Banyule DigiDECL Company Analysis - Case Study Example

A Brand Analysis Project, a Report of Banyule DigiDECL. By Name Course + Instructor Institution Affiliation Date Executive Summary The purpose of this report is to outline by evaluating and contrasting the concept of branding and how it is useful to Banyule DigiDECL. It has a bias on marketing strategy and how branding can be used to gain a competitive advantage over their competitors. The report will also seek to explore on the vision, marketing objective and the target market of the company. It shall also advice on whether it is of any benefit to create a sustainable brand in the market. The report also covers on the role and the facets of branding. The report was derived from observation to learn and understand the operation of Banyule DigiDECL. The study is analyzed by the discussion of a brand equity by use of the CBBE model. The study further gives recommendations inform of a marketing project plan to aid the company in building the best brand in the industry. Table of Content Executive Summary 2 1.0 Introduction 1 2.0 Analysis all the facets of the brand 2 3.0 Facets of the brand 5 4.0 Discussion 7 4.1 CBBE Model 7 5.0 Summary 10 5.1 Recommendation 10 5.2 Conclusion 11 1.0 Introduction 1 2.0 Analysis all the facets of the brand 2 3.0 Facets of the brand 5 4.0 Discussion 7 4.1 CBBE Model 7 5.0 Summary 10 5.1 Recommendation 10 5.2 Conclusion 11 References 12 BRAND ANALYSIS PROJECT 1.0 Introduction The main brand of Banyule DigiDECL is co-working. That is the utilization of a workplace, office or working milieu by persons who are casual or they are functioning/operating for dissimilar employers. The main concept here is for them to share paraphernalia, knowledge and ideas. The main target of the brand is the freelancers, micro businesses, start-up company and professionals who have an option to comfortably work at home. Their membership can be subscribed daily, weekly or monthly at $22, 77 and 22 respectively. Their competitors include malls and building that offers space for business in Australia. Banyule DigiDECL The two rooms for the meetings at DigiDECL are open to their members. They depend on the capacity of the personnel meeting. For few people there is a small room that can accommodate up to six people and the larger one has a bigger capacity and has a table for boardroom meetings. The members who have monthly subscriptions have an advantage of using a colored printer. Up on making the subscription and arriving at the core work, the members can have the advantage of using the printer for services such as printing, scanning and faxing. That eases the conduct of business and enables the flow of communication to between members and their clients. Any member that has subscribed to DigiDECL can use the coffee machine. They can help themselves with tea and coffee using the exclusive pod machine for making coffee. That creates the ideal environment for business as it is both welcoming and hospitable. Brainstorming is one of the key branding of DigiDECL. The aspect of sharing an office by different entrepreneurs brings innovative minded individuals and forward thinking people together. That can only lead to novelty and innovations as they make the business people grow together to greatness. Vision To provide a reasonable, vibrant and helpful effective environment for innovators and entrepreneurs to create their business for the betterment of the society 2.0 Analysis all the facets of the brand Marketing objectives To capitalize on sales and profits The key marketing objectives of any company is to increase on their sales. That is achieved through building a brand that sells or appeal to the customers. An increase in sales increases the company’s profit. DigiDECL has built a brand through the co-working concept. The more the number of customers who are attracted to the concept the more they earn in terms of profit. To gratify the stakeholders Among the stakeholders of the company are the business owners and entrepreneurs. The brand of DigiDECL should come with other factors that satisfy the stakeholders. Such include internet and printers which are readily available at DigiDECL. The better the reward the more the stakeholders become loyal to the product. The stakeholders of DigiDECL include: DECL, entrepreneurs, local community, Banyule City Council, Australia post and La Trobe University. To be a family name due to its products To have products that becomes a household name need grim marketing and branding. DigiDECL have ensured that it remains a strong brand in the market. The numbers of entrepreneurs co-working have come up with innovative products that have become a household name and some of the strongest brand in the market. To become environmental products A good product is that which safeguard the environment against exploitation. DigiDECL ensures that those operating within its vicinity don’t carelessly dispose off their waste products. The brand should be well covered to ensure that their waste product does not result into hazardous effect to the environment. By so doing, the company won’t be sued by human right advocates for lack of adherence to best practices. Target market Market segmentation is what guides the DigiDECL products so that it may know their target market. Demography is analyzing populace and their character so that to know their customers. They may be characterized into gender, level of income and age. Level of income - The idea targets the small companies or those that are starting up. They also target young professionals and also the freelancers. The concept major target is those people who can otherwise work at home but through the concept of co-working they have found a better opportunity to practice and out show their skills. Gender – DigiDECL is ideal for any gender. The basic concept is to ensure that all those who have ideas regardless of their gender can be able to get a working space and practice their trade. Age – The target age group is those who are young and are starting up their careers. DigiDECL ensures they do so in a favorable environment. Their advantage is that in Australia this age group comprises of many young people than the old populace. The innovators and entrepreneurs will now be given a space to do business at a lesser fee. ` Marketing Strategy Marketing is the process and act of getting people the right product at the convenient place, price and time. The DigiDECL is utilizing the four P’s that makes up the marketing mix. The product itself is co-working, the price or the fee charged is minimal as aforementioned, the promotion is done through various methods such as social media and the place is convenient for all. Methods of Marketing There are a number of ways that DigiDECL can gain advantage over its competitors. A key function of marketing is to ensure that many people get the opportunity to know about a particular brand. DigiDECL have achieved this through online marketing, new website, online listing, social media, email marketing, events and competitions. To maximize on the profit the company should chose that marketing method that is cheap but bring much benefit to the people. Branding A brand is that unique aspects of a product or service that can aid the firm differentiate their products or services from their competitors. It can be in the form of symbols, signs or design. It can be in terms of product performance and brand distinctiveness. Among the brand in DigiDECL include: hive studio, inspire 9, Queens Collective, Hub Melbourne, and York Butter Factory. They brands should be attractive and that which is easy to recognize among other brands. Role of branding Legal defense – The firm can sue anyone who violates the exclusive features of the manufactured goods or service. Retaining of customers – The brands aid the association to keep hold of existing consumers. It offers security of demand and also creates loyalty of the customers. Boost profit – A firm can charge a sum of money for a particular brand. That will assist it to advance their profit yearly. Quality assurance – the brand ensures that their goods and services are of higher quality. The experience of the consumers with the brand helps them to decide whether the goods and services are of high quality or not. 3.0 Facets of the brand Brand awareness/Knowledge of the consumer It refers to the degree to which the clientele are recognizable with the unique and typical quality of a given brand of manufactured goods and services. In DigiDECL, the aim of brand awareness is to help understand how the consumers perceive the brand. Points of parity/differences The point of parity is those benefits that customers stalwartly relate with the brand. The attributes makes the consumers not to accept that there are other products that have the same features. The main differences of DigiDECL brand is the attribute of practicability, communicability and sustainability. Brand elements They are derived after a serious brainstorming session on the business. Among the main distinctive brand elements for DigiDECL include the business name, the logo, colours, slogan, fonts, tones, and sounds. Tone involves the person/s who will speak in the capacity of the business when it expands and grow. The sound on radio when doing a podcast should be that which people can be able to identify with it. The fonts that are used by DigiDECL in the websites and logos are wisely chosen so that they can appeal to the target. Marketing support program It involves provisions of innovative marketing techniques and tools to assist the business grow. DigiDECL has a lot of inventive and original skills that aids the marketing of its products. The brands that exist under the flagship are marketed through the social media and a functional website. There are also other methods such as through events and competition. The marketing of products at DigiDECL is done at lowest cost due to the advantage derived from the economy of scale. Brand leveraging The concept uses the strength of an accessible brand name to maintain a firm entry into a virgin but closely linked group of product. It converses important data to customers about the new manufactured goods. DigiDECL have used the existing brands to introduce new brands or new ideas from the innovators to the market. It has ensured that it maintains the existing quality of goods and services to avoid disappointing the loyal consumers. Brand extension (existing and future) The practice involves induction of a novel product by use of an existing brand. DigiDECL ensures that they leverage their obtainable consumer’s base and the loyalty and allegiance of the brand to achieve maximum profit through the new product. Brand positioning and value objectives DigiDECL ensures that they have a well crafted marketing strategy that endeavor to make its brand occupy or inhabit a distinctive position compared to its competitors in the consumers mind. Their value of DigiDECL is to ensure that they make affordable environment for business. 4.0 Discussion 4.1 CBBE Model Brand equity is the outcome of brand knowledge to a customer or consumer in reaction to the brand marketing. Brand equity occurs when the brand is known and the customer is in possession of flattering, exclusive and brawny brand connection. The CBBE Model explore on five steps that indicate queries asked by customers and how it is represented by a branding ladder. The steps involved are dependent on the performance of each other. The intention of the model is to reach at the top of the pyramid and achieve a harmonious affiliation with the consumers. Consumer brand resonance Consumer judgment Consumer feelings Performance Imagery Brand salience Salience The first and foremost step in the CBBE model is achieving the brand identity. In order to achieve brand identity, DigiDECL should ensure they create a brand salience. It shows if the customers can easily recognize the brand. It answers the question of how invasive is brand awareness. It is the edifice block in the development of brand equity. Brand performance The product is the core attribute of brand equity. It contains the key sway or persuasion of the experience of the consumer on regards to the brand. DigiDECL should design a product that satisfies the needs of the consumers. The foundation of creating brand loyalty is by ensuring that consumer’s expectations are met by the performance of the product. The five vital attributes of brand performance include: primary and secondary facets, its reliability and durability, its efficiency and effectiveness, its design and its price. Brand imagery It deals with the extrinsic property of product and service. It explains how a particular brand seeks to meet both the psychological and social need of consumers. It is majorly what the consumers think about the brand and not its performance. Brand imagery consists of the intangible facets of the brand. Judgment It is the personal view and opinion on the brand that makes the brand judgment. It involves how the consumers assemble the diverse performance and imagery relations of the brand that assist them to form different opinion. However, there are four aspects of brand judgment that are vital in making a brand summary and they include the following: quality of the brand, consideration of the brand, credibility of the brand and brand superiority. Brand Feelings They are poignant retort and reaction by the customers on reference to branding. It also relay to the social currency that are evoked by the brand. The feelings on regards to the brand can be categorized into six types that include: warmth, fun, security, excitement, self-respect and social approval. Brand Resonance It is the ultimate step of the model. Its main focus is on last association and identification that the customer has on the brand. It is the intensity and psychological bond that exist between the consumers and the brand (example, repetition in the buying of the products). They can be categorized into behavioral devotion, community sense, attitudinal attachment and active rendezvous. 5.0 Summary 5.1 Recommendation 1. To gain a competitive advantage over its competitors, DigiDECL need to have products that appeal to their customers. The product should satisfy the entire CBBE model. 2. DigiDECL target age should comprise majorly of young professionals. Those are people who don’t have solid capital base and cannot therefore afford to rent big space for their business operation. 3. DigiDECL should focus on utilizing the marketing mix of the 4P’s. The pricing of their product should be affordable, there should be widespread advertizing and proper way of distribution, and expanded allotment to ensure that there is increase in revenue and rate of growth. 5.2 Conclusion The report analyzes Banyule DigiDECL as a brand. Their distinctive feature is co-working. The art of co-working is seen as favorable to young professionals. The young professionals in the context are those people who have not established a sound financial track in their business. DigiDECL has a brilliant vision of making the running of business affordable the young innovators. The paper explores all facets of branding that goes hand in hand with best practices of marketing. It also analyze on methods of marketing, brand positioning and the value objective. The paper discusses the project by use of CBBE Model that includes identity, meaning, response and relationship. Further, the paper gives ample recommendation on how DigiDECL can strengthen their market presence through marketing. References Berthon, Pierre R., Leyland F. Pitt, Kirk Plangger, and Daniel Shapiro (2012). "Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy." Business horizons 55, no. 3: 261-271. Douglas, Susan P., and C. Samuel Craig (2011). "Convergence and divergence: Developing a semiglobal marketing strategy." Journal of International Marketing19, no. 1: 82-101. Smit, Brand (2012). "A stakeholder management model for project management." PhD diss., Stellenbosch: Stellenbosch University. Solomon, Michael R., Darren William Dahl, Katherine White, Judith L. Zaichkowsky, and Rosemary Polegato (2014). Consumer behavior: buying, having, and being. Upper Saddle River, NJ: Prentice Hall. Ogunmokun, Gabriel O., and Elaine Chen Hsin Tang (2012). "The effect of strategic marketing planning behaviour on the performance of small-to medium-sized firms." International Journal of Management 29, no. 1: 159. Wiek, Arnim, Barry Ness, Petra Schweizer-Ries, Fridolin S. Brand, and Francesca Farioli (2012). "From complex systems analysis to transformational change: a comparative appraisal of sustainability science projects."Sustainability science 7, no. 1 5-24. Weinberg, Bruce D., and Ekin Pehlivan (2011). "Social spending: Managing the social media mix." Business Horizons 54, no. 3: 275-282.l Read More