Read the following summary and answer the true and false questions at the end of the article. The summary is based on a marketing research study from Doctor Kim "Impact of Brand Factors on the Purchase of Various Brands of Television" which was published in the Journal of Arts, Science & Commerce.
Brands have never been more important. They help consumers in the decision making process. The article emphasizes the importance of a brand when purchasing a television. Through various academic studies and statistical analyses, the correlation between purchasing and brand recall was loyalty, perceived quality, and brand association and statistically proven to influence consumer behavior.
The study was limited by the recall bias and sampling errors. However, the objective of the study, which was to assess the influence of different brand factors, was successful because detailed data gathered from six different households all confirm the need for a good brand. Most of the products that are sold today have a distinguishable brand image. The article studied the influence of various aspects of product branding such as brand heuristics, brand knowledge, brand trust, brand loyalty, perceived quality, brand association and overall brand equity when purchasing a new television.
The characteristics of knowledge, loyalty, and trust create a preference in the minds of the customers.
When purchasing a product like a television that will last more than a year, consumers are more likely to conduct research based on the resources available to them such as the Internet. Having a good brand image takes time and cannot be accomplished by one-time advertisements. Brand trust and loyalty are also necessary factors because in the present day there are multiple brands competing for a customer purchase.
The studies proved through empirical research that brands are important when choosing what television to buy. Assumptions based on brand are not always true but trusting a brand and being loyal to a brand are what marketers strive to accomplish because it increases sales. The perceived quality of the brand in relationship to the price was one the most important factors for nuclear families. A brand helps buyers to recall the product and buyers will perceive the quality of the product based on the brand and will prefer brands they trust and will make purchasing decisions accordingly.
True or False:
1. The name which helps the buyers in recalling the product instantly is known as brand name.
2. When several brands of a particular product, which are similar in quality of performance and appearance, are available to the consumers brand knowledge, loyalty, and trust can create a preference in the minds of consumers.