Consider a good example of Daytime Brands: at the morning hours you may use Sensodyne and Dove to clean, Armani to dress and Mercedes going working, then Lavazza for the rest and Mcdonald's to consume etc.
The strenght and success of the brand in the marketplace is called Brand Equity and echo how consumers think and experience it. It provides value to the companies products and services.
According with a study made by the organization DDB the characteristics of a solid brand are (in order worth focusing on) brand understanding, a precise and distinct image, sign popularity and brand esteem, position and devotion.
Brand equity encompasses specific know how, consumers relationships, loyalty and brand image. It really is a security signal and frequently its value is greater than the all company assets.
How to develop brand equity
according with keller are 2 the keys for growing brand equity: brand awareness and brand image
Brand recognition is the first rung on the ladder and is thought as "the ability of the consumer to name the brands lifetime when its product category is mentioned".
For example if ask to a friend that love eating dinner out to name the restaurants in his city and he will not mention one of these, you won't have brand consciousness.
To build brand recognition, companies must give attention to exploitong repeated coverage for the brand in every the possible form and delivering strong brand individuality.
Brand image is the generalized conception of an brand in people's minds and encompasses both positive and negative values.
Companies can build the Brand image using the communication combination: Advertising, personal offering, sales promotions, PR and Direct Marketing; an important concern in expanding brand image is the coordination of all marketing communications from the company.
To maintain Brand collateral the firm must pursue several strategies:
achieve customer satistaction, that turn in customer loyalty and good publicity and understanding for the company;
Developing a built-in marketing communication and a communication strategy;
Understand customer goals and associations in order to carefully turn this knowledge into genuine product features.
What is it that Swiss Army is selling? What are the consumers really buying? Discuss these questions in terms of the core benefit, real products and augmented product levels.
Swiss army brand is so well known and positioned that may be linked to many kind of businesses.
The Swiss army brand has been put on Cutlery, clothes, leather goods, wristwatches, fragrances and sportswear. The Swiss Military brand revolves around these core benefit: practicity, features, realistic price and top-quality products.
"Followers" of this brand are purchasing the personality, the values, the cultural items, the symbolic value of the brand, the brand experience. Companies use brands to reduce the anxiety in making purchases, creating meaning for the customers. Then customers choose the unique feature of the firm.
The values portrayed are : precision, seriousness, design, trustworthiness, but also the adventure that affect the customer conception of the brand, that is extremely positive. Swiss army relationship its product to the life connection with its customers, as seen on SA websites, in which they publicize exciting experiences of the clients. This tool encourage the people emotions, enhancing their determination to the brand.
Those values make up the augmented product, this is the non-physical area of the product. This is an added value that distinguish, for example, a standard brand blade or watch from a Swiss Military one, and invite the business to improve the price.
What future strategies will you recommend to Swiss Military brand managers
Before recommend strategies we need to do a brand analysis.
SA is more developed brand, comes with an high degree of brand awareness and its product are found as god quality, durable, reliable, typical items used outdoor. It has also diversified its product collection to some products.
So I suggest to keep the brand development strategy: Brand expansion, concentrating on the beliefs of the business.
An exemplory case of brand extension can be the entrance in the camping business.
To maintain and enhancing the brand equity, I would recommend to
Invest in advertising program to keep high understanding;
Continuously train employees to provide the brand experience;
Assess if the business really deliver the huge benefits that the clients value;
Reward customers participation to make them becoming brand evangelists;
Sources
Managing sport brands
The New Strategic Brand Management: Creating and Sustaining Brand Equity
The New Strategic Brand Management: Advanced insights and proper thinking
The Research and Art work of Branding
brandingstrategyinsider. com
ad2sell. com
Principles of marketing
http://www. brandchannel. com
lifestyle brand
http://www. victorinox. com
