ABSTRACT
The study analyzed the effect of product rebranding on the performance of 7up bottling company Aba, Abia State. The specific objectives were as follows to determine the effect of product name on the profitability of the company, to ascertain the relationship between product packaging and the profitability of the company products, determine the effect of product size on the sales volume of the company, to determine the effect of shape on the sales volume of the company and to determine the effect of design on customer retention. Primary data obtained from administration of questionnaire were analyze using descriptive statistic such frequency and percentage, multiple regression model was used to analyzed the tested hypotheses. Five variables were considered namely, Product name, product packaging, shape, size and design. The multiple regression analysis results revealed that product name, product size, shape and design positively and significantly affect the performance of 7up bottling company Aba Abia State, Also the result shows that there is significant relationship between product packaging and profitability of the company product. It was based on this premise that the study recommend that Management of 7up bottling company should understand that having a good image is not enough to increase sales and make the organization relevant in the long run, therefore there is need for the organizations to adopt a strategy aimed at creating, developing and sustaining a competitive advantage that will attract, retain and sustain customer’s patronage.
Keywords: Product rebranding and performance of 7up bottling company.
TABLE OF CONTENTS
Title Page i
Dedication ii
Acknowledgement iii
Declaration iv
Certification v
Table of Content vi
Abstract vii
CHAPTER ONE
Introduction
1.1 Background of the Study
1
1.2 Statement of problem
2
1.3 Objectives of the Study
3
1.4 Research Questions 4
1.5 Research Hypotheses
4
1.6.
Significance of the study
4
1.7
Scope of the study
5
1.8 Operational definition of terms
6
CHAPTER TWO
Review of Related
Literature
2.1
Conceptual Framework
7
2.1.1 Concept of rebranding
8
2.1.2 The evolution of rebranding
13
2.1.3Reasons for rebranding 16
2.1.4Impact of rebranding 16
2.1.5Principles of Rebranding 17
2.1.6
The importance of rebranding strategy
17
2.1.7
Effects
of Rebranding on Customer satisfaction 19
2.1.8
Relationship between factors affecting rebranding strategy and the performance
of an organization
19
2.2
Theoretical framework
20
2.2.1 Prospect Innovation Theory 20
2.2.2 Dynamic Capability Innovation
Theory
21
2.3 Empirical review 23
2.4
Historical background of 7up bottling company 24
CHAPTER THREE
Research
Methodology
3.1
Research Design
26
3.2. Study Area
26
3.3 Population of the Study
27
3.4 Sample
Size Determination 27
3.5. Method of data collection 28
3.6 Sampling techniques 28
3.7
Scoring of Instruments 29
3.8 Validity of Instrument 29
3.9
Reliability of Instrument
29
3.10
Method of Data Analysis
29
CHAPTER FOUR
Result and
Discussion
4.1 Data
presentation, interpretation and analysis
31
4.2.1 Test
of Hypotheses 1
43
4.2.2
Test of hypothesis 3
44
4.2.3
Test of hypothesis 4
45
4.2.3
Test of hypothesis 5
45
4.2.3
Testing of Hypothesis 2 46
CHAPTER FIVE
Summary,
Conclusion and Recommendations
5.1 Summary
47
5.2 Conclusion
48
5.3 Recommendations
48
References
LIST OF TABLES
Table 4.1: Based on questionnaire distributed 31
Table 4.1.2: Distribution of the respondents according to
their
socio
economic characteristics 32
4.1.2: Rating
the effect of product name on the sales volume of company 34
4.1.3
Rating the extent regular innovation affect the market share of the
company 34
4.1.4
Rate the effect of logo on customer retention
35
4.1.5 Rating
the relationship between packaging and profitability 35
4.1.6: Rating
the effect of product quality on the sales of the company 36
4.1.7:
Rating the effect of wrapping on the sales of the company 37
4.1.8: Rate the
effect of shape on product sales
37
4.1.9Rating
the effect of product size on the sales of the company 38
4.1.10: Rating
the effect of colour on customer loyalty 38
4.1.11Rating
the effect of personal experience on customer loyalty 39
4.1.12: Rating the effect of product taste on
the sales of the company 39
4.1.13: Rating the effect
of design on customer retention 40
4.1.14: Rating the effect
of image on sales volume 40
4.1.15Rating
the effect of symbol on customer retention 41
CHAPTER ONE
INTRODUCTION
1.1
Background of the Study
In the past decades, products were made from the
manufacturing view point, rather than the customer perspective. But with the
focus shifting to the consumer perspective, most organizations have assumed a
much larger role in innovation and rebranding to fit customers perspective (Kotler,
2006). As such, the concept of rebranding is applied when a company is
attempting to redefine and change the consumer’s perception of the product.
Some companies change their name and logo in an attempt to signal new
beginnings. Others may choose to change specific aspects of their brand such as
the target audiences, new campaigns, and a newly defined image.
Muzellec
and Stuart (2007) postulate that rebranding is the way a brand is “reborn”. They
state that rebranding has different facets which are seen as revolutionary
changes. Revolutionary change means that everything is created new by changing
three elements: name, logo, and slogan. Evolutionary change is when a company
changes their logo, slogan, or both. (Aaker, 2011). Consequently, the concept
of rebranding incorporates intangible brand properties such as brand-name awareness;
brand loyalty, perceived brand quality and favorable brand symbolism and
associations which organizations use to influence customer’s patronage. Rebranding
is a strategy used by organizations in other to make its products uniquely different
from other products in the market and also to gain competitive advantage over
all competition. Re-branding is most often used when a company is seeking to
change the public’ perception of its image or reposition itself in a specific
market.
Goldfarb,
Fred and Damien (2009)confirm that successful rebranding leads to tangible
outcomes since firms with strong brand equity can easily expand demand for
their products and services through internationalization and brand extensions (Aaker,
2011).Rebranding
is the creation of a new look and feel for an established products or company. The
usual goal of rebranding is to influence a customer’s perception about a
product or service. Thus this reduces the marketers selling time and effort and
increases the organization sales volume (Kotler
and Armstrong, 2009).Product rebranding as being seen as relevant marketing
strategy which organization employed to increase sales of products and improve
the quality of goods offer for sale at the market place. Furthermore,
the increasing importance of product rebranding and it effect on organizations sales
and business performance cannot be overstated as its enable customers to easily
differentiate one brand from another through brand names, packaging, shapes,
and colour(Ogundele, 2007).In
addition, rebranding has become a driving force for many organizations because
it indicate that such a firm has improve the quality of product produce by
introducing a different name, term, symbol, design, shapes and sometimes packaging
as such customers uses these unique features to easily identified a firms
products from other products irrespective of various brands that circulate the
Nigeria’s market(Kotler, 2009).
In
conclusion, company which intends to improve on its marketing has to create good
marketing strategies for efficient and effective operations through rebranding
or innovation. The strategies may include product branding or rebranding employ
to increase sales and profitability of the firm (Nwaizugbo, 2009).
1.2 Statement of problem
Although
the idea of rebranding bring a new look to an organizational products, attract
new customers and maintain existing customers, but rebranding is an expensive
endeavor that reduces capital of an
organization, even if the organization changes everything or just the company’s
slogan the significant effect is costing. Organizations most often employ
inexperience or wrong personnel to carry out the rebranding concept which may
lead to low turnover from the target audience. However the concept of
rebranding has placed most renowned firms in a difficult position as organizations
incur a huge amount of debt used to redefine products which may include a new
brand name, shape, design or even slogan with the aim of meeting consumers’
needs and competing favorably with other organizations products, this therefore
can hinder the growth of the firm as the amount spent outwits the amount
invested. Furthermore, the immerging consensus or the need for firms to
differentiate their products in order to create and sustain competitive
advantage and the fact that competitive forces in detergent industry are
determined by the degree of product differentiation has not been critically
addressed. In addition, some organizations have experienced low sales of products
in the market place as a result of poor innovation or antiquated rebranding
process, inability of its products to face other competing ones in the market
and customers’ reaction against rebranded products. Moreover,
the issue of packaging used by firms to induce sales not minding the quality of
product produce and the effect it has on consumers have discouraged many
consumers from patronizing new product since the quality and authenticity of
such product have not been confirmed.
1.3 Objectives of the
study
The
broad objective of the study is to examine the effect of product rebranding on
the performance of 7up bottling company Aba, Abia State. The specific
objectives were to:
i.
determine the effect of
product name on the profitability of the company.
ii.
ascertain the
relationship between product packaging and the profitability of the company.
iii.
determine the effect of
product size on the sales volume of the company.
iv.
determine the effect of
shape on the sales volume of the company.
v.
determine the effect of design
on customer retention.
1.4 Research questions
The following
research questions were addressed:-
1.
What is the effect of brand
name on the profitability of the company?
2.
What is the relationship
between product packaging and profitability of the company?
3.
What is the effect of product
size on the sales volume of the company?
4.
To what extent does shape
affect the sales volume of the company?
5.
What is the effect of design on
customer retention?
1.5 Research
hypotheses
In order
to address the research objectives and questions and ascertain reliable outcome
from the investigation, the following hypotheses were stated in null (Ho) forms
H01: Product
name has no significant effect on the profitability of the company
H02:
There is no significant relationship
between product packaging and profitability of the company
H03: Product
size has no significant effect on the sales volume of the company.
H04: Shape
has no significant effect on the sales of the company product.
H05: Design
has no significant effect on customer retention.
1.6 Significant of the
study
The
study focused on effect of Product rebranding on the performance of 7up
bottling company Aba Abia State. The study benefits to the following group;
To the 7up bottling company: The study
will enable customers differentiate the firms products from other products in
the market as these will increase sales of the company’s products and
invariably affect the profitability rate of 7up bottling company Aba, Abia
State. To the staff, management and consumers of 7up bottling company: The study
will help guild staff decision on how well to improve on service delivery as
product rebranding will induce consumers patronage. To management, the study
will assist management to address it policies as all effort should be channel
towards producing quality product that will give consumers the confidence,
trust and zeal to continue dealing with such firm.
To customers or consumers:
The study will help every potential
customers easily identify a firm products as product rebranding makes a product
stand out from competition and enables customers to easily hand pick and make
choice base on their purchase decision.
To Policy makers, the findings and
recommendations of the study will assist policy makers in formulating policies
that will help in improving 7up bottling company through the application of
product rebranding such as Brand name, Symbol, Shape, Size, Colour, Taste and Product
packaging.
To Government, the findings and
recommendations will assist them in implementing policies that will help
management of Unilever firm reflect on the quality of service through better
performance. Researchers and students interested in a similar field of study in
future will find this work useful conceptual guide and reference material.
1.7 Scope of the
study
The study focused on effect on product rebranding on the
performance of 7up bottling company in Aba Abia State. It explored aspects of
product rebranding and how it influences sales of organizations product in the
study area. It covered mainly Aba in Abia State. The state was selected because
industries and factors are located and it has a larger population then the
state capital and its inhabitant are business oriented and industrious.
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