THE IMPORTANCE OF CORPORATE BRANDING IN MODERN SOCIETY A PROJECT REPORT PRESENTED TO THE DEPARTMENT OF

Transcription

1 THE IMPORTANCE OF CORPORATE BRANDING IN MODERN SOCIETY A PROJECT REPORT PRESENTED TO THE DEPARTMENT OF FINE ARTS, TAKORADI POLYTECHNIC, IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR THE AWARD OF THE HIGHER NATIONAL DIPLOMA IN GRAPHIC DESIGN BY MORO ABASS ( ) TAKORADI POLYTECHNIC MAY, 2010.

2 DECLARATION I hereby declared that this submission is my own work towards the Higher National Diploma in Commercial Art Graphic option and that, to the best of my knowledge it contains no material previously published by another person nor material which has been accepted by other tertiary institution, except where due acknowledgement had been made in text. Candidate s name Mr. Moro Abass Signature Date Certified by Mrs. Josephine Sarpong Nyantakyi... (Supervisor) Signature Date Certified by Dr. Samuel A Bentum. (Head of Department) Signature Date ii

3 ACKNOWLEDGEMENTS I therefore express my sincere thanks and gratitude to God Almighty for sustaining me all these while and for the provenance of knowledge and strength throughout the period of this project work. I also thank my family for providing me with prayers; moral and financial support in order to keep me going I the time of hardship. May God bless you all. Finally, I am most grateful to all the personnel that assisted me and contributed towards the writing and execution of this project. Thank you. iii

4 TABLE OF CONTENTS Title Page Declaration ii Acknowledgement iii Table of Contents..iv CHAPTER ONE: INTRODUCTION 1.0 Background to the study Statement of the problem Objectives Delimitation Limitation Definition of key terms.4 CHAPTER TWO: REVIEW OF RELATED LITERATURE Introduction Corporate Corporate branding Advertising Brand Branding Brand Name/Trade Name iv

5 2.6 Brand Salience Brand Awareness Global Brand Local Brands Brand Identity Types of brand names Products Product Symbol Consumer Logo References...15 CHAPTER THREE: METHODOLOGY Introduction 3.0 Research method Population of the study Interviews conducted Sampling v

6 CHAPTER FOUR: DATA ANALYSIS / DISCUSSION OF FINDINGS Introduction 4.0 Analysis of findings/interpretation of the data Analysis and interpretation of data Interviews conducted Interpretation of data Observation CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION Introduction 5.0 Summary Conclusion Recommendation Bibliography. 32 vi

7 CHAPTER ONE 1.0 BACKGROUND TO THE STUDY Corporate branding is the practice of using a company's name as a product brand name. It is an attempt to leverage corporate brand equity to create product brand recognition. It is a type of family branding or umbrella brand. This strategy contrasts with individual product branding, where each product has a unique brand name and the corporate name is not promoted to the consumer. Before the industrial revolution, most of the products used around the home were made in that home. The average person would just buy the raw materials needed and make it himself. The word "brand" is derived from the Old Norse. Brand, meaning "to burn." It refers to the practice of producers burning their mark (or brand) onto their products. With the onset of mass production, however, in the 1800s, most household products could be purchased in a store, saving the person time that could be spent working and earning more money then that spent on making whatever was needed. That s when advertising and competition began to really affect business. People confronted by a variety of different manufacturers only had guesses to go on, as to which is best. They would often choose by presentation, as that was as good as any other factor that could be seen. The presentation would soon, after trial and error be fitted with a reputation, and gain an image, and there for, be a brand. 1

8 1.1 STATEMENT OF THE PROBLEM Corporate branding is not limited to a specific mark or name. Branding can incorporate multiple touch points. These touch points include; logo, customer service, and quality of products and services. Any means by which the general public comes into contact with a specific brand constitutes a touch point that can affect perceptions of the corporate brand. It has been argued that successful corporate branding often stems from a strong coherence between what the company top management seek to accomplish (their strategic vision), what the company employees know and believe (lodged in its organizational culture), and how its external stakeholders perceived the company (their image of it). It is in this light that the researcher deems it fit to research on the importance of corporate branding in modern society. 1.2 OBJECTIVES i. It will also help facilitate new product acceptance produced by a particular company. ii. It will make consumers aware of a particular product of a company and help in production sales. 2

9 1.3 DELIMITATION The research covers the documentation of the importance of corporate branding in modern society in the Greater Accra region (VODAFONE) as the scope. 1.4 LIMITATIONS In the course of the research, the main factor that hindered this study was the scarcity of books related to this study, the busy schedules of the staff and overcrowding nature of the centre did not allow easy access to data. 3

10 1.5 DIFINITION OF KEY TERMS i. Advertising: Is the structured and composed non-personal communication of information, usually paid for and usually persuasive in nature, about products. ii. Campaign: A series of planned activities that is intended to achieve a particular social, commercial or political aim. iii. Corporate: This is when companies entertain customers to help develop good business relationship. iv. Consumer: A person who buys goods or uses services v. Scope: The opportunity or ability to achieve something vi. Brand: Is a type of product made by a particular company. 4

11 CHAPTER TWO REVIEW OF RELATED LITERATURE INTRODUCTION Many authors have written books that are related to this topic. This chapter therefore aims at reviewing some made on the following: corporate, corporate branding, advertising, brand etc. 2.0 CORPORATE From the World Book dictionary, (1994) corporate is a business firm whose articles of incorporation have been approved in some state. (1) According to small business Encyclopedia, 2002, corporate is a legal entity separate from the persons that form it. In British tradition it is the term designating a body corporate, it can be either a corporation sole (an office held by an individual natural person, which is a legal entity separate from that person) or a corporation. (2) Pertaining to corporations, Corporations are the most common form of business organization, and one which is chartered by a state and given many legal rights as an entity separate from its owners. This form of business is characterized by the limited liability of its owners, the issuance of shares of easily transferable stock, and existence as a going concern. The process of becoming a corporation, called incorporation, gives the company separate legal standing from its owners and protects those owners from being personally liable in the event that the company is sued (a condition known as 5

12 limited liability). Incorporation also provides companies with a more flexible way to manage their ownership structure. In addition, there are different tax implications for corporations, although these can be both advantageous and disadvantageous. In these respects, corporations differ from sole proprietorships and limited partnership. 2.1 CORPORATE BRANDING My BNET defines corporate brand as: a product of an organization's corporate strategy, mission, image, and activities. Corporate brands distinguish organizations from their competitors, orient the organization in the minds of customers and employees, and create a perception of what an organization stands for. There is much debate about the precise nature of corporate brands, and about their depth. Corporate branding has been seen as a superficial quick fix to restore a company's tarnished image or revitalize an ailing company. According to BNET Business Dictionary, 2002 corporate is the coherent outward expression projected by an organization. Garry Crystal, , conjecture corporation, corporate branding refers to a company applying its name to a product. The product and the company name become the brand name. The company can advertise several of its products under a single brand name in a practice referred to as family branding or umbrella branding. 6

13 2.2 ADVERTISING According to Wordnetweb definition, advertising is a public promotion of some product or service and the business of drawing public attention to goods and services. (3) The new Standard Encyclopedia, 1930, defines advertising as a form of communication that typically attempts to persuade potential customers to purchase or to consume more of a particular brand of product or service. (4) Glencoe defines advertising as Any paid form of non personal presentation and promotion of ideas, goods, or services by an identified sponsor. (5) According to Media Wiki Wikimedia Foundation, Advertising is a form of communication intended to persuade its viewers, readers or listeners to take some action. It usually includes the name of a product or service and how that product or service could benefit the consumer, to persuade potential customers to purchase or to consume that particular brand. (6) According to the World Book Encyclopedia, 1994, advertising is a message designed to promote product, a service or an idea. Jugenheimer White, 1991, also defines advertising as any paid form of nonpersonal presentation and promotion of ideas, goods or services through the mass media by an identified sponsor. Advertising can also be defined as creating awareness of a new product on the market to the general public in order to promote sales. It is also the 7

14 spreading or information or creating awareness on specific goods and services to increase or at least maintain the sale of the product or services as in newspapers, TV commercials. For advertisement to be effective, its production and placement must be based on knowledge of the public and skillful use of the media. The illustration on the package, the quality of the package and other elements that makes a package easily identified on the market contribution to the advertisement of the product. 2.3 BRAND Wordnetweb defines branding as a trade name: a name given to a product or service. (7) According to Miller and Muir (2004). A brand is a name used to identify and distinguish a specific product, service, or business. (8) A legally protected brand name is called a proprietary name. Brand is the image of the product in the market. Some people distinguish the psychological aspect of a brand from the experimental aspect. The psychological aspect, sometimes referred to as the brand image, is a symbolic construct created within the minds of people and consists of all the information and expectations associated with a product or service. 8

15 2.4 BRANDING Branding is the marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products. 2.5 BRAND NAME / TRADE NAME With regards to the World Book encyclopedia, 1994 En. Wikipedia, brand name constitutes a type of trademark, if the brand name exclusively identifies the brand owner as the commercial source of products or services. A brand owner may seek to protect proprietary rights in relation to a brand name through trademark registration. According to the World Book Encyclopedia, 1994, Brand Name is a word, a name, a design, a picture, a sound, or any other symbol that distinguishes the products of one particular firm or company from those of another. The contemporary Advertising, 1994, defined Trade Name as any word, name, symbol, or device or any combination thereof adopted and used by a manufacture or merchant to identify his goods and distinguish them from those manufactured of sold by others. Engel Warshaw Kinnear 1994, also explains brand name as the name of a product or company which is used as the headline to provide news, state product claims, give advice, a range, curiosity, or product. A trade Name or Brand Name may also consist of any combination of this identification. Most Brand name or Trade Name represent the 9

16 manufacturer s reputation called the good will and for this reason has a real economic value choosing a brand name for product is important from a promotional company perspective because brand name communicate attributes and meaning. Marketers search brand names that can communicate product concepts and held position the product in the minds of the customers. Many companies use individual broadness for each product because they want each brand to have a unique and distinct image and not to be influenced by any association to a company, family or product line name. Brand Name The brand name is quite often used interchangeably within "brand", although it is more correctly used to specifically denote written or spoken linguistic elements of any product. In this context a "brand name" constitutes a type of trademark, if the brand name exclusively identifies the brand owner as the commercial source of products or services. A brand owner may seek to protect proprietary rights in relation to a brand name through trademark registration. Advertising spokespersons have also become part of some brands, for example: Mr. Whipple of Charmin toilet tissue and Tony the Tiger of Kellogg's. 10

17 2.6 BRAND SALIENCE Brand salience measures the awareness of the brand."to what extend is the brand top-of-mind and easily recalled or recognized? What types of cues or reminders are necessary?" (9) 2.7 BRAND AWARENESS Brand awareness refers to customers ability to recall and recognize the brand under different conditions and link to the brand name, logo, jiggles and so on to certain associations in memory. It helps the customer to understand to which product or service category the particular brand belongs and what products and services are sold under the brand name. It also ensures that customers know which of their needs are satisfied by the brand through its products. 2.8 GLOBAL BRAND Global Brands are brands which are sold to international market. They are sold in many different countries. Examples of Global Brands are Coca-Cola, McDonald s, Malboro, Levi s etc. All these products are targeted at similar groups globally 2.9 LOCAL BRANDS A brand that is sold and marketed (distributed and promoted) in a relatively small and restricted geographical area. A local brand is a brand that can be found in only one country or region. It may be called a regional brand if the 11

18 area encompasses more than one metropolitan market. It may also be a brand that is developed for a specific national market. Examples of Local Brands in Sweden are stomatol, mijerierna etc 2.10 BRAND IDENTITY Brand identity is what the owner wants to communicate to its potential consumers. However, over time, a products brand identity may acquire (evolve), gaining new attributes from consumer perspective but not necessarily from the marketing communications an owner percolates to targeted consumers TYPES OF BRAND NAMES Brand names come in many styles and a few of this include: Acronym: a name made of initials such as UPS or IBM Descriptive: names that describe a product benefit or function like whole foods or airbus. Alliteration and rhyme: are names that are fun to say and stick in the mind like Reese s Pieces or Dunkin Donuts. Evocative: names that evoke a relevant vivid image like Amazon or Crest. Neologisms: completely made up words like Wii or Kodak Foreign word: adoption of a word from another language like Volvo or Samsung. Founders names: using the names of real people like Hewlett-Packard or Disney. 12

19 Geography: many brands are named for regions landmarks like Cisco and Fuji Film. Personification: many brands take their names from myth like Nike or from the minds of ad excess liker Betty Crocker PRODUCT According to wordnetweb Princeton edu. product is commodities offered for sale; good business depends on having good merchandise ; that store offers a variety of products. (10) 2.13 PRODUCT SYMBOL According to the World Book Encyclopedia, 1994, product symbol is defined as a mark, sign used to represent a product of a given company. The contemporary Advertising, 1994, also defines product symbol as a logo for a given company that is used to sell its products. Product symbol This is a mark or a sing used by a firm to represent its product. A firm may also use the product symbol to identify its products easily on the market CONSUMER According to the World Book Encyclopedia, 1994, consumer is an individual who buys products or services for personal use and not for manufacture or resale. A consumer is someone who can make the decision whether or not to 13

20 purchase an item at the store, and who can be influenced by marking and advertisements. Any time someone goes to a store and purchase a toy, shirt, beverage, or anything else, they are making that decision as a consumer. (11) 2.15 LOGO The history of logo design and logos dates back to Greece in ancient times. The word logo means a name symbol or trademark designed for easy recognition. Logo design history has its humble beginning as a cipher consisting of a single letter, and later a design or mark consisting of two or letters intertwined. The cipher may all the letters of a name, the initial letters, or the surname of a person for use on stationary business card s, or else where. According to Cambridge Learners Dictionary: A logo is a design or a symbol used by a company to advertise its products to co-operate logo. (12) The Antchinson Encyclopedia: Explain logo as high level competing Programming language designed to take mathematical concepts. (13) En. Wikipedia defines logo as a graphical element a logo is a graphical element (ideogram, symbol, emblem, icon, sign) that, together with its logotype (uniquely set and arranged typeface) form. (14) 14

21 2.16 REFERENCES i. Hanna Bornmark, Asa Goransson, Christina Svensson. (A study to indicate the importance of brand Awareness in Brand Choice- A Cultural Perspective) Department of Business Studies, Kristianstad University, Sweden. ii. Kunde, J., (2002) Unique Now or Never: the Brand Is the Company Driver in the New Value Economy, Financial Times/Prentice Hall. London. iii. Paul S. Richardson, Alan S. Dick and Arun K. Jain Journal of Marketing October 1994 pp , "Extrinsic and Intrinsic Cue Effects on Perceptions of Store Brand Quality". iv. Boveem Thill, Wood, Dovel, et al, , Advertising Excellence v. Cambridge Advance Leaner s dictionary. First published 2003, ISBN vi. Douglas Downey, et al., , The New Standard Encyclopedia Standard Education Inc. /Chicago vii. Encyclopedia of Small Business. Copyright 2002 by the Gale Group, Inc viii. ix. Jerome McCarthy, et al, , Basic Marketing Irwin Burr Ridge. Encarta.msn.com/ dictionary /global brand x. Maretingweb.com / global brands.html xi. En.Wikipedia.org / wiki 15

22 CHAPTER THREE INTRODUCTION This chapter deals with the presentation of the procedures and techniques used to collect data for research. It outlines the population, sampling and sampling procedure used. 3.0 RESEARCH METHOD According to Gay et al, A research method comprises the overall strategy followed in collecting and analyzing data. (15) The researcher however used the descriptive and analytical methods of research. Data collected was assembled, analysed and interpreted after which findings and inferences were made. The researcher visited a number of libraries across the country to look for relevant data for this project. Among the libraries visited were; The Takoradi Polytechnic Library, Western Regional Library -Sekondi, all in the Sekondi Takoradi Metropolis, Faculty of Arts Library, Kwame Nkrumah University of Science and Technology (Kumasi). 3.1 POPULATION OF STUDY Population is the number of people living in a political or geographical area of a particular time for study. Population may also be the entire group of items or individuals from which the samples under consideration are pressured to come. 16

23 For this study the population was drawn from Vodafone, a telecommunication network and students in Takoradi Polytechnic.Within this context, software activities and equipments used by the graphic designer could be said to be said to be the population. 3.2 INTERVIEWS CONDUCTED For the purpose of this project, the face to-face interviews was deemed appropriate thus; formal and informal interviews were held with the management and staff of Unilever Ghana Limited as well as students of Takoradi Polytechnic in order to obtain information crucial to the project. 3.3 SAMPLING A sample is a small proportion of the population that is selected for observation and analyses. By observing the characteristics of the sample, one can make certain inferences about the characteristics of the population from which it was drawn. One can also infer changes observed in the sample to changes that will likely have occurred in the population. (16) Using stratified random sampling, staffs of some selected branding companies were selected. Staffs were selected randomly because of the basic characteristic of stratified random sampling. It also guarantees that difference between the sample and parent population was only a function chance, not a result of the researcher s bias. It allows the researcher to generalize his findings to the entire population. 17

24 Simple random sampling is the process of selecting a sample in such a way that all individuals in the defined population have an equal and independent chance of selection for the sample. The selection of the sample is completely out of the researcher s control; instead a random or chance selection selects the sample. In other words every individual has the same probability of being selected and selection of one individual in no way affects selection of another individual. (17) 18

25 CHAPTER FOUR RESULTS AND ANALYSES INTRODUCTION In this chapter the researcher highlighted on the findings and results of the research objective and research questions. However, the researcher results on importance of corporate branding in modern society was the researcher priority and aim, since a product of an organization's corporate brand represents strategy, mission, image, and activities of the organization in the market. 4.0 ANALYSIS OF FINDINGS The analysis of the findings was based on the researcher objectives which were the importance of corporate branding in modern society since people engaged in branding seek to develop or align the expectations behind the brand experience, creating the impression that a brand associated with a product or service has certain qualities or characteristics that make it special or unique. However, the categories of people interviewed were students, workers, and customers about the importance of corporate branding. In a nutshell, information was gathered from interview conducted to both customers in Takoradi, staff members of Vodafone and students as well. 19

26 4.0.1 To critically compare and evaluate customer and peoples knowledge about Importance of branding in modern society, This table below show the tally or data of students, customers, staff members of Vodafone and number of people who face with the view and their knowledge vary respectively that corporate branding is very important in this modern society. Category Frequency Percentage % Students 20 40% Customer 15 35% Staff members of Vodafone 5 5% Total 40% 80% Table Source; questionnaire administered. This was the respondent from the interview conducted to specific category of people in their know how field in other to achieve the objective and to provide solution to the research question. However, this table also briefs the researcher about the number of respondent obtained. 20

27 Figure shows the chart of various people of respondent Observing from the data, it indicates that people have knowledge about corporate branding and it importance to the society and customers as well as the company itself. However, because of this knowledge about branding, consumers may look on branding as an important value added aspect of products or services, as it often serves to denote a certain attractive quality or characteristic on customer, on the basis of the quality of the brand or the reputation of the brand owner To find out whether corporate branding is of importance to both consumers and the company Table 4.3 and table indicated the responds as to whether corporate branding is essential to both the consumer and manufacturer. 21

28 Table Category Frequency Percentage % Students 10 40% Customer 15 35% Staff members of Vodafone 15 5% Total 40% 80% Source; questionnaire administered. According to this table, which indicate the opinions of the respondent of the interview conducted which enable the researcher come out with the solution, which match the researcher objectives and goals. However this means that corporate branding, which has brand awareness helps customers' ability to recall and recognize the brand under different conditions and link to the brand name, logo, and jiggles and so on to certain associations in memory. It helps the customers to understand to which product or service category the particular brand belongs to and what products and services are sold under the brand name. 22

29 4.0.3 To finds out whether corporate branding has effect on a customer or consumer to purchase a particular product Table and table indicated the responds as to whether corporate branding has effect on a customer or consumer to purchase a particular product. Table Category Frequency Percentage% Yes No 5 5 Total Source; questionnaire administered. From the table above, the highest respondent shows effectiveness of corporate branding on a customer or consumer to purchase a particular product. Observation indicates that with effective corporate branding, it helps in the demands of customer requirement, which satisfies the marketing needs of a company. By analysis based on the respondent with regards to the questionnaire ministered, by no doubt respondent agree that corporate branding instill a customer to purchase a product base on the representation of the sum of all valuable qualities of a product to the consumer and also serves to denote a certain attractive quality or characteristic. 23

30 4.0.4 To find out the value of corporate branding to the company and the need for branding itself. Table and chart indicated the responds as to whether corporate branding is of value to the company and the need for effectively branding itself. Table Category Frequency Percentage% AGREED 29 99% DISAGREED 1 1% Total % Source; questionnaire administered. From table the highest respondent showed effective corporate branding not only. Helps customers but helps companies to distinguish their products (similar products) from it competing competitors. Thus, it helps companies to advertise similar products from other companies based on the colour scheme, text, and layout used for the branding of these similar products. 24

31 4.1 THE ANALYSIS AND INTERPRETATION OF DATA From this data collection, before customer and consumer purchase any product corporate branding helps to recognize the brand under different conditions and link to the brand name, logo, and so on to certain associations in memory. It helps the customers to understand to which product or service category the particular brand belongs to and what products and services are sold under the brand name. It also ensures that customers know which of their needs are satisfied by the brand through its products. However when corporate brand recognition builds up to a point where a brand enjoys a critical mass of positive sentiment in the marketplace, it is said to have achieved brand franchise which helps the company or organization in achieving it goals in the marketing and selling world. 4.2 INTERVIEWS CONDUCTED The analysis of the findings is based on the researcher objective gathered from interviews issued to both, staff members of Vodafone and students as well customer and consumers respectively. Out of the sample size of different group of twenty (20) interviewers, 90% is of the view that corporate branding plays an effective role in this modern world and helps in customer and consumer demands, were 10% is those who are unable to get the concept of corporate branding. Below indicate chart of responds as to whether corporate branding plays a role in customer demands. 25

32 Chart 1 Source; interviews administered. 4.3 INTERPRETATION OF DATA In a nut shell, since, majority agreed to the fact that effective corporate branding plays an effective role towards customer demands, the researcher then asks what then is branding all about; it identifies the brand owner as the commercial source of products or services. And helps the customers to understand to which product or service category the particular brand belongs to and what products and services are sold under the brand name which lead to attain marketing goals. The researcher discovered that 60% percent agreed to it that it only about product while 40% disagreed; by saying that, was about product and the company or organization. However, interviewers conclude by saying that as it was, to attract, command, perform and achieve marketing goal, so in human life. Below indicates the chart of the findings. 26

33 Chart OBSERVATION After a serious observation of analysis in the product marketing world, it came into the researcher understanding that before an organization introduces a new product into the market, thus branding is the first before going through the marketing process which is called the core concept of marketing. With this process, effective branding is very necessary in achieving brand recognition which builds up to a point where a brand enjoys a critical mass of positive sentiment in the marketplace. However, effective marketing from the researcher view was all about having the needs, wants, demands, exchange, and values in other to perform the activities of the core concept. 27

34 CHAPTER FIVE SUMMARY/ CONCLUSION AND RECOMMENDATIONS INTRODUCTION This chapter highlights the general overview of findings and results; the out come the researcher got, based on the project topic and summarises all the data collected by the researcher. However, this chapter also helps create more interest in investigating into the importance of corporate branding to the society. 5.0 SUMMARY Corporate branding has indeed been the success story of companies and products that excel. Thus; this was the exact course the project is set to campaign, it was a challenge for the researcher to complete the purpose and the priority of the research which was to examine the importance of corporate branding in this modern society. Therefore this helped to draw conclusion among student, corporate bodies, and customers about the importance of corporate branding. The researcher started the project by creating a platform of introduction, writing problem that currently exist with corporate branding and the objectives of the project. After knowing the introduction, outlining problem, and what several authors have about the various topics related to the project. The researcher proceeds to elaborate on how the project was executed and ways by which the researcher used in coming out with vivid support and answers to the research objectives the research question. In a nutshell, the 28

35 researcher was able to set questionnaire base on the objectives of the researcher which enable the researcher answer the problem statement of the research, also with regard to this issue corporate brand is therefore one of the most valuable elements in an advertising theme, as it demonstrates what the brand owner is able to offer in the marketplace and helps the brand image remain in the minds of people and consists of all the information and expectations associated with a product or service CONCLUSION The significance of corporate has come to be increasingly recognized in export as well as in marketing of a wide range of consumer goods and industrial products within the country. From this fact, if a product will do well in the marketing world, it must be branded in order to achieve brand recognition. When brand recognition builds up to a point where a corporate brand enjoys a critical mass of positive sentiment in the marketplace, it is said to have achieved brand franchise which function as the objectives of the company and principal goals and help withstand competition in the marketing and in the production world. 29

36 5.2 RECOMMENDATIONS It was also said that; knowledge is not in one person mind, it was a biblical fact that need no doubt about it, since this concept of corporate branding is known as creating value, which essentially consists of manipulating the projected image of the product so that the consumer sees the product as being worth the amount that the advertiser wants him/her to see, rather than a more logical valuation that comprises an aggregate of the cost of raw materials, brands should be seen as more than the difference between the actual cost of a product and its selling price. They represent the sum of all valuable qualities of a product to the consumer. There are many intangibles involved in business, intangibles left wholly from the income statement and balance sheet which determine how a business is perceived. Failing to recognize these assets that a business, any business, can create and maintain will set an enterprise at a serious disadvantage. However, the researcher recommended that, every company or organization has to make brand awareness effective, which refers to customers' ability to recall and recognize the brand under different conditions and link to the brand name, logo, and so on to certain associations in memory and which will help the customer to understand the product or service category, which the particular brand belongs to and what products and services are sold under the brand name. The organization must also ensure that the brand will help customers know which of their needs are satisfied by the brand through its product or company. It was suggested that, this project report should be put at the school library. This will serve as a reference material to students in 30

37 the arts departments, professional, it was recommended to artist and the general public. 31

38 BIBLIOGRAPHY i. E. Laryea, (2008) TV3.com, Product Rating ii. Soroka (2002) Fundamentals of branding, Institute of corporate branding ISBN iii. Bell, J. (2001) 'Redesigning new product packaging takes scientific approach', in Columbus Business Post. iv. Cavusgil, S.T., (1993), "Preparing for export Marketing", International Forum, Vol.2. pp v. Cooper, A. (1979) 'Packaging is more than a marketing tool', in Graphics World Oct pp vi. Hanna Bornmark, Asa Goransson, Christina Svensson. (A study to indicate the importance of brand Awareness in Brand Choice- A Cultural Perspective) Department of Business Studies, Kristianstad University,Sweden. vii. Kunde, J., (2002) Unique Now... or Never: the Brand Is the Company Driver in the New Value Economy, Financial Times/Prentice Hall. London. viii. Paul S. Richardson, Alan S. Dick and Arun K. Jain Journal of Marketing October 1994 pp , "Extrinsic and Intrinsic Cue Effects on Perceptions of Store Brand Quality". 32

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