The paper "Vegemite Brand Audit Evaluation" is a great example of a marketing case study. This report is an evaluation of the Vegemite brand under different subheadings including its history from the 1920s when the product was developed to date when it has established itself as a market leader. The challenges that the brand has faced from the time it was introduced in the market. The report explains the context of the brand, its equity, values and personality. There is a further attempt to see how the brand communicates to stakeholders. From this entire analysis, the report also provides recommendations on how best to move forward in light of the current challenges and opportunities VEGEMITE BRAND EVALUATION INTRODUCTION The purpose of this report is to consider and examine the Vegemite brand in order to give a judgment of its value, its quality and the extent to which it has been accepted in the market.
The report will base its judgment on different parameters that are generally used in examining the entire ensemble of indicators portrayed to different interested parties as defining features on how a product is promoted to the contemporary consumer.
The report would be useful in the management of the Vegemite brand in order to develop an effective marketing strategy for the brand. The parameters examined in the report include the history of the brand and brand equity. The report also seeks to explain what brand values are and the brand values of the subject brand. The personality of the brand is also examined in the report as will the brand communication to stakeholders. The report will also look at the major challenges currently facing the brand.
After considering all the above issues, the report will make recommendations on how best the brand can be improved to increase customer loyalty and also encourage other customers to take up the brand. The proposed improvements will be as per the weaknesses found in the evaluation of different aspects of the Vegemite brand. BRAND BACKGROUND History Vegemite was invented in 1922 by Cyril Callister; this was after importation of Marmite, from New Zealand was disrupted after the First World War. Callister developed Vegemite for his then-employer Fred Walker & Co after it was developed; it was registered as a trademark in Australia.
The new product was given a name following a nationwide competition in Australia and introduced in the market for the first time in 1923. Vegemite was renamed Parwill in 1928 in an attempt to change the market its fortunes in the market since it was not doing well against marmite whose importation had resumed. This strategy did not yield the desired results and it reverted back to the original name, Vegemite, in 1935. From 1935, Vegemite was marketed alongside processed cheese made by Kraft Walker Cheese Co; this company was a joint venture between Fred Walker, the chairman of Fred Walker & Co, and J. L.
Kraft & Bros. For a period of two years, Vegemite was promoted through being given away for free with the Kraft Walker cheese and other products made by the company. Its main selling point was its medicinal value as a major source of Vitamin B which was packaged as a healthy food for children. Other strategies adopted in its promotion included nationwide competitions of poetry and prizes to promote it.
Vegemite started receiving wide acceptance with the Government of Australia including it in Army rations. The British Medical Association endorsed Vegemite as a source of Vitamin B and by 1940, 90% of Australian homes used it. In 1998, Kosher Vegemite was introduced into the market but its production stopped in 2004. The Jewish community protested its withdrawal leading to its reintroduction in 2010. In October 2008, the 1 billionth jar of vegemite was manufactured (Tan, 2008). In 1929 production of Vegemite started in New Zealand but that production has stopped.
22 million jars of vegemite are produced every year (Wilson, 2009).
Aaker, D. A. (1991) Managing Brand Equity. New York: The Free Press.
Biel, Alexander (1992) How brand image drives brand equity. Journal of Research Advertising Volume: 32, Issue: 6, Publisher: World Advertising Research Center Limited, Pages: 6-12.
Chu, Singfat and Hean Tat Keh (2006). “Brand Value Creation: Analysis of the Interbrand-Business Week Brand Value Rankings,” Marketing Letters, 17, 323-331.
Franzen (2008). The Science and Art of Branding. M.E. Sharpe Inc.
Keller, Kevin L. (1993) ``Conceptualizing, measuring, and managing consumer-based brand equity'' Journal of Marketing 57:1-22.
Laurent, Gilles, Jean-Noel Kapferer, and Francoise Roussel (1995), "The Underlying Structure of Brand Awareness Scores," Marketing Science, 14 (No. 3, Part 2), G170-G79.
Lassar, W., B. Mittal and A. Sharma (1995). “Measuring Customer-Based Brand Equity,” Journal of Consumer Marketing, 12 (4), 11-19
McQueen, J (1991), ``Leveraging the Power of Emotion in Building Brand Equity,'' ARF Third Annual Advertising and Promotion Workshop, February 5-6.
Parameswaran, M.G (2006). Building Brand Value: Five Steps to Building Powerful Brands. Tata McGraw-Hill Education.
Schultz, D.E& Bernes, B.E(1999). Strategic brand communication campaigns. NTC Business Books.
White, R (1994). "A Brief Cultural History of Vegemite". In Craven, Ian; Gray, Martin; Stoneham, Geraldine. Australian Popular Culture. Cambridge, United Kingdom: Cambridge University Press. pp. 19–20. ISBN 0-521-46667-9. Retrieved 12 November 2011.
Tan, Winston (5 October 2008). "Vegemite produces billionth jar". AAP.
The Eureka Council (2008) "History of Vegemite – 1922". http://web.archive.org/web/20080723130242/www.eurekacouncil.com.au/5-Australia-History/History-Pages/1922-vegemite.htm. Retrieved 6 April 2013.
Wilson, J ( 2009). "New Zealanders take to Vegemite". Te Ara: The Encyclopedia of New Zealand. New Zealand Government. Retrieved 7 April 2013.