The paper "Victoria Bitter: Reviving a Once Loved Aussie Icon" is a great example of a marketing assignment. The term brand equity is often used in the marketing industry to emphasize the importance of having a well-known brand name for a product. Brand equity is based on the concept that products with known brand names often attract more customers than those with less known brand names. b. ) Should brand equity be the center of the marketing campaign? Even though research has concluded that brands are one of the most valuable assets that can be owned by a Company, brand equity is, however, not the only thing that marketing departments should focus on in a bid to popularize a given product.
Brand equity is one of the factors which can increase the financial value of a given brand, but it certainly is not the only thing. In the valuation of brand equity, certain elements should be included, viz; the changing dynamics of market share, profit margins, and most importantly, the ability of customers to recognize logos and other visual components of the ad. According to a paper posted on the Harvard Business Review issue of September 2004 titled “ Customer-Centered Brand Management, ” Companies should reinvent their marketing and brand management strategies that put the brands in the service of one larger goal; to increase customer equity.
The argument in this paper should not, in any way, be taken to mean that brand equity is meaningless: Far from it. Instead, Rust, Zeithml and Lemon (2004) argue that new marketing strategies should harmonize the concepts of Brand equity with the newly emerging concept of customer equity. In this paper, an example is given about the Japanese brand of Will which is owned by a consortium of three unrelated Companies, Toyota (dealers in automobiles), Panasonic (dealers in electronics) and Asahi (beer manufacturers).
The three companies have one common interest of pursuing new and affluent demography, and Will brand offers that affluence; the kind of affluence and fun that has attracted young “ New generation of women in their thirties” (Rust, Zeithml & Lemon, 2004). The products that use Will brand name include Will vi (automobile made by Toyota), Will PC (electronic made by Panasonic and Will bear (made by Asahi). In the case of Victoria Bitters, the Company adopted the concept of brand equity in order to capture men, who have the tendency of choosing a brand based on values rather than an image.
The Company had to revert to its original packaging, full flavor and bringing back the tag line “ a hard-earned thirst. ” How Different Communications drove the campaign In the new commercials meant to popularize and rebrand the Victoria Bitters, a new communication strategy was adopted to eliminate the myths that previously crowded the minds of Victoria Bitter consumers.
The Commercials adopted are funny, entertaining and visually spectacular. The target audience in the new marketing strategy is the workers, and especially men who had stopped consuming Victoria Bitters. The ad ran like “ Blokes who chop wood rather than buy from the server.
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