How Important is Branding for New Technology Products? A Study

Abstract

Branding is acknowledged to be one of the most fascinating marketing strategies used for the purpose of winning or overcoming competition. The success of any technology-related product or service in the market can be assessed with their sales figures. Sales growth is impossible if users do not have information about the company’s products on their characteristics and advantages. The proper management of brand is very important for modern companies. A successful brand is a system that consists of certain components: high-quality goods, differential characteristics, and additional values. By analyzing the importance of brand and further knowing how Effective is branding for New Technology Products? I have chosen the topic “Unleashing the Power of Branding: How Effective is Branding for New Technology Products?†The reasons why it is decided to explore this field are to investigate the role of branding in the success of innovative technology products and to know what is level of influence of brand towards customer purchase decision? The study is conducted only under the eight zones of Bengaluru City covered under Bruhath Bengaluru MahanagaraPalike. The sample size was determined using Slovin’s formula; a structured questionnaire containing 20 questions was used to collect the data. From the study, it is evident that branding of new technology-based products has an impact on customer purchase decisions. Using the statistical tool chi-square test the result has been obtained that there exist a high level of influence of brand name of new technology products over purchase decision.