Equity Conceptualization and Measurement - Free Samples to Students

Question: Discuss about the Equity Conceptualization and Measurement. Answer: Introduction The current research sheds light on the fact about how the awareness of a brand like Myer can create an impact on the buying behaviours of consumers in Australia. The awareness of a brand is the extent to which customers can become aware of the brand and become knowledgeable about the products and services offered by the company and then make a decision regarding the purchase (Bruhn, Schoenmueller and Schfer 2012). The brand awareness includes the behaviours of consumers, management of promotional activities and advertisements, management of brand and development of strategies too. Based on the brand awareness, it is the ability of consumers to recall a particular brand and ensure a successful purchase decision making in the end (myer.com 2017). The background of research shows how the awareness of a brand can lead to making customers more aware of the products and services delivered by Myer and influence their buying behaviours too. Myer in Australia has targeted its customers from various market segments wisely by establishing brand awareness through an understanding of the customers' needs and preferences and by managing goof marketing and promotional strategies for enhancing the brand image and identity with ease and effectiveness (Hakala, Svensson and Vincze 2012). The company has established various platforms and even involved social media in enhancing the brand image and identity and promoting its products and services properly to enhance the brand awareness. The rationale of the research showed that if the customers are not aware of the brand, then the company would likely face issues to connect with customers and increase its sales (Huang and Sarigll 2014). Thus, a proper brand image and name is needed to be maintai ning for enhancing brand awareness and influence the buying behaviours of consumers (myer.com 2017). The aim of the research is to assess the impact created by brand awareness on the purchasing behaviours of consumers considering the business organisation Myer in Australia (Hutter et al. 2013). Research objectives To identify the impact of brand awareness on the buying behaviours of consumers To evaluate the various approaches to enhance the brand image and identity of Myer among the customers To assess the impact created by a positive brand image on the ability of consumer to make purchase decisions To recommend various measures for enhancing the efficiency of brand awareness and generate more profit through increase in sales of Myer What is the impact of Myer's brand awareness on the consumer buying behaviour? How could the various approaches were undertaken by Myer enhance brand awareness? What could be the probable impact of a positive brand image on the consumer buying behaviour? What measures are recommended for improving the awareness of a brand and increase the sales generation for the company? Creating brand awareness is one of the major marketing methods considered by the business organisations to influence the buying behaviours of consumers and allow them to make an effective business decision with ease and effectiveness. Having a strong brand presence can also help a company to stay ahead of its competitors in business as well as increase the customer base with much ease and efficiency (Jara and Cliquet 2012). The consumers look at the products and check whether those will be able to fulfill their needs and requirements or not and then make a purchase decision. Brand awareness of considered as an effective technique used by the companies to enhance customers experiences and make sure that a positive brand image and identity is created that can easily make the customers purchase the goods and services (Kapferer 2012). Various researches showed that customers can make a purchase decision more easily when multiple options are available among which one is the known brand, a nd the other brands may be unfamiliar. The customers are more inclined to the familiar brands, and when the companies promote their brand, they become more aware, and the familiarity of the brand further allows them to make a final decision regarding the purchase (Lu, Chang and Chang 2014). For developing brand awareness, it is essential to expose the target market to the products and services delivered by the company. A distinct logo and differentiable brand message can help the company to differentiate its products and services within the competitive business environment and furthermore influence their buying behaviours (Malik et al. 2013). There are other ways of enhancing brand awareness such as the use of traditional advertising to social media to public relations, where various campaigns are followed to bring the products and services to the minds of the consumer and allow them to make a purchase decision properly (Malik et al. 2013). Consumer buying behaviour To influence the buying behaviours of consumers, it is essential to enable consistent messaging to reach varying scales of services and create a good brand name and image among the minds of customers. By creating a good brand image, there would be loyal customers who would prefer to buy the products and services of that particular brand rather than from anywhere else within the competitive business environment (Rubio, Oubia and Villaseor 2014). Companies need to create a distinct message of the brand that can be motivating as well as encouraging for the internal audiences, i.e., the customers and allow the company to develop a unique selling proposition for spreading positive messages and information regarding the brand to the customers. Brand equity is established by focusing on the brand perception and create ample scopes for enhancing the brand commitment too (Sasmita and Mohd Suki 2015). The brand awareness should be employed by the organisations not only to save a lot of time an d effort but also compare the products and services offered based on the attributes like quality, price and packaging. Brand awareness is thus considered as cognitive that can allow customers to make decisions regarding purchase with convenience (myer.com 2017). If the products delivered can fulfill the expectations of customers, then brand awareness can create a better positive impact on the purchasing behaviours of customers too (Severi and Ling 2013). There are two different kinds of research approaches including the inductive and deductive research approaches. The deductive research is aimed towards a particular objective and testing theory while the inductive research approach is concerned with the new ideas and concepts that are generated (myer.com 2017). The deductive research approach is followed by starting with a hypothesis for determining the positivity and negativity of conducting research while the inductive research approach is more concerned with the use of research questions that are set to conduct the research according to the research scopes (Bruhn, Schoenmueller and Schfer 2012). The deductive research approach has been chosen as most effective here because the existing ideas, theories and concepts are considered here while effectively conducting the research. Research design There are three different kinds of research designs including the explanatory, exploratory and descriptive research designs. The explanatory design identified the cause and probable impact of the research by generating new ideas and combined all these to drive good research outcomes. The exploratory research design is used for making observations and explores the research data and information in a detailed manner (Hakala, Svensson and Vincze 2012). The variables considered while conducting the research had been explored in details with the use of descriptive research design. This research design fills the gaps and collects data and information without making any predictions at the earlier stages of the research. The what and how have been focused on rather than why and this makes the descriptive research design an effective one for promoting learning too. The dependent variable is consumer buying behaviour, and the independent variable is the awareness of a brand (Huang and Sarigll 2 014). The descriptive research design has been followed to create a positive impact on the dependent variable and ensure that the buying behaviours of consumers are kept inclined with the awareness of the brand (myer.com 2017). The non-probability sampling technique has been preferred here among the two sampling methods. The purposive sampling technique helped in obtaining the quantitative samples whereas the qualitative samples were gathered with the help of convenient sampling method. To gather quantitative data, the survey questionnaires are provided to the respondents where they need to provide their views and opinions after knowing about the topic on which research would be done (Hutter et al. 2013). The convenient sampling technique helped in conducting interviews with the managers of Myer based on their suitable time when they would be available to take part in the sampling process. The random probability sampling method has chosen samples randomly to whom the questionnaires have been distributed to collect the quantitative data as well (Jara and Cliquet 2012). The sample size has been chosen as 200, where 150 are quantitative samples, and the qualitative samples are 50. The quantitative data has been obtained from the customers of the organisation while the remaining qualitative data has been gathered in the form of responses from the managers (Kapferer 2012). The primary and secondary data have been collected for conducting the research efficiently. The primary data consisting of the qualitative and quantitative data have been gathered from the managers and customers respectively. The customers are provided with survey questionnaires where they have been asked about certain questions related to the research topic, and on the other hand, qualitative data has been obtained by conducting interviews with the managers by gaining their responses and opinions based on the questions asked to them (Lu, Chang and Chang 2014). The secondary data has been gathered by following various journals, articles, documents and internet websites to ensure that the data and information collected are genuine and appropriate (myer.com 2017). Data analysis The analysis of data is done with the use of SPSS tool that presents the data presented by the respondents in graphical format so that the researcher can understand that with ease. The qualitative data has been analysed by presenting those in question answer format linked with the objectives of the research. The Likert scale is also used for analysing the data and derives positive outcomes during the research (Malik et al. 2013). Few limitations could be language barriers, limitations of selecting a large sample size. The time was another constraint, because though the research had been completed, still some additional time would have been beneficial for researching a much more detailed and appropriate way (Solomon 2014). Main activities/ stages Month February Month March Month April Month May Month June Month July Selection of topic Collecting data from secondary sources Constructing the research layout Literature review Development of research Plan Selection of Appropriate Research Techniques Primary data collection Analysis Interpretation of Data which are collected Conclusion Development of Draft Final Work submission Conclusion The research was conducted to determine the efficiency of enabling brand awareness to create a positive impact on the buying behaviors of consumers. The first introductory chapter included the aims, objectives and questions of the research while the literature review portion discussed the various important aspects of brand awareness and its impact on the consumer buying behaviors. A conceptual framework was also developed to understand the flow of variables. The research methodology chapter presented the research approaches and methods along with the sample size selected. The various research tools and sampling techniques along with the limitations of research had been presented here as well. References Bruhn, M., Schoenmueller, V. and Schfer, D.B., 2012. Are social media replacing traditional media in terms of brand equity creation?.Management Research Review,35(9), pp.770-790. Hakala, U., Svensson, J. and Vincze, Z., 2012. Consumer-based brand equity and top-of-mind awareness: a cross-country analysis.Journal of Product Brand Management,21(6), pp.439-451. Huang, R. and Sarigll, E., 2014. 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