Market Recognition

Posted in Marketing and Strategy Terms, Total Reads: 493
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Definition: Market Recognition

Market recognition is the measure of the degree of awareness of the company’s products and services in the market place by viewing the product or service’s logo, tagline, packaging or advertising campaign. Market recognition or Brand recognition is an important measure because buyers are tend to buy product which they recognise easily.


A product with high level of market recognition occupies the ‘Front of the mind’ positioning.

Brand recognition and Brand recall are the two main components of Brand awareness. Every company strives to get the ‘front of the mind’ position as it results in impulsive buying.


Measuring Brand recognition

Brand recognition and brand recall are measured by conducting surveys. The common survey questions posed to the consumers are

1. How familiar are you with the product Maggi

2. When you think of instant noodles which brand comes to your mind?


Surveys are conducted by showing the company logo and the consumers are asked to identify the Brand. And the measured brand recognition are expressed as percentage


 

Ways to improve Brand Recognition

• Define Brand distinction

• Provide great customer service

• Promote awareness of the brand by using internet effectively and build e-presence

o Design great and memorable logos, provide up to date information and make the websites easy to use even for a novice.

• Social media presence

• Effective digital marketing campaigns

• Sponsor public events

• Display product prominently in stores

• Build credibility and trust

 

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