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Branding Strategies In Banking Sector In India

2391 words - 10 pages

BRANDING STRATEGY IN BANKING SECTOR IN INDIA

A REVISED SYNOPSIS SUBMITTED FOR Ph.D. IN MANAGEMENT
Table of Contents
1. TITLE OF THE THESIS 3
2. INTRODUCTION 3
3. A BRIEF REVIEW OF THE WORK ALREADY DONE IN THE FIELD 4
Branding 4
Branding Strategies 4
Branding strategies in banking sector 5
4. NOTEWORTHY CONTRIBUTIONS IN THE FIELD OF PROPOSED WORK 6
Rationale of the research 6
Objectives of the study 7
5. PROPOSED RESEARCH METHODOLOGY 7
Research Design 7
Sampling Frame 8
Sample size 8
Sampling technique 8
Data collection 8
Data analysis techniques 8
6. EXPECTED OUTCOME 8
7. BIBLIOGRAPHY 9
8. LIST OF PUBLISHED PAPER 10

1. TITLE OF THE THESIS
BRANDING ...view middle of the document...

Development of strong brand in the market is the main objective of many organizations because of its abundance (Ballaester and Aleman, 2005). Choosing and implementing an adequate and developed strategy of brand is considered as final Factor of success in a service organization like banks. With the growing competitiveness in the banking industry and similarity of services offered by banks, it has become increasingly important that banks identify the branding strategies that determine the basis upon which customer choose between providers of financial services.

3. A BRIEF REVIEW OF THE WORK ALREADY DONE IN THE FIELD

Branding
A brand according to (Keller, 1998), is a name, term, sign, symbol, or design, or combination of both intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. According to Tybout and Calkins (2005), branding provides a holistic approach to an entity’s position, customer interactions, and operations, based on the values of the company. The goal of branding as pointed out by the Tybout and Calkins (2005), is establishing and nurturing a relationship with customers. Any institution can benefit more by creating a brand that presents the company as distinctive, trusted, and exciting among other reliable attributes that are appropriate to its business activities. This implies that branding forms the art and cornerstone of any organizationmarketing goals and objectives. Thus, it is vital for marketers in organizations create, maintain, protect and enhance brands.
According to Aaker (1996), branding provides a way that makes it possible for an organization to highlight clearly, what makes its offers different and more desirable than those of the competitors in the marketplace do. Effective branding elevates a product or an organization from being just one commodity amongst many identical commodities, to become something with a unique character and promise. It can create an emotional resonance in the minds of consumers who choose products and services using both emotional and pragmatic judgments.
According to Pradeep and Prasad (2012), branding makes it possible for an organization to communicate the value of a variety of products and services to its audiences and thereby build a relationship and encourage exchange.

Branding Strategies
Branding strategies are aimed at influencing people’s perception of a brand in such a way that they are persuaded to act in a certain manner, e.g. buy and use the products and services offered by the brand, purchase these at higher price points, donate to a cause. In addition, most branding strategies aim to persuade people to buy, use, and donate again by offering them some form of gratifying experience.
In terms of Kotler, et al (2001), four brand strategies can be used to develop a brand. Line extensions strategy are done through adding new features, flavours, colours, size, packaging etc with company’s existing...

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