Impact of Branding on Financial Services - Research Proposal Example

Impact of branding on financial services Introduction Brand management is a fundamental management function man d with the development of a reputable and identifiable image for a company, product or service. The success of a company relies on the image it portrays to its target market. This implies that an organization must develop a reputable image, one that positions the organization strategically with the view of improving the popularity and usefulness of either the product or service. Among the features that influence the brand image of a company or product, include the corporate color, vision, mission and logo among many others (Aaker & Aaker, 2010). The selections of such features of the company are vital in enhancing the marketing of the company thus improving the profitability of a company. While the above discussion portrays the importance of branding in a company, it does not portray the financial implications of branding in a company. Branding is an expensive process that requires a company to invest substantial share of its operational capital. This way, the company is likely to experience increased profitability a feature that validates the claim that effective branding result in increased profitability for a product or service. The research thus investigates the impacts of branding on the financial services in a company. Research question In investigating the impacts of branding on financial services, the research will ask specific questions. By answering the questions, the research will provide the valid and reliable relationship between branding and the financial services in a company. Among the research questions are in what ways does branding influence the profitability of either a product or a services? In addition, how does branding services affect the budgetary allocation of a company? The two questions provide a pre and post branding view of a company thus depicting a reliable view of the effects of branding either a product or service. Research objectives The research objectives help provide an effective and functional outline for the research. The objectives are therefore essential aspects of the research that help confines the operations of the researchers to obtaining appropriate research samples and employing effective strategies to collect and interpret the data thus resulting in the formation of reliable conclusions. Among the objectives of the research are to determine the relationship between branding and the profitability of a brand and to determine the financial implications of developing an effective brand. Literature review Shamoon, & Saiqa, (2011) defines brand management as the fundamental management and communication functions in a company that that determine the positioning of a product in the market thus influencing the profitability of the product. This implies that branding must consider the target market thus employing effective communication tools to ensure that the target population receives the message as intended. Additionally, brand management ensures that the product retains a desirable image through the development of desirable reputation thus enhancing the profitability of the product (Ireland, 2008). However, just as any other marketing undertaking brand development and management requires adequate financial resource allocation in order to enable the marketers to design and execute appropriate brand management techniques. Among the essential roles of brand management is the development of a good and memorable relationship with the target market. This implies that brand management is therefore an aspect of the organizational culture and must influence the financial flow in any organization (Kent & Tara, 2011). The tangible elements in brand management include the product itself, the price of the product, the look of the product and the type of packaging. Such features make the product unique in the market thus constitute the brand image. Managing the elements require adequate financial resource allocation in order to enhance the operations of the marketers who strive to maintain productive relationships with the target market (Blackshaw, 2008). As such, the product image must help identify the product besides improving the reputation of the product thus enhancing the profitability. In developing an image for the product, marketers must consider such features as the brand colors, company logo and trademark among other customer loyalty features. Such features require additional financial resource allocation in order to enhance the development of an appropriate and desirable product or service image (Kotler, 1997). Among the primary roles of brand management is the determination of the brand value. The value of a brand relies on the quality of other intangible resources incorporated in the development and maintenance of brands. Such intangible assets include human capital. Brand development for example requires professionals who understand both the industry and the organization thereby espousing the values of the company in the finished products (True, 2006). This influences the cost of doing business a feature that thus influences the price of the products. However, an effective brand must make the customers overlook the price of a product. This implies that while the branding process may often be expensive, it results in increased profitability of the product thus increasing the company’s market share. Research philosophy Based on the research philosophy of interpretivism, the research investigates the relationship between human perceptions and micro-sociological issues. As discussed above, brand management is a feature that influences the behavior of humans. The relationship thus requires effective investigation in order to determine the impacts of an effective brand in influencing the consumption of the product a feature that will enhance the profitability of the product. As such, the research will not require detailed statistical interpretation but will rely only in interpretation and observing consistencies in human behavior. Research approach The research will adopt the qualitative approach, which provides an effective mechanism of evaluating the impacts of the numerous product values and features of brad management. As stated in the research questions, the research strives to determine the relationship between effective brand management and the financial resource of a company. Branding is an important marketing function that requires adequate financial resources. In turn, effective brand management safeguards the profitability of the product thus enhancing the longevity of the product. As such, the research will therefore analyze the personal features that influence the profitability of a brand coupled with the financial investment that a company makes in developing and manage the brand. Research strategy The research will employ effective strategy in order to obtain exhaustive information on the topical issue. Survey is one such effective strategy that will provide the researchers with a adequate access to particular target groups hereby investigate the particular issues. Access and ethical measures Ethical concerns are vital in ensuring a successful research, this controls the operations of the researcher thus ensuring that the researcher maintain decorum in order to enhance the efficacy of the research. Among the ethical concerns that the researchers will uphold include retaining the identity of the sources since such will expose the respondent to criticism from the public. Additionally, the researchers will not force the respondents to answer the questions they do not want to. This ensures that the respondents provide the answers voluntarily and to the best of their knowledge. Research methodology The qualitative research will employ the effective random sampling technique in determining the research sample. After collecting a sample of fifty respondents, the research will use numerous data collection techniques in order to enhance the efficacy of the research. Among the data collection techniques are interviews and questionnaires. Each of the techniques has its strengths and weaknesses, combining the two make them complement each other thus enhancing the success of the research. Additionally, the research will employ appropriate data management tools coupled with vivid graphical representation of the research findings in order to enhance the clarity of communicating both the findings and the analysis. Such tools make understanding and interpreting the research findings easier. Data analysis and findings Coca cola is an international company based in the United States. The company enjoys an unparalleled international presence owing to its effective marketing strategies and brand management. The company has for example developed a strong and identifiable brand, which it strives to manage through effective marketing and investment of large amounts of financial resources (Chatterjee & Hevner, 2010). Coca cola is one of the largest global advertisers. The company invests billions of dollars annually in managing its brand. The research thus investigated the reception of the coca cola brand, the amount of money the company invests in advertising its profits and the profitability the company enjoys owing to the effective brand management strategies. Below is an analysis of the research findings. One hundred percent of the responded admitted knowing the company and its products. This portrays the effectiveness of the brand management endeavors the company undertakes. Coca cola for example competes favorable against both the international and local brands in the soft drinks industry (Lavender, Edwards & Alfirevic, 2004). The company has an identifiable brand that the respondents identified easily thus portraying the effectiveness of the company’s brand management techniques. Additionally, the a hundred percent of the respondent further admitted purchasing at least one of the products that make up the coca cola brand. The company has diverse products a feature that enhances the marketability of the products. The pie chart below portrays the research findings, the researcher asked whether the responded knew the brand; The admission by the respondents that they recognize Coca Cola Company and its products portrays the effectiveness of the company’s brand management techniques. Additionally, the researcher asked the numerous brand managed elements employed by Coca cola they readily recognize. One hundred percent of the respondents named the corporate colors and the ever-conspicuous coca cola logo. The two are essential elements that the company has retained for the longest time owing to their importance in the development and management of the company’s image and brand. Other parts of the research investigated the media that the company uses in advertising its products. The respondents named numerous media including television, radio and the internet among many others. The company employs billions of dollars in advertising its products in numerous media. Each of the medium the company employs has specific advantages and targets a specified audience. The company uses a combination of the media in order to increase the reach and effectiveness of the advertising. Advertisements are effective tools used in brand management since they intensify the reaction between the brand and the target market. This way, the company influences the customers’ awareness of both the product and the brand that company strives to develop. The pie chart below portrays the different media the responded cited in their divers responses; While the above pie chart portrays the diversity in the media the company uses in advertising its products, it also facilitates the estimation of the amount of money the company uses in advertising its products. Advertising is an expensive undertaking for every company since different media charge different amounts of money. The broadcast media charges for the airtime while newspapers charge for spaces in their papers. Coca cola advertises in numerous media thereby portraying the extensive investment the company makes in positioning its products through effective image management (Chilisa, 2012). Additionally, the longevity of the company portrays the company’s success as the industry leader. Such portrays the relevance of effective marketing in brand development and management. Coca cola currently enjoys an international presence and advertises on the international platform. This portrays that effective branding is both costly and equally rewarding. Conclusion The report portrays the impacts of branding on a company’s financial services. From the analysis, it becomes evident that branding is an expensive process that requires extensive financial investment. Marketing is a fundamental function of management mandated with determining, anticipating and satisfying the demands of the customers. Branding is a primary marketing function that succeeds in positioning the product in the target market. The company must develop a strong brand and position it strategically in order to place the product strategically alongside other products that compete for the same market. Additionally, the success of the product just as is the case with Coca cola relies on the effectiveness of the brand that the marketers develop. Through effective branding, the marketers develop and position their brand strategically thereby expanding the company’s market share. Word count 2000 References Aaker, D. A., & Aaker, D. A. (2010). Marketing research. Hoboken, NJ: John Wiley. Blackshaw, P. (2008). Satisfied Customers Tell Three Friends, Angry Customers Tell 3,000: Running a Business in Todays Consumer Driven World. New York: Doubleday. Chatterjee, S. & Hevner. (2010). A. Design Research in Information Systems: Theory and Practice. Berlin: Springer US. Chilisa, B. (2012). Indigenous research methodologies. Thousand Oaks, Calif: SAGE Publications. Ireland, H. (2008). Understanding Business Strategy. New York: Free Press. Kent, P. & Tara, C. (2011). Poor Richards Internet Marketing and Promotions: How to Promote Yourself, Your Business, Your Ideas Online. Lakewood, CO: Top Floor Pub. Kotler, P. (1997). Marketing Management. New York: Prentice-Hall, Inc. Lavender, T., Edwards, G. and Alfirevic, Z. (2004). Demystifying Qualitative Research. Salisbury: Quay Books. Shamoon, S. & Saiqa, T. (2011). "Brand Management: What Next?" Interdisciplinary Journal Of Contemporary Research In Business 2.12: 435–441. True, J. (2006). "Globalisation and Identity". In Raymond Miller. Globalisation and Identity. South Melbourne: Oxford University Press. Appendix Questions to the public 1. Do you know Coca cola? 2. What features of the brand can you recognize? 3. Have you consumed any of the company’s products? Questions to the company’s management 1. Which media do you use in advertising your product? 2. What are the cost implications of managing the brand? 3. Is the endeavor successful? 4. What shows the success of managing a brand? Progress report To: _________________________________ From: ________________________________ Id. No.: ____________________________ Date: _____________________________________ SUBJECT: Progress Report: Impact of branding on financial services (3 Months) Introduction The research sought to investigate the impacts of branding on the financial services in a company. Branding is major communication and marketing role that maintains the cordial relationship between the product and the target customers. The expansive nature of the research arising from the numerous features to investigate and assess thus validated the three months research duration from 2nd May 2014 to 2nd August 2014. This progress report therefore observes advancement of the research from inception to conclusion often detailing the progress the researchers make while noting the challenges and obstacles that the researchers encountered. Discussion The research begins with a detailed introduction into the topical issues. The introduction provides vital information by defining the numerous concepts that the research investigates. This way, it builds a fundamental background for the research. Defining the concepts and outlining the relationship between them is vital in improving the comprehension of the research since it helps paint a picture on the scope and the nature of the research. The report further provides a detailed literature review with the view of developing a formidable understanding on the concepts under investigation. Literature review refers to an analysis of existing literatures that address the same concepts. The research therefor consults numerous authors who address the same concept with the view of obtaining adequate background information on the topic. This way, it becomes possible to evaluate the information obtained from the respondents. The researcher explains the objectives, strategy and approach that he uses in the carrying out the research. The research objectives explain the intentions of the researcher. Coupled with the vivid research questions, the researcher reveal his intentions portraying the scope of the research and the issues he anticipates to tackle during the research. The strategy and approach on the other hand define the type of research to use in carrying out the analysis of the issue. The research then presents the research findings and runs an equally extensive analysis of the findings. In doing this, the researcher uses effective graphical representation of the research findings a feature that makes interpretation of the data easier. After the discussion of the research findings, the researcher thus makes his conclusion. The conclusion is an evaluation of the research findings and a realistic evaluation of the research questions. Problems encountered during the study The selection of journals articles and books to review was difficult owing to the existence of numerous sources. Obtaining the respondents was equally difficult owing to the need for the researcher to book appointments before interviewing some of the high-level managers of the company. the process was not only difficult but equally time consuming. Analysis and interpretation of the data collected was equally difficult since such required appropriate statistical skills in order to interpret the research findings and convert them into accurate graphical representations. Conclusion I carried out the research and developed the report in record time despite the numerous hurdles. Signature Read More