Brand awareness in the modern market:
It is important to create brand awareness among the consumers to be in the competitive market. It is seen that there are a lot of brands that compete every day in the modern market. Creating brand awareness in the minds of consumers is extremely beneficial as the end consumers tend to replace the brand with another brand which they find that will fulfill their needs and wants. In the words of Mehtaet al. (2020), brands are trying to create a value based relationship with the consumers. It is done to make a place in the minds of the consumers. To make a place in the minds of the consumers, the brands have to fulfill the needs and wants of the consumers. The taste and preferences of the consumers should be taken care of. It has been observed the branding has to be product specific and the brand name should match with the products. As per the views of Schmidt et al. (2017), brand awareness is essential in the modern market as the competition in the market is high. It has been seen that brand awareness helps the organization have a reputation in the outside environment. It has been observed that brand awareness is crucial at the modern market as consumers will not purchase the products of the brand if they are not aware of the brands. Modern market is different from the traditional market as in the traditional market there were less brands as compared to today’s modern market.
Rising effect of brand value in modern market:
It has been observed that there is a rise in brand value in the modern market as it leads to creativity and innovation. The marketers focus on the brand value as it leads to the goodwill of the organization. Marketers are targeting the brand value as it will create a good reputation in the market and the consumers will be satisfied with the services and the products one offers. It is constantly observed that the organizations are focusing on the feedback of the consumers to improve themselves. As stated by Khan et al.(2017), increasing brand value means increasing the creativity and innovation of the products of the brand. It has been seen that increasing the brand value is not an easy task for the marketers. To increase the brand value, marketers have to produce the high quality products and have to focus on market according to competition. Creating brand loyalty also plays an important role in increasing brand value. As opined by Išoraitė (2018), the consumers' taste and preferences are constantly changing so proper feedback has to be taken so that a brand value is maintained. It has been noticed that the organization is trying to create a unique branding strategy to make a place in the minds of the end consumers. Unique branding strategies grab the attention of the consumers. Brand value makes an organization a reputed one in terms of other organizations. There is a rising effect of brand value because the marketers are treating the consumers with dignity and courtesy.
Effect of consumer perspective in the modern market/society:
Consumers are treated as the gods of the product as they are the ones who are going to consume the products. At the time when there was a traditional market, the consumers had to consume those products that were made by the marketers. At the rise of the modern market, the marketing strategy of the marketers changed and now they are focused on the preferences of the consumers. There are a variety of options for the consumers in the market and they possess the capability of consuming any product of their choice. In the words of Müller et al.(2017), consumers' taste and preferences are given high importance. To obtain a high profit for the organization it has been analysed that promotional activities of the organization’s products and services have to be unique. It affects the minds of the consumers in a different way. It has been noticed that the consumers try to a specific brand that satisfies their needs and wants and they stay loyal to the brand if the brand fulfils the needs of the consumer. The organizations are trying to satisfy each and every customer so that those consumers at a time will promote the brand in their own way. The word of mouth acts as an important promotional activity which helps an organization to grow in a positive manner. As opined by Mehta (2018), consumer perspective plays an important role in the modern market. It has been observed that the brands tend to satisfy the demands of the consumers in every possible way.
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