Importance of Brand Awareness a Comparative Study

Importance of Brand Awareness a Comparative Study Introduction The ability of consumers to identify, describe and differentiate a specific brand from its competition is at the center of all branding initiatives carried out by different branding managers as they try to improve their brand awareness levels. This paper shall set out to discuss the importance of brand awareness by conducting a case study that compares two brands in Australia.Advertising We will write a custom case study sample on Importance of Brand Awareness: a Comparative Study specifically for you for only $16.05 $11/page Learn More This shall be done by highlighting the importance of brand awareness, comparing the breadth and depth of brand awareness for the chosen products and analyzing the results from the survey conducted in a bid to measure the level of brand awareness each product has in the Australian market. Importance of brand awareness According to Atiglan et al. (2009), brand awareness refers to the likelihood that consumers withi n a given market know of the existence and availability of a given product. Atiglan et al. (2009) further state that brand awareness is the degree of precision to which consumers link a brand to a specific product. Effective brand awareness is measured from the consumers’ ability to recognize or recall a specific brand. Similarly, Srivastava (2009) argues that branding efforts become futile if the product does not satisfy the needs of the targeted consumers. As such, the author states that brand managers should come up with brands that consumers can identify with in regard to the product’s performance, applicability and imagery. With this in mind, it is always important for brand managers to measure the brand awareness level of their brands in order to reap the learning, consideration and choice advantages. Keller (2008), states that effective brand awareness ensures that the brand is registered in the consumer’s mind. This means that a consumer is able to easil y recognize and recall a brand amidst other competing brands. In addition, brand awareness increases the probability that consumers will consider a specific brand and choose it when faced with options. As such, measuring the brand awareness level of a given brand is important to brand managers because it enables them to market and improve their brands in a manner that guarantees consumer satisfaction and loyalty.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Breadth and Depth of Brand Awareness: Sample Description According to Keller (2008), the depth of brand awareness refers to the ease of recognition and recall and how strong the brand is categorized among competing brands. The breadth of brand awareness deals with the purchase and consumption considerations made by the consumer when choosing a specific brand. In order to measure these dimensions, a case study was conduc ted in a bid to establish the overall consumer satisfaction rating of two prominent quick service restaurants in Australia. McDonald’s restaurants and Subway restaurants were chosen and ten respondents selected to participate in the survey. Eating fast and maintain a healthy life style were the main considerations made by consumers frequenting quick service restaurants. This is according to results posted by respondents to a survey recently conducted in Australia. Age, gender and career choice played a pivotal role in determining the type of food consumers ordered. In regard to brand recognition, most people stated that they knew McDonalds and have had their meals. They attributed this to the fact that McDonalds is prominent, familiar and popular as compared to other brands. However, when asked of their satisfaction rating, most participants recalled that subway restaurants offered the best services in terms of price, quality of service and interactivity. Research method A qu alitative research methodology was selected for this study. The primary method of data collection was a survey. A semi-structured interview was conducted with the selected respondents and the results compiled and analyzed graphically. Table 1: selection criteria of respondents Gender No. of respondents Age of respondent Male 5 18-35 years Female 5 18-35 years This research method was selected due to its flexibility and its ability to give credible and computable results. In addition, it enabled the researcher to observe and interact with the respondents freely without inconveniencing their schedules. Out of the five male respondents, two were aged below 25 years old. Three of the female respondents were below 25 years old.Advertising We will write a custom case study sample on Importance of Brand Awareness: a Comparative Study specifically for you for only $16.05 $11/page Learn More The logic behind this classification is because younger females a re more conscious about their looks as compared to their older counterparts. On the other hand, older males are health conscious and try to live health lives. This criterion was effective since it was designed to evaluate the level of brand awareness of the selected brands in regard to consumer satisfaction. Measures The respondents were required to rate their satisfaction levels from the selected brands based on predefined parameters. The rating method was based on a scale of 1-5 stars, 1 star being the lowest score and 5 stars being the best score. These two restaurants were selected due to their market share and availability across the Australian market. Below is an overall presentation of the results posted from the survey. Research results As mentioned earlier brand salience focuses on the ability of the brand to create a lasting impression on the consumer mind. The results from the survey indicated that while McDonald’s is a renowned brand in Australia, its brand aware ness level is lower in comparison to the levels exhibited by subway restaurants, which are higher. The graph below shows the relationship between the respondents and their responses on the selected measures. Graph 1: respondents and response to brand awareness Measures Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More From the graph it is evident that the brand awareness levels of Subway restaurants are higher than those recorded for McDonald’s restaurants. This can be attributed to the fact that Subway restaurants have marketed their brands more effectively in terms of consumer satisfaction, quality of service and the ability of consumers to identify themselves with Subway’s products. For example, in their website, Subway restaurants offer their consumers a chance to develop a unique recipe for their meals. This is a marketing strategy that ensures that consumers have a sense of ownership to this brand, thereby guaranteeing their loyalty. In addition, subway’s emphasis on fresh and healthy products attracts more consumers. This ensures that their products are recognized, considered and chosen by consumers. On the other hand, McDonald has failed to address the key issues that may make their brand more prominent. By providing less quality products, McDonald’s has given Subway restaurants a competitive edge that remains unmatched in the Australian market. Data analysis Data analysis was categorized according to the drinks, breakfast and meal preference of the respondents as can be seen in appendix 1. In regard to drinks, McDonald’s brands were preferred by most of the respondents. Subway restaurant meals and breakfasts were preferred by all respondents due to the fact that they are healthier options in comparison to those served at McDonald’s restaurants. Below is a table showing a breakdown of brand preferences recorded by respondents Subway Meals Drinks Breakfast Pizza sub with cheese= 3 Chicken classic= 3 Chicken schnitzel= 3 Italian B.M.T= 1 Steak cheese= 1 Chicken parmigiana melt= 1 Turkey and ham= 1 Tuna= 2 Subway Seafood Sensation= 2 Chicken Bacon Ranch melt= 4 Subway Melt= 1 Veggie Delite= 1 Strawberry yogurt = 2 1% low-fat milk= 1 Chocolate milk= 2 Juice box= 2 Water= 7 Egg cheese= 8 Ham, egg and cheese= 6 Shortcut bacon , egg cheese= 5 McDonald’s Meals Drinks Breakfast Double cheeseburger= 3 Big Mac= 2 Cheeseburger= 2 Hamburger= 2 Filet-O-Fish= 1 quarter Pounder= 2 Chicken McNuggets= 1 Water= 7 Coke= 4 orange juice (Goulburn valley)= 1 diet coke= 1 chocolate shake= 2 Coke Zero= 1 frozen Fanta raspberry= 1 Espresso pronto cappuccino= 1 Latte= 2 flat white= 2 black tea= 1 White tea= 4 Sprite= 1 strawberry shake= 1 hotcakes with butter and syrup= 4 English muffin= 1 hash brown= 1 sausage and egg muffin= 1 NYC Benedict bagel= 1 Rosti brekkie wrap=1 The table above shows the number of respondents who could recognize and recall various products from the selected brands. From the results, it is evident that the depth of brand awareness for Subway brand products is higher than that of McDonald’s brand products. Conclusion Brand awareness provides brand managers with an avenue through which they can effectively market their products in a competitive busi ness environment. By ensuring that a brand is easily recognized, recalled and considered, businesses guarantee their survival, all the while increasing consumer loyalty. From this report, it is evident that brand awareness plays a pivotal role in marketing and it should be effectively implemented if success is to be achieved. References Atiglan, E, Akinci, S, Aksoy, S Kaynak, E 2009, Customer-Based Brand Equity for Global Brands: A Multinational Approach’, Journal of Euromarketing, vol. 18, no. 2, pp.115-132. Keller, KL 2008, Strategic brand management – building, measuring and managing brand equity, international edition, 3rd edn, Prentice Hall, New Jersey. Srivastava, RK 2009, Measuring brand strategy: can brand equity and brand score be a tool to measure the effectiveness of strategy?, Journal of Strategic Marketing, vol. 17, no. 6, pp. 487-497. Appendix Compiling results for depth of brand awareness Respondent Drinks Meals Breakfast Respondent 1 Coke, water, white tea Double cheeseburger, pizza sub with cheese, chicken classic, chicken schnitzel egg and cheese, shortcut bacon, egg and cheese, hotcakes with butter and syrup Respondent 2 Strawberry yogurt, latte, water Big Mac, cheeseburger, Italian B.M.T, steak cheese egg and cheese, ham, egg and cheese, English muffin Respondent 3 1% low-fat milk, chocolate milk, water, coke Double cheeseburger, chicken classic, chicken parmigiana melt hash brown, ham, egg and cheese, sausage and egg muffin, NYC Benedict bagel Respondent 4 Juice box, flat white, orange juice (Goulburn valley), Water Hamburger, turkey and ham, chicken Bacon Ranch melt, pizza Sub with cheese egg and cheese, ham, egg and cheese, shortcut bacon, egg and cheese, Respondent 5 water, diet coke, chocolate shake, Tuna, Subway Seafood Sensation, Filet-O-Fish shortcut bacon, egg and cheese, hotcakes with butter and syrup Respondent 6 Coke Zero, frozen Fanta raspberry, white tea Hamburger, chicken Bacon Ranch melt, Dou ble cheeseburger, egg and cheese, ham, egg and cheese, shortcut bacon, egg and cheese, Respondent 7 Espresso pronto cappuccino, latte flat white, coke, water, black tea Big Mac, pizza sub with cheese, chicken classic, chicken schnitzel shortcut bacon, egg and cheese, rosti brekkie wrap Respondent 8 White tea, water, sprite, strawberry shake chicken Bacon Ranch melt, subway Melt, quarter Pounder, Chicken McNuggets ham, egg and cheese, hash brown, hotcakes with butter and syrup, Respondent 9 Chocolate shake, white tea, latte (Espresso Pronto) chicken schnitzel, Tuna, Subway Seafood Sensation, egg and cheese, hotcakes with butter and syrup, Respondent 10 Strawberry Yogurt, juice box, chocolate milk Cheeseburger, quarter Pounder, chicken Bacon Ranch melt, Veggie Delite egg and cheese, ham, egg and cheese, shortcut bacon, egg and cheese, hash brown

Accounting as a discipline has no theory. Critically evaluate this statement and provide examples to illustrate your argument.

Accounting as a discipline has no theory. Critically evaluate this statement and provide examples to illustrate your argument. Accounting is concerned with the collection, analysis and communication of economic information, which can be used to make decisions and plans about business by various users. The Committee On Terminology of the American Institute of Certified Pubic Accountants defined accounting as follows: "Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in past at least, of a financial character and interpreting the results thereof". (Ahmeo Riahi-Belkaou, page 32) Accounting is said to be a language used to communicate information to people. Accounting is also an intellectual discipline and a profession. Moreover, accounting is socially constructed and practiced by people for people, which influence workings and relationships in society.The history of accounting stretches back to when the first ancient accounting system began, which was originally based on measurement and recording activities, and th en the significant emergence of double-entry bookkeeping around the 15th century, as a basis for further accounting development that consequently resulted in modern Ango-American accounting in the 20th century.Clay accounting tokens, Susa, Uruk period.Whereas accounting was mainly an "internal matter" where the proprietors were close to the business, the growth of companies led to the requirement of stewardship accounting. As a result of further industrial development, changing social environment and establishment of professional accounting bodies, the accounting theory should systematically develop in accordance with importance of accounting in modern society. In recent years, more and more theorists start to assess the nature of accounting theory as well as argue whether there is an accounting theory or not.In this essay, I am going to exam the definition of accounting theory and provide evidence to ascertain the existence of a complete accounting theory.A theory is defined as "a set of interrelated constructs (concepts), definitions and propositions that...

CONTEXTUALLY SPECIFIC OBSERVATIONS INFROM IDEAS OF UNIVERSAL INTERESTS Essay

CONTEXTUALLY SPECIFIC OBSERVATIONS INFROM IDEAS OF UNIVERSAL INTERESTS AND VICEVERSA - Essay Example He uses his words and poetry as a tool to demonstrate and describe his personal interpretation of various dogmas of society pertaining life and identity. Consequently the readers observe that the poet deals with some common themes like self identity, human roots, role reversal and progression and respect for hard labor in majority of his poems hence all these themes are also incorporated in the poems Follower and Digging. However although these themes contextually appear to be poet’s major thematic concerns yet these themes are also a reflection of universal human behavior and interests. Both the poems Follower and Digging take the readers on a journey down the memory lane where the poet is observed to be recalling two incidents of joy and pride from his pasts regarding his father and grandfather. The Follower depicts a tale of a young child who idealizes his father and his profession i.e. farming and reflects on the child’s feelings about his future when he will also g et a chance to walk in his father’s footsteps and will be able to work on his beloved lands. The poem also deals with an interesting phenomenon of life i.e. life comes in full circle and evolution under the context that when a child is young he idealizes his father as he sees him at a high pedestal where he can never expect himself to reach that point. Yet as he grows up ultimately he out shines his father’s glory and succeeds his father and then his father is the one who looks up to his son’s success. On the other hand in the poem Digging the poet talks about the pride he feels in being a farmer just like his father and grandfather. He states his joy at the laborious work that his ancestors have done and reflects on the contentment of an Irish man over his accomplishment in life that is by working hard in the fields through out his life. However he also hints upon the changing times where he thinks that his pen is his weapon to succeed in life although he is no t ashamed of his roots in fact he still finds it delightful to work on the lands along with using the pen as a tool for a better future. Self identity of a person is the sole constituent that makes up a personality of a human being because it is a proof against an individual’s individuality and an independent existence as it forms the foundation of a man’s ego and self esteem. Subsequently it is a natural human instinct to struggle in life in order to retain his independence and never let another individual question his identity for this reason every individual feels pride over his roots as his heritage also provides him self confidence. Hence Heaney is also observed to be extensively incorporating the theme of identity in both the poems Followers and Digging which reflects on the Poet’s feeling regarding his life history. As Kenneally (1995) also states, â€Å"the mystical authority of poetry has its analogue in the mystical authority of a particular conceptio n of Ireland, and it is no accident that one of the terms which discussion of Heaney’s poetry and discussion of Irish cultural Politics have in common is ‘Identity’† (p.180). Kenneally also reiterates that Heaney’s poems are, â€Å"carefully structured to give the notion of identity pride of place in Heaney’s critical orientation† (p.180). The readers while reading the poem sense the importance that the poet puts in the profession of his ancestors as he believes that farming is his actual identity although he might seek other means to succeed in life. As the poet also states in Digging, â€Å"He rooted out tall tops, buried the bright edge deep To scatter new