Brand consciousness
THE INFLUENCE OF BRAND CONSCIOUSNESS ON INDIAN CONSUMERS TO BUY THE DIAMONDS OF ARCTIC CIRCLE
Abstract
"This research report is to aid Article Circle Limited of Canada in the exporting of diamonds to the Indian market."A brand is an offering from a known source. Brand Consciousness is more than simply a preference for brand names. The term luxury was limited to only the rich and the elite, but today in India, disposable incomes and of middle class and upper middle class are increasing. The consumers in India are also very brand Conscious. The scenario being so in India, this research facilitates Arctic Circle to exploit the opportunity by crafting a unique set marketing strategies for the Indian market.
INTRODUCTION
India is set for a dramatic expansion of domestic consumption that will make the country one of the largest consumer markets in the world. If overall economic growth remains 7 to 8 per cent, as most economists expect, then consumption will increase. It is estimated that real consumption will grow from Rs 17 trillion today to Rs 70 trillion by 2025. This will take India into the premier league among the world’s consumer markets. The primary driver of India’s growth as a consumer economy will thus be increasing incomes. Our analysis shows that average real household disposable income is set to grow from Rs 113,744 in 2005 to Rs 318,896 by 2025, a compound annual growth rate of 5.3 per cent.
Rising incomes will also create a sizeable and largely urban middle class is expected to will swell to 583 million people or 41 per cent of the population. While the growth in Indian incomes and consumption will deliver substantial societal benefits with further declines in poverty, the growth of a large middle class spells an opportunity for the manufacturers and the invasion of multinational brands is sure to change the dynamics of market phenomena. While the corporate spending on branding is high and what kind of Marketing strategies the
Abstract
"This research report is to aid Article Circle Limited of Canada in the exporting of diamonds to the Indian market."A brand is an offering from a known source. Brand Consciousness is more than simply a preference for brand names. The term luxury was limited to only the rich and the elite, but today in India, disposable incomes and of middle class and upper middle class are increasing. The consumers in India are also very brand Conscious. The scenario being so in India, this research facilitates Arctic Circle to exploit the opportunity by crafting a unique set marketing strategies for the Indian market.
INTRODUCTION
India is set for a dramatic expansion of domestic consumption that will make the country one of the largest consumer markets in the world. If overall economic growth remains 7 to 8 per cent, as most economists expect, then consumption will increase. It is estimated that real consumption will grow from Rs 17 trillion today to Rs 70 trillion by 2025. This will take India into the premier league among the world’s consumer markets. The primary driver of India’s growth as a consumer economy will thus be increasing incomes. Our analysis shows that average real household disposable income is set to grow from Rs 113,744 in 2005 to Rs 318,896 by 2025, a compound annual growth rate of 5.3 per cent.
Rising incomes will also create a sizeable and largely urban middle class is expected to will swell to 583 million people or 41 per cent of the population. While the growth in Indian incomes and consumption will deliver substantial societal benefits with further declines in poverty, the growth of a large middle class spells an opportunity for the manufacturers and the invasion of multinational brands is sure to change the dynamics of market phenomena. While the corporate spending on branding is high and what kind of Marketing strategies the
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