Students in the MSc International Marketing and Business Development recently presented their final brand audit projects for the Strategic Brand Management class.
Throughout the semester, students have been challenged to look at how good brand management can create value for firms. If it is true that in some circumstances consumers have affective ties with brands; if it is true that people ‘trust’ and relate to brands; if it is true that brands are seen to have personalities; if, as the class has seen, there are such things as brand communities that form around brands such as Harley Davidson; then the implications for marketing and brand management are enormous.
The first group started the day appropriately with the cereal market: Kellogg’s, General Mills and Nestlé. How do they compete against one another? How do they stave off the attacks of retail brands and manage to charge a premium? Do they have a distinct personality?
The class teacher, Prof. Spier, asked: “Imagine these brands have personalities. If you had to go on holiday with one, which one would you choose?”
One student explained: “I think I would pick Trix of General Mills because it’s more fun, and I want to have fun when travelling”.
How does brand personality and identity play out with other types of product? Another group compared Ralph Lauren and Lacoste.
Using a well-known brand identity prism, students applied a word association test to demonstrate the importance of good brand management to influence customers’ perception. In the world of fashion, brands have “positional” value as well as allowing consumers to buy into a certain lifestyle or self-image. “Taste defines the taster”.
A lively discussion ensued to work out which students would feel closer to Ralph Lauren or Lacoste.
A range of products and services were thus analysed. Many were linked to alcohol (vodka, beer, whisky…), perhaps through natural affinities; more likely because the market is competitive and brand management highly professional. It is worrying to see in a blind tasting how difficult it is to distinguish between brands on taste alone!
Others included the diapers market, with Pampers and Huggies, where baby cuteness is used to good effect; British Airways and Virgin Atlantic in the airline industry, where the cheeky upstart challenges
the former national carrier; and the great classic of brand battles: Coca Cola vs. Pepsi – red vs blue, teaching the world to sing or using a youthful edge!
Through these audits, students were able to see that creativity, story telling and imagination, but also trust, values and integrity are vital to creating value through brand management. And if one or more of those are lacking – as Tiger Woods has just discovered – the effects can be disastrous!