Measuring and Interpreting Brand Performance - Assignment Example

Measuring & Interpreting Brand Performance Name Institution Professor Course Date Executive Summary The main objective of this report is to offer substantive evaluation and interpretation of the brand performance with reference to three stages of examination. The first stage will focus on the assessment of the brand performance. This is through description of the differences as well as patterns visible between the competing brands with particular interest in the Weet-Bix. In addition, the first section will concentrate on explaining the structure of the competition within the cereal market. The brand with the largest market share has substantial percentage of penetration in relation to handling the needs and preferences of the consumers in diverse markets and industries of operation. Duplication of purchase law states that the brands share customers with other brands in line with their relative shares showing that partitioning is generally rare and often small. The second section of the report concentrates on the essence of awareness and salience. Brand salience refers to the degree to which a brand is thought about as well as come to notice when a customer is in a buying situation. On the other hand, consumer attitude relates to the beliefs, feelings, and behavioral intentions of the consumers towards a product or brand in the course of making procurement decisions in diverse markets and industries of engagement. Moreover, the second section concentrates of discussion of the benefits or advantages of measuring brand salience as well as the importance of building the brand salience. The final aspect of the second section demonstrates implications of the salience results for Weet-Bix with reference to marketing strategies. The final section of the report will concentrates on demographics and segmentation. The customer profile of Weet-Bix is similar to those of its major competitors as evident in the close demographics evaluation with reference to singe, couple, and divorced or separated demographics. Brand Performance Question 1 From the provided data in relation to table 1 for the brand performance measures, the brand with the largest market share has substantial percentage of penetration in relation to handling the needs and preferences of the consumers in diverse markets and industries of operation. For instance, Corn Flakes brand has about 34 percent of the market share in comparison to the Weet-Bix brand, which has 25 percent of the market share. This diversity in the market share between the two brands is also evident in the penetration percentage with the corn flakes brand having a much higher penetration percentage of 72 in comparison to the case of Weet-Bix brand at about 52 percent of the penetration rate. Nevertheless, the two well-performing competitive brands have equal ratio in relation to the average purchase frequency. In addition, Weet-Bix brand has a higher category-buying rate because of its lower market share and penetration percentages. It is essential to note the category-buying rate of the competitive products diminish as the market share of the brand decreases. This is the opposite of the share of category requirements with reference to the competitive brands in the diverse market. It is essential for the organizations to adopt and implement diverse marketing strategies with the aim of increasing their market shares as well as penetration percentages with references to the needs and demands of the consumers. Question 2 The second table focuses on illustration of the duplication of the purchase data. From this perspective, there are three critical competitors to Weet-Bix brand: corn flakes, special k, and cheerios. According to the concept of the ‘duplication of purchase law’, the brands share customers with other brands in line with their relative shares showing that partitioning is generally rare and often small. According to the data below, the structure of competition in the data relates to horizontal structure with consumers also procuring other brands within the cereal market and industry of transaction (Jenni et al, 2007). The differences in the procurement of the brands within this industry relates to the uniqueness and differences of the products in relation to the perceptions and attitudes of the consumers seeking to address their needs and preferences in diverse market contexts as well as industries of engagement. The duplication of purchase law is an important tool for the marketing manager to understand the aspects of marketing it ideal for the achievement of competitive advantage and increase in the revenues and profit levels at the end of the fiscal year. It is essential to note that marketing managers focus on the utilization of the duplication of purchase law to enhance the market penetration and share of their brands through working on the minimal differences in accordance with the perceptions and attitudes of the consumers in diverse contexts (Collins, 2002). Awareness & Salience Question 3 Brand salience refers to the degree to which a brand is thought about as well as come to notice when a customer is in a buying situation. It is essential to note that strong brands have substantially higher brand salience in comparison to the weak brands in diverse markets and industries of operation. From this perspective, brand salience relates to how many consumers regard the brand well or well enough thus salient for the needs and demands thus the essence of consumer satisfaction (Belch, 2001). On the other hand, consumer attitude relates to the beliefs, feelings, and behavioral intentions of the consumers towards a product or brand in the course of making procurement decisions in diverse markets and industries of engagement. It is essential business entities to focus on the development of the brand salience. This is because of the ability of the concept to act as the memory of the brand thus linking it to other important memory structures in the course of marketing and interaction with diverse consumers across the industry and market of transaction. Question 4 According to the data, Weet-Bix performs extremely well in its consumer profile in comparison to the whole sample, against its major competitor in the form of corn flakes brand. The data offer substantial information of the salience data for the strong brands in the market. From this data, it is essential to note that strong brands such as corn flakes have substantial high brand salience in comparison to their weaker counterparts in the market and industry of operation (Aaker, 2001). This is through generation of high rates or percentage of top of mind awareness as well as the overall brand awareness in the course of marketing. Question 5 The salience results or findings have diverse implications on Weet-Bix in relation to marketing strategies. Marketing managers have the obligation of utilizing this data to focus on improvement of the advertisement technique as well as interaction with the consumers at different levels of transactions (Keller et al, 2003). This is critical towards the achievement of the goals and objectives while handling the needs and preferences of the consumers. Effective and efficient advertisements are essential in the development and enhancement of the brand salience thus leading to increase in the market share and penetration of the product for the achievement of the organizational targets as well as objectives during the fiscal year. Some of the ten cues for the advertisement of Weet-Bix include: i. Black color ii. White color iii. Ambiguous iv. Cultural cues v. Social cues vi. Social media cues vii. Information cues viii. Attractiveness cues ix. Religious cues x. Gaze cues Demographics & Segmentation Question 6 Table 4 focuses on illustration of the demographics and relationship status in relation to the cereal market and industry. The table demonstrates diversities and similarities in relation to the customer profile for the major brands in the cereal industry and market of interaction. It is essential to note that the products are crucial in the modern context. The customer profile of Weet-Bix is similar to those of its major competitors as evident in the close demographics evaluation with reference to singe, couple, and divorced or separated demographics. In addition, the diverse demographics have negative and positive results in relation to the deviation values thus making the consumer profile for the Weet-Bix to be similar with major competitors in the market such as corn flakes, just right, cheerios, and special k. This information is essential in the development of an extensive marketing strategy for the achievement of the goals and objectives. Similarly, the organization has substantial information to exploit in handling diverse and ever-changing perceptions and attitudes of the consumers in different demographics in the market and industry of operation (Keller, 2002). Question 7 Demographics and segmentation results for Weet-Bix are critical in the development and implementation of an extensive marketing research with an intention of increasing the market share and penetration percentages in accordance with new marketing techniques. Marketing manager has the perfect chance to incorporate this information towards handling the needs and preferences of the consumers in a more effective and efficient manner. In addition, this information is valuable in the increase in the competitive advantage of the brand in comparison to its major competitors in the cereal market and industry of operation thus crucial to the achievement of the goals and objectives (Kennedy, 2002). It is also critical for the marketing manager to incorporate this information in the improvement of effectiveness and efficiency in the service and product delivery to the consumer in diverse segments. List of References Jenni, R., Byron, S., & Andrew, E., 2007, “Evidence concerning the importance of perceived brand differentiation.” Australasian Marketing Journal 15 (2), pp 42-54. Aaker D. A., 2001, “Strategic Market Management (Sixth ed.). John Wiley & Sons, New York. Barwise, P. & Meehan, S., 2004, “Simply Better: Winning and keeping customers by delivering what matters most.” Harvard Business School Press, Boston. Belch, G. E,. 2001, “Advertising and Promotion: an integrated marketing communications perspective.” Irwin/McGraw-Hill, Boston. Collins, M., 2002. Analyzing Brand Image Data. Marketing Research 14 (2), 33-36. Hoek, J., Dunnett, J., Wright, M., Gendall, P., 2000. Descriptive and Evaluative Attributes: What Relevance to Marketers?. Journal of Product & Brand Management 9(6), 415-435. Keller, K.L., 2003. Strategic brand management: Building, measuring, and managing brand equity (2nd ed.).Prentice Hall, Upper Saddle River, NJ. Keller, K.L., Sternthal, B., Tybout, A., 2002. Three Questions You Need to Ask About Your Brand. Harvard Business Review 80 (9), 80-86. Kennedy, R., Ehrenberg, A., 2001. Competing Retailers Generally Have the Same Sorts of Shoppers. Journal of Marketing Communications 7 (Special Retail Edition), 1-8. Gaillard, E., Romaniuk, J., Sharp, A., 2005. Exploring Consumer Perceptions of Visual Distinctiveness. In: ANZMAC Conference proceedings. The University of Western Australia, Australia. Read More