Effect of Marketing Mix Elements on Brand Awareness of Consumer Durables

Abstract

The Indian economy has transformed from a controlled economy to a market driven economy in recent years. Enormous growth has been witnessed due to an active participation by the private enterprise. Along with other sectors, the consumer durables sector has also been riding a crest of the growth wave in India. Growing awareness, rising income and changing lifestyles have been the key growth drivers of the durables market. The transformed marketing scenario has created a spurt in new business opportunities. Increasing competition, evolving technologies and government policy initiatives including tax reforms have been enabling organizations to maintain a marketing oriented focus with emphasis on creating awareness and ensuring consumer satisfaction. While developing a business plan, an organization focuses on elements of marketing mix, commonly referred to as Ps of marketing, to devise integrated programs and to create a desired response in the targeted market. Marketing communication is devised accordingly to build confidence in consumers about a particular brand. Awareness of a brand affects the mind of a consumer in purchase process and increases the probability of it being selected from a set of alternatives. In the present research, the effect of marketing mix elements on brand awareness and consumer satisfaction in the context of consumer durables sector in the state of Punjab and union territory of Chandigarh has been explored. Four Ps of marketing mix, namely, product, price, promotion, place and two levels of brand awareness, viz., brand recognition and brand recall have been studied. The study assumes significance because not many studies have been conducted to examine such an impact. The effect of elements of marketing mix on consumer satisfaction has also been explored, directly as well as, through brand awareness.