asserted that strength of brand consists of customer brand relationship, brand loyalty and customer satisfaction. These three things are derived through brand only which in turn assists firm to secure its good image in the marketplace. At the same time, it proves to be effective to cater need of all related parties. However, it is the only brand through which business effective contribute towards organization success and think of its expansion for better survival in the international market.
According to Buil, Martínez and de Chernatony (2013) the market performance of brand is known with the help of awareness of brand among buyers. For this purpose, varied marketing activities are performed by corporation. It can be critically evaluated that businesses put efforts to closely monitor their market related activities for promotion of varied products in an effectual manner. Though, marketing planning and development of appropriate strategy is the biggest reason behind good performance of the brand. At this juncture, suitable mode of communication is selected and the same is used for the sake of raising the awareness among consumers. For example social media strategy is used to target large number of buyers. This proves to be effective to add value to the product and company both. In this manner, sustainable competitive edge of the business is generated along with equal focus on long term value. In this manner, this supports firm to deliver better quality of services and make it possible for firm to expand its venture with introduction of more new product line. Kapferer (2012) critically evaluated that brand awareness is maintained by taking into account product life cycle. Here, management of the business shed light on each stage such as introduction, growth, maturity and decline stage. This aspect makes it more possible for business to integrate all related stakeholders and provide them good working environment. However, examples of event managements companies can be taken that how effectively they retaining their clients. For instance, Wonderland Events uses appropriate strategy to promote its services and accordingly this is getting popularity to survive its business for longer time span. Not only is this but network of client increasing day by day just because of appropriate brand image of the business. On the other hand, Group Se7en Events also follow such kind of branding strategy for meeting expectations of all its clients and satisfy them with the help of higher quality of services.
According to Keller, Parameswaran and Jacob (2011) brand awareness is being essential for the sake of communication process between an organization and client. This is because if corporation does not put efforts to create brand awareness then it would not be possible to communicate with its clients. For this purpose, entire event management industry of UK shed light on communication regarding its brand with the use of updated communication channels such as YouTube and varied social media. At this juncture, social media is playing leading role as most of the information passed through by using the same communication channel.
According to Juntunen, Juntunen and Juga (2011) brand is considered as the strong tool for the attraction of buyers and enable them to access products which are being offered by business. Here, firm shed light on designing the logos and symbol in a easier manner. It aids to support customers in making right purchase decision. At this juncture, business can distinguish the product or firm from another one. It basically helps company to create its distinct identity so as to grab the attention of buyers and keep all related stakeholders highly satisfied. Furthermore, study conducted by Hakala, Svensson and Vincze (2012) revealed that creation of very unique logo and symbol is created for a brand in accordance with specific product or service. It reflects the image of organization and thus customers get to know about the specific products and services. In this manner, purchase decision of buyer is influenced by the business. However, logos are considered as the most powerful way to associate itself with personalities along with emphasize on create goodwill of the business.
According to Hakala, Svensson and Vincze (2012) by using appropriate branding perceived quality is enhanced for a particular product or service. This enables corporation to effectively demonstrate the services. However, customers perceive the quality of products and services and accordingly take the purchase decision. Hence, presentation of brand in a right manner is the appropriate method to assess the attraction of buyers and make them able to access good quality of product effectively.
Khasawneh and Hasouneh (2010) explained that brand awareness plays an important role in the success of the organization due to its direct contribution towards the sales turnover. It is the important due to building the image of the business in the marketplace through raising the awareness related to the same. All organization tries their best to get the recognition related to their services so as to grab the attention of customers. It is made possible only with the application of perfect marketing strategies. This makes it possible to recall the performance of brand and influence buyers to make the repeat purchase decision towards it. On the contrary in case marketing activities are not performed in a right manner then management have to take the strict action to boost sales turnover.
This enables business to integrate all business activities and support firm in delivering good quality of services to large number of buyers. A consumer do not get the information related to the products and service until firm put efforts to grab their attention. In this regard, business activities can be integrated to support the organization in an effectual manner. In this manner, decision of consumer related to which product is to be purchased is affected to a great extent. For this purpose, important strategies can be applied by the business so as to make the customers aware related to the brand. It leads to determine the organizational success and integrate the workforce to contribute towards growth and development.
Pullman and Gross (2004) stated that companies associated with event management sector must sharply change their marketing strategies through which it becomes easy to integrate the business activities. It proves to be effective to increase the sales turnover as clients will be retained. This is because clients’ needs to greater level of concern. This in turn business can shed light on organization success so as to increase their attention towards the business activities. It facilitates to contribute towards the success of the business. Shimp (2010) argued that choice of customers is determined through the application of successful marketing strategies. However, majority of the buyers are interested under the costly brand and they admire to prefer the same in order to show their interest. For this purpose, focus is laid on introduced appropriate strategies so as to float the information related to varied kind of products. In this manner, brand awareness is helpful in retaining the customers not only to attract them. Such kind of scenario proves to be effective for businesses to ensure their successful expansion without focusing upon the potential impact on cost strategies at certain point of time. Tungate (2009) stated that fear of counterfeit products influence the businesses to effectively communicate regarding the brand otherwise they might fail to retain the customers.
However, it is fact that counterfeit products provide price benefit to customers along with easy availability of the same. At this juncture, lack of sufficient information regarding the particular brand do affect the impact of actual brand. However, businesses fail to raise the awareness related to the product to a large marketplace. For this purpose, a consumer facing barriers in engaging with a particular brand would definitely like to switch from another one so as to save overall time. Apart from this, experience of other people or relatives such as friends etc do affect the view point or decision of a person to a great extent. At this juncture, management of the business must shed light on right kind of communication strategy which has direct impact on the attraction of customers and easy availability of the important information related to varied kind of services.
Pride and Ferrell (2010) stated that brand awareness and hearsays must be not be merged where management of business need to focus on the balanced approach. In case excessive information will be provided then issue related to hearsays will incur rather awareness. The application of balance approach contribute towards long run success of the business. This enables business to determine the long run success with the increased rate of return. Also, firm can use the modern mode of communication and outsource for such kind of activities. This proves to be effective in implementing the balanced approach. On the other hand, Mooij (2010) explained that brand awareness is reflects that difference between the normal and differentiated product. Therefore, strategies or promotional activities such as sponsorship, blogs and print media and other modern technologies are used so as to disseminate the important information regarding the services which are being rendered by event management sector. Furthermore, events are also organized by the businesses target large mass of people at the same time and show the reality of the brand so as to influence them.
According to Kurtz (2011) higher brand awareness is associated with better sales figures and determine the firm as the market leader. It is the well-known fact that favorable or positive impression of the business at the end of customers would encourage them to involve with the brand. It is the major reason companies try their best to devote much of their time to spread the awareness among customers and get the best outcome out of the kind of marketing activities.
Clow and Baack (2010) stated that attachment of shopper is connected emotionally with the brand or product which create good image of the business. Without involvement or association of workforce with the product it might not be possible to provide the right track for the business related activities. Owing to this, integration is very important and strategic action of the business is also potential. It indicates the emotional connectivity of the employees is important with the brand which tends to affect the corporate performance. It is made possible through the higher sales turnover and better relationship with the customers. The positive bond of company and customers give the upward direction to event management sector. This ensure the better certainty and influence large number of customers to access the cost effective services.
2.5 Impact of brand awareness on intention of purchasing
Brand awareness is considered as most important tool which proves to be effective for recognizing by the customers for a long period of time. In the event management. It is important for the event management industry in UK as assists in order to bring wide range of customers to the business and also motivates them to come again. Further, if there more number of people are aware of the brand and it helps in creating traffic to the event industry. However, the behaviour of brand awareness on intention to purchase can be understood with the help of consumer buyer behaviour. The following mentioned process of intention to purchase consists of five procedure under which first one shed light on recognition of problem. For example a client want to organize employee award function for appreciation of personnel. It leads particular person to search for information that which companies are there, offering services related to event management.
(Source: Solomon, 2014)
The information search is the long procedure which also consists of internal and external search. Here, internal search is directly connected with brand where person try to make purchase decision on the basis of part experience. This again shows that which brand he or she preferred last time. It can be critically evaluated that worst past experience might to move forward and search for good alternatives which are worth money. This aspect is showing that brand image depends on the experience of individual as if he has good part experience then he can effective for the same brand. It reflects purchase intention of consumer. On the other hand, consumer also willing to try new product which can be from external sources. This typically involved search in context of neighbors, family and friends as well as others. Not only this but official website of business can also be referred for the purpose of collecting information. This is also considered as the most appropriate way to understand the brand value. It is because customers review the feedback provided by existing users. However, the negative feedback affect their purchase decision to a great extent and they go to search another alternative. Furthermore, positive feedback convert their intention to purchase into actual decision of buying a particular brand. In this manner, information search is the most important procedure of consumer buying behaviour where brand value is essential. It enables a buyer to repeat purchase the product and accordingly show the loyalty.
Furthermore, third step of consumer buying behaviour is evaluation of alternative which shed light on assessment of value of brand. This evaluation procedure is completed with the help of detail assessment of expectations of customers along with effectiveness of brand to meet the same. Hence, an alternative meeting the expectations of consumers will be considered as the most effective. At this juncture, product recall, brand name and personal experience as well as prestige are considered which are directly linked to a brand. Herbig and Milewicz (2012) asserted that brand awareness is the only factor which increases attention of customer to buy. However, there remain few adventurous consumers who like to take risk and get fresh experience by trying the new brand. Such kind of purchase decision might be associated with very general kind of need or product which is used on daily basis. Here, customer might like to change the brand for new or fresh experience.
The fourth stage of consumer buying behaviour is of purchase decision which reflects the buying value. This too consists of sub stages such as which particular brand is best, which time is perfect etc or not to purchase. These options remain with customer and accordingly they try for particular brands. On a critical note, this fourth step of buying behaviour defines that how attitude of others, perceived risk and unanticipated situational factors are considered. These factors are too considered at the time of making purchase decision. This proves to be effective for corporation to communication the positive factors related to brand so as to influence others and increase the number of customers for the same.
In addition to this, last factor of consumer buying behaviour is of post purchase decision where value in use is considered. At this juncture, clients of event management organization compare their expectations with rendered services. This will have two outcomes such as satisfaction and dissatisfaction. Here, sanctification comes out through good experience or right selection of brand. On the other hand, dissatisfaction is the outcome of worst experience with a particular brand. Beristain and Zorrilla (2011) asserted that mentioned outcome affect value personalities of customers and their communication as well as repeat purchase decision. This is because in case a customer is satisfied with rendered services then he will take repeat purchase decision. At the same time, communication would be greater as he can also recommend the particular brand to another people too.
Therefore, consumer buying behaviour is important and directly associated with brand value of the business. This facilitates corporation to deliver good quality of services in accordance with their requirement. Though, focus must be laid on research and development activities in order to assess need and expectations of consumers. This proves to be effective for implementing right kind of retention strategy along with offering appropriate product. Thus, brand value must be considered by business for grabbing attention of users and stopping them to switch to another brand.
According to Huang and Sarigöllü (2014) generally consumer give serious attention on brand at the time of making purchase decision. It is because of perceived quality and other related features. They select a product or brand from list in accordance with specific features such as price, quality and other related aspects. For this purpose, customers find the product in accordance with their past experience and expectations. This would be effective for corporation to engage the customers effectively by meeting their requirement in a more effective manner.
Apart from this, consumers are also told to provide their feedback and accordingly business address their issues. This in turn make their experience very good and enable them to refer a particular brand. Tiago and Veríssimo (2014) asserted that most popular brand has higher chance of customer association than the one which is not popular. For this purpose, firms’ uses appropriate marketing strategies and communication channel in order to have appropriate boding with consumers. At the same time, focus is laid on particular brand and its unique feature to make it different from the one which is already offered by competitors.
In addition to this, loyalty driven consumer typology can be applied for the business. This can be understood with the help of application of Aaker model which consists of five levels of brand loyalty.
(Source: Annetonia, 2012)
The first element of this model is switcher to the brand. It shows that buyers who not loyal. They tend to use different brands every time. These kind of considers believe to purchase only the produce which have relatively affordable price. For this purpose, event management sector tend to focus on price to attract such kind of users. It it enables consumers to get the product which is more suitable in term higher rate of return. However, such kind of consumer create issue in meeting the brand image. This affect corporate image to a great extent. Owing to this, customers are targeted to get the product on right price and ensure their retention with the particular brand.
However, the second level of is of habitual consumers under which they are not provided chance to change the product or brand. However, the second one reflects that customer’s satisfaction but not satisfied. At this juncture buyers tend to focus on particular brand as they get the sense of satisfaction and they might not think the change the brand. It can be critically evaluated that customers might plan to change the product in case they get the other effective alternative. On the other hand, third level reflects that category of satisfied customers who incur cost at the time when they switch to another brand. Here, switching cost includes variables such as loss of time, acquired loyalty advantages and money as well as performance risk. Owing to this, corporation get negative impact of switching of buyers. This become critical for corporation to shed light on need and expectations of buyers. Owing to this, management of event Management Corporation make it sure that customers are not switching to other brand and they can be easily handled by the firm.
Apart from this, above mentioned graph has fourth level of which contain the buyers who like the brand. Here, customers like to be attached with a particular brand emotionally rather wasting their time in switching to another brand. However, there are some basis on which they like the particular brand. It consists of symbol, high perceived quality and set of use experience. Owing to this, customer get attracted towards a product. It also indicates that long term relationship of customers with an organization which aids to increase their retention rate. In this manner, business can easily support all related customers by forming long term relationship. It is helpful to accomplish long as well as short term objectives. For this purpose, emotional attachment of customers with a brand is important through which it becomes easy to retain them for longer time span and also provide the lucrative products and services.
Apart from this, fifth level of loyalty pyramid is showing that committed customers. Here, customers are proud to have particular brand and they like show off for the same. This shed light on importance of brand, its quality and price as well as other related features. At this stage. Customers do not like to switch to another brand. They just focus on using the particular one, It is called as the last stage where customers react in a positive manner with the help of products brand services along with its variety. Therefore, fifth level of customers is considered as the most important which reflects their loyalty towards a particular brand. This proves to be effective in catering requirement of all buyers and increase their satisfaction level of to a great extent.
According to Henry Assael stated that four types of brand loyalty driven consumers. The first factor shows that complex royals tend to focus on research for searching the new brand. They shed light on developing strong beliefs and attitude towards the brand in order to making the perfect choice. On the other hand, habitual loyal mainly takes decision on the basis of familiarity of brand and keep on buying the same. This enables them to being loyalty for longer time span on accordance with specific brand. In addition to this, variety seekers tend to involve in a very less manner towards particular brand. Owing to this, all depends on incorporation of suitable brand through which customers get attracted towards the brand. In this manner, behavior of individual matters a lot and accordingly decision is taken for the purpose of delivering the most suitable project.
It shows that brand awareness is very important for the purpose of grabbing the attention of particular customers and enabling them to access brands which are being offered by event management companies. The aspect of brand awareness focuses whether a customer can be loyal towards a brand or not. It is not important for them to take decision related to variety or pricing operation but most of the time quality matters a lot. Thus, businesses try their best to opt the effective strategy for retention of their customers.
Another mode of Keller;s brand equity can be applied in the organization which is divided into four steps. These four steps are considered by the business in order to understand the situation effectively and handle all related issues of their. The first step of this model is salience which reflects the identity or awareness. This stage reflects that customers recognize a particular brand as per their needs and expectations. It enables them to take the purchase decision as per their requirement. At this stage, management of event management sector facilitates to shed light on understand the customers along with choices with research on services which are being offered by competitors. The second step is of brand under which customer offer product in accordance with requirement of buyers. For this purpose, buyers just be happy with having the product in accordance with their requirement. It would be effective for firm to deliver services in the line of requirement and expectations.
The third step indicates brand response whereby corporation targets on factors like quality, consideration, superiority and credibility. These different factors are considered by corporation in order to select the most suitable product. It is because decision related to quality, consideration and superiority is taken on the basis of expectations of buyers only. It is the major reason that third part of Keller's model help in gaining attraction of more buyers. Apart from this, brand resonance is the last aspect of model wherein categories such as sense of community, attitudinal and behavior loyalty are considered, Along with that active engagement is also focused. All these aspect reflect that how customers are connected with the brand. This assists firm to involve the customers into the decision making process and enable firm to product the product and services as per their requirement.
According to Leek and Christodoulides (2011) brand awareness is the result of purchase intention because in case a person has need then he will refer for a brand so as get the appropriate one effectively in order to cater the requirement in a most effective manner. In this manner, purchase intention is linked with awareness of brand, perceived quality and customer loyalty. However, the profitability derived through brand it eh result of the purchase intention. Owing to this, focus is laid on strong purchase decision which makes it possible for the corporation to address the issues which are being faced by the business. On the other hand, Booth and Matic (2011) studied that premium price of the products and services is the results of the brand. It facilitates for the corporation to build the strong brand image and grab the attention of all other parties.
It is made possible only with the help of link between the purchase intention and effective of the brand. However, a brand consists of several factors such as perception and trust as well as its recall. It is the major reason that companies make use of appropriate market strategies whereby buyers can be targeted in relatively less time span. However, premium price is the single component which is carried int the mind of most of the customers. It is because of generally brands remain costly and focus on the attention of the customers. It can be critically evaluated that brand of well-known product has be positive impact on the customer preferences so they can effectively shed light on the promotion of the respective products and services only. This reflects that brand awareness is very important for creating the positive impact of the same among consumers and enabling them to purchase the same effectively.
Khasawneh and Hasouneh (2010) asserted that concept of celebrity endorsement is very effective to build the brand image as people get highly inspired through their role model or famous personality. They start feeling like a person whom they admire is also accessing the same kind of services. This serves as the sense of achievement among them and they like to change their decision in the same manner. However, it is very important to select the positive personalities only who are connected with large mass of people. It might be costlier for the business but still would be effective to boost the sales turnover in a drastic manner.
Thus, selection of brand ambassador should be perfect that aids in achieving the long as well as short term objectives of the business. At the same time requirement of stakeholders is met through the association of right kind of persona for promoting the services offered by event management sector. Apart from this, a well-designed logo should be prepared along appropriate message which would effectively cater the requirement of all related parties. For this purpose, language, images used under the advertisement should be perfect which portray image of the organization in front of related stakeholders. Pullman and Gross (2004) reported that tagline of project should also be mentioned in a proper manner as it contribute towards building the brand image of the business.
For this purpose, better relationship is important with the customers so as to create positive image of the firm and influence the competitive edge of the same in the marketplace. These unique aspects must be incorporated under the strategy of the business through which brand image can be built by the firm. For this purpose, companies can easily access most important information related to customers through use of appropriate mode of communication. Such kind of practices determine the long run success of with the use of clear communication with clients. In this manner, sense of satisfaction is developed among clients and they are provided comfortable work environment so as to meet the expectations of related stakeholders.
Shimp (2010) asserted that brand image effectively develop trust among customers by offering them reputed brand in accordance with their desire. They become highly involved in the purchase process and like to buy the high-technology products. It is the major reason, event management companies must shed light on customers' decision making with the impact of strong brand image. The brand image is created through the introduction of right kind of product or services via most suitable mode of communication.
Apart from this, businesses suffering from low sales turnover must investigate regarding the availability of counterfeit products as most of the time such kind of brands do affect the performance of actual brand. For this purpose, sense of satisfaction is derived through application of right kind of products and services and enabling the buyers to access cost effective product along with perfect quality of product. In this manner, management aid in producing the brand image along with creating the competitive edge in the marketplace. Therefore, role of brand image is important for success of the business and its direct impact on creating the brand image in the marketplace.
2.6 Key factors influencing the intention to purchase
According to the Hutter, Hautz and Füller (2013) there are different factors which influence the intention to purchase. Organization focus on increasing brand awareness among the people all over the world. It is necessary to do because it helps in encourage customer to buy particular company product and services. Firm can increasing the brand awareness with the help of social media tools and techniques. In modern era, people in all over the world get familiar to different social networking sites such as Facebook, twitter, Linkldn etc. this all help in making aware people of particulars brand. If firm continuously advertise it product on different social networking sites then people eager to buy their company product. Firm can also use different type of strategy for grabbing the attention of customer. If company used discounting pricing strategy then it can easily get attention of consumer toward the product and services. Further there is great impact of brand awareness on intention of purchasing on customer. Dissertation Help online
If people continuously came to know about a particular company then they may think to buy it. This help in increasing the sale of organization and also help in increasing overall profit of firm. The brand awareness is the ability of consumer to recognize and recall a brand in various situation. The brand awareness play significant role on purchase intention of consumer for buying and get familiar to particular product. For example, if any product have which have a high level of brand awareness then that company may receive high customer preference. This lead to increase in market share. Some people attached with brand due to its high quality services or because of its price. There are different way through which firm can easily create the intention of customer for purchasing its product and services. Along with this trust on brand help to increase the sale and profit of organization.
According to Round and Roper (2012) purchase decision is taken on the basis of decision making aspects of customers related to a particular brand due to certain characteristics. This is helpful for the corporation to purchase only a particular product in some specific condition. It proves to be effective to cater requirement of all related parties and support the business objectives in a most effective manner. It is because if customers take frequent purchase decision then it becomes very easy to create the competitive edge of the corporation in the marketplace with the help of increased rate of return. On a critical note, customer purchase decision is very complex due to their influence with several factors associated with a particular brand. It consists of several aspects such as attitude of customers, their perception and behavior. However, all products consists other kind of features which might be different for several parties. Spry, Pappu and Cornwell (2011) critically evaluated that buyer process can be predicated by using the customers intention to purchase.
However, the intention of purchase might be different due to factors such as price, quality and value. For example, Marriott hotel charges higher prices for the product and customers remain ready to pay for the same just because of its brand value. On the contrary, any particular hotel operating at start up level cannot change the higher prices. It is because customers will not be ready to pay higher. However, in case customers seek for the lower price product then they become ready to compromise with the price. For this purpose, buying behaviour of consumers is focused through which their exact requirement can be known and appropriate decision can be taken for purchasing the right kind of product which is being offered by the business. At this juncture, companies shed light on creation on valuable products and basic requirement in turn suitable product can be designed in order to meet the expectations of consumers effectively.
As per view of Lu, Chang and Chang (2014) the image of brand help in give the overall personality of brand. Brand attitude is in relation to advertisement which directly impact the attitude toward the brand. At the time of making decision of purchasing customer moves under five stages that is as follows; Problem recognizant: At this stage problem is recognized and buyer need to satisfy the needs of customer. In this situation buyer need to satisfy or need to solve it problem. It is the beginning buyer decision process. Information search: in this information is search which product can satisfy their need and want. The organization who have built image in market or create awareness of its product in market may be chosen by buyer firsts. Alternative evaluation: There are different alternatives available for buyer. From different alternative buyer may choose one after making research. Purchase condescension: At this stage buyer buy make a particular decision for buying the product. Customer go with that product and service which brand image is good in market.
This all are the step of consumer buying decision which help in making proper decision to customers. If any firm continuously create awareness of its brand then is set in mind of people which may lead to increase in sales. Apart from this consumer have higher purchase of intention if it get familiar with particular brand. On the other hand brand purchase help in lead to repurchase of product and services. If there is positive feeling of customer toward the brand then it will produce purchase decision. For promoting the brand loyalty to consumer than firm should have high awareness and good images. If brand have good image in market then people will buy that product without thinking more while if its image is negative them people avoid buying that company product. In addition to this if any brand not advertise it product or promote its brand then its people will not aware of it and not buy its company product. So it can be stated that it is necessary for firm to create brand awareness among people for increasing sale and overall profit of organization. Company can use different tool and techniques for creating brand awareness because it impacts the intention of purchase of consumer.
According to Herbig and Milewicz (2012) brand awareness and purchase intention can be understood with the help of two most important variables. The first variable is independent under which brand awareness is included. It enables business to cater requirement of all related parties such as parties like shareholders, employees and customers. At this juncture, brand is recognized with the help of marketing strategies. For example, social media, internet and other related strategies are applied which aids to cater need of all related parties. Here, the independent variable brand awareness facilitates to take purchase decision effectively.
This enables corporation to integrate all business activities and support business to accordingly carry out all activities which aids to deliver good quality of services to large number of buyers. Hyun and Kim (2011) reported that factors like brand recognition, recalling, top of the mind and brand name dominance are some of the factors which must be continued in the line of purchase intention. Here, corporation put efforts to acquire necessary resources and utilize the same for producing valid outcome and accomplishing long as well as short term objectives. Here, company communicate its marketing manager to allocate necessary resources. In this manner, corporation can effectively communicate the fruitful message to all its parties and ensure to have appropriate brand management aspect. This is because when customer look over a particular brand then they tends to follow the suitable approach for cooperating their relatives as well. It is done with the help of word of mouth as they share their thoughts with their relatives in order to get the best suitable product in accordance with their requirement.
In this manner, purchase intention is considered as the dependent variable. It would be effective for business to shed light on specific aspect through which attention of customers can be gained. At this juncture, aspect like internet marketing is applied along with application of suitable marketing aspects. It contribute towards selecting the most suitable method for attracting more buyers. It aids to support all related customers and enable them to carry out their purchasing process in an effectual manner. Hence, the connection of brand awareness and its loyalty seems the most important for growth and development of the business.
According to Aaker and Joachimsthaler (2012) brand strategies considered as the most significant which is derived from the marketing department only. It is because marketing has strong connection with the brand of the business. He proposed that branding is just iceberg which reflects that surface must be pushed up in order to make the brand visible to its related parties. On a critical note, an organization which is unable to make its brand visible suffer from the poor organizational culture and customer experience.
Here, business face issue in coping up with changing scenario and face several issues in creating strong brand image. By using the concept of Brand Corporation present itself to the organization. They further asserted that brand is considered as the strongest assets for the business which is developed only with the help of improving the service quality and meeting the expectation of customers effectively. The representation of company is done with the help of its brand only. The company with strong brand image possess appropriate market share and pool of customers who stay connected with the business and support to increase overall rate of return.
(Source: Vadhani, 2017)
The above mentioned branding iceberg is showing several elements which is seen by the customers and not seen by the same. This model represent that how company build its image or brand value by satisfying the customers. Here, two major components must be considered such as what can be seen by other and another part which is not seen by them. However, the bottom surface of the model is showing key assets and competencies which cannot be seen by others but the competitors. It includes highly quality, efficient production, low cost operation and strong supply chain. By using the strong supply chain company ensure its low cost operation and make it possible to offer the product in relatively low cost. At the same time, aspect related to supply chain such as effective policies, long term contract with suppliers. It is the fact that well established contract with suppliers is the key to success of the business because consistent flow of production is maintaining without incurring huge cost. This is considered as the most important aspect behind reducing the cost of operation and supporting the product related activities in an adequate manner.
The mode of brand iceberg also includes research and development and highly services levels as well as effective selling. These components remain at the bottom level of model in order to carry out all operation activities effectively. With the help of mentioned activities business effectively expand at global marketplace and in turn obstacles related to operation can be reduced. This in because research and development insight the meaningful outcome for the marketing department and accordingly the company as whole. In this manner, products and services are offered in accordance with requirement of the customers. These integrated below the surface elements facilitates to take the appropriate decision and cooperate the related department to accomplish the business activities effectively and accomplish long as well as short term objectives of the business.
Balakrishnan Nekhili and Lewis (2011) asserted that key assets and competencies must be maintained by each organization to focus on the branding strategy and observing the significant impact of the same in term of higher customer base and competitive edge of the business. This would be effective for the business to deliver good quality of services to end users and ensure to sustainable growth and development of the business in the marketplace. On the other hand, above surface of the iceberg model is more important because it is seen to all parties but on the basis of key assets and competencies only. Owing to this, major focus is laid on the competencies and key aspects of the corporation so as strengthen the internal operation of the business. In this manner, internal operation must be strong and sound which in turn competitive edge of the business is created in the marketplace. Braimah and Tweneboah-Koduah (2011) critically evaluated that lack of availability of financial resources and others has negative impact on the performance of the corporation. For this purpose, it is crucial for the business to resolve potential issues which are being faced by the business. This in turn firm can effectively put efforts to maintain the strong presence in the marketplace.
There are several factors such as symbol, brand name and prices as well as advertising Along with that, presentation is another crucial aspect which s considered by the management so as to create the strong goodwill of the firm for meeting the satisfaction level of customers. These mentioned aspects are focused by the firm through which brand can be created. At the same time, strong impact is created in term of price and advertisement. However, appropriate trend of advertisement such as social media and celebrity endorsement are referred. Thus, specific title is given to a brand and company put efforts to make it renowned through construction of most effective type of advertisement.
Kapferer (2012) reflected that creation of the most suitable advertisement is the important aspect under which business come to know about the potential market and then accordingly pass on the important message to them. This integrated approach of different components contribute towards visualizing the brand and catering the requirement of all related parties effectively. Therefore, both aspects are focused with the help of branding iceberg and making the brand known in the national as well as international market effectively.
For example, appropriate pricing strategy is another crucial aspect through which customers take purchase decision. Not only but the advertisement influence the client of event management companies to access the good quality of products and services. This in turn goodwill of the firm is created and company enhance its market share effectively. This in turn reflects that brand strategy and purchase intention are positively related. For this purpose, suitable branding strategies are also important along with sales tactics. It would be effective for companies to approach the customers effectively and supporting them to create the most suitable model for attracting more customers on time to time.
According to Bruhn, Schoenmueller and Schäfer (2012) companies must conduct their self-analysis to identify that how strong their brand is with respect to response of the customers. This would be effective to collect the valuable information and bring positive changes in the overall work of the business. The contribution of brand is very important in creating the positive impression among customers. It would be effective for them to take the purchase decision because they are offered varied range to select the most suitable product which best meet their requirement and support them to contribute towards the success of the business effectively. However, appropriate product positioning formula and dynamic brand is applied by the business whereby new customers can be invited and the current one can be retained for longer time span. Not only can this but customers be propelled into a desired action. It leads to determine the success of the business and increased rate of return along with strong brand image. Here, company must keep into mind that only advertisement is not focused along with color scheme and design layout etc to keep the brand known.