Brands Equity Management In A Multichannel - Myassignmenthelp.Com

Question: Discuss about the Brands Equity Management In A Multichannel. Answer: Introduction Fresh Juice Pty. Ltd. based in Australia is a well-known manufacturer of fruit drinks and other carbonated drinks. One of the drinks was not much popular as the rest of their products. That product was orange juice as organization was trying to provide unique taste and flavour to its target audience but at that certain point of time, product was not able to fulfil the target audiences demands. After analysing the latest market trends, it was analysed that orange juice and its related products are much trending and popular in whole Australia. In terms of increasing the demand of the organizations old orange juice, organization adopted various strategies along with creative problem solving technique. Under this report, CPS steps will be discussed in relevance with the product so as to enhance its brand value. Further sustainable market offering, situational analysis, environmental analysis and the consumer analysis will be conducted with review to uplift the products market share along with increasing the revenues and profits for the organization. (Source: Boostjuice, 2018). The new/improved sustainable market offering Application of CPS (Source: Black, 2015) Problem Identification: The orange juice initially launched by the Fresh Juices Pty. Ltd. was not able to fulfil the consumers expectations in various terms such as it was not providing the real oranges flavour. Company was promoting the product by explaining that the drink contains fresh orange pulps which will make them feel the consumption of fresh oranges. While the actual results were not same as were shown in the promotional and advertisement campaigns (Australian Business Deans Council, 2012). Problem Delineation: The drink organization wants to produce was not produced actually and this was the major reason of its failure in the target market. As the product was an orange juice but it was not providing the pleasure of having orange juice to the audience. Apart from this, the ingredients of the orange juice were also not matching with the description of the item and this made the drink thick and bland (Lai, 1995). Information gathering: This principle of solving the problem faced by the particular product will require the selection of most appropriate technique amongst the available through customer feedback, reviews from industrialists, advice from experienced candidates within the organization, etc. (Maxwell, Sheate van der Vorst, 2006). Idea Generation: This principle explains the adaptation of the most appropriate medium for resolving the issues faced by the particular product. As the orange juice was facing bit issues with regards to its ingredients. Thus, the major resolution which could be implemented to improvise the taste of the drink and to uplift the market share of the product in the target market, organization would modify the technique to produce along with amendments will be made in the ingredients of the product (Kotler, et. al., 2015). Ideal Evaluation and Refinement: Under this segment, the idea selected in the above principle will be implemented and its suitability will be measured on the basis of organizations targets. This will help the organization to modify the approach on the basis of markets requirements as well as it will also help them to attain its desired goals and the objective (University of Technology Sydney, 2010). Sustainable market offering Nature: Orange juice is a part of fast moving consumer goods and the good is perishable in nature. Type: The product is a consumer good (Kumar Christodoulopoulou, 2014). Value Provided: The consumption of orange juice will provide energy, refreshment and pleasured experience. It will also help the consumers to maintain the water level in the body with a pleasant flavour (Wikipedia, 2017). Sustainability benefits: The product will be available at reasonable offering in order to increase the demand. Apart from this, the product will also provide various social and environmental benefits. The orange juice is made up of natural ingredients which do not have any negative impact over the consumers health and society. Further, the packaging of the product is also made up of the materials which are easily recyclable and biodegradable as well (Lefebvre, 2011). Existing brand perceptions: Fresh Juice Pty. Ltd. has a great brand value in Australia which helps them to promote the refurbished orange juice in the target market with the view to gain sustainable market offering (Armstrong, et. al., 2012). Situational analysis Environmental Analysis PESTE Analysis: Amendments in the political factors will not create much impact over the business performance. These factors are governmental rules, regulations, tax policies, etc. Economic factors such as tax implications, changes in the monetary policy of the country, etc. will impact over price of the finished goods but it could easily be resolved with the adaptation of the effective pricing strategies. The ingredients used in the refurbished drink are natural so they do not have any negative impact over the consumers health conditions. In terms of technological factors, Australian markets conditions are changing with the change in the global market and this is due to rapid innovations in the technological field. With the help of these innovations, organization could provide attractive packaging and along with this, manufacturing will be done on the basis of lean methodology in terms of decreasing the cost of production and to uplift the customer satisfaction. The last factor of m acro environmental analysis is environmental factor and with the manufacturing of orange juice, environmental conditions will not be affected as the raw materials used by the organization are environment friendly (Bowie, et. al., 2016). Competition: Major competitors for Fresh Juice Pty. Ltd. in Australian market are Coca-Cola and PepsiCo and these two companies have launched various drinks and natural favoured juices. These two companies have huge market share in the Australian market which could impact on the market share of the Fresh Juice Pty. Ltd. Thus, to attain the competitive advantage in the business environment. Suppliers and intermediaries: These are crucial part for every B2B type of organization. Fresh Juice Pty. Ltd. is a part of B2B type of organization and suppliers have the ability to decrease or increase the organizational efficiency. Thus, they should be treated in an effective manner along with the fulfilling their basic needs in terms of maintaining the relationship which will provide them positive results (Buil, De Chernatony Martnez, 2013). SWOT Analysis Strengths Unique strategies to produce carbonated drinks and fruit juices; Qualitative products; Effective marketing strategies. Weaknesses Failure of orange juice and other drinks in the target market; Lack of capital (Fleming Mixon, 2011). Opportunities To set up an effective market share; Gain competitive advantage. Threats Presence of existing brands such as Coca-Cola and PepsiCo in the target market; Promotional and advertisement strategies used by those companies. Market and Customer Analysis Consumer or business market: The major target audience for Fresh Juice Pty. Ltd. will be the teenagers, middle-aged adults, adults and children. These market segments generally prefer to consume carbonated and other types of drinks. As the refurbished drink by the organization does not contain any artificial flavours and colours, hence, organization could promote the same to its target segments audience. Along with this, it could also be approached to old-aged group of people as drink does not contain any harmful ingredients. This will help the organization to acquire the huge market share along with attainment of the organizational goals and the objectives (Freeman, 2010). Market Type: Potential Segment Name Potential Segment Profile Teenagers Age: 15 to 19 Income: $20,000 Young Adults Age: 20 to 34 Income: $45,000 Middle-Aged Adults Age: 35 to 60 Income: $45,000 Customer Need: Customer needs for carbonated drinks and fresh juices mainly arise in the summer season. In order to fulfil the consumers needs, organization is required to provide them the effective and efficient products with high quality which could easily satisfy the target audiences needs (Gordon, 2012). Market growth and market share: Market growth describes the increase in the organizations revenues, brand value and profitability. This could be with the effect of increase in the demand of the organizational products due to aggressive promotional strategies or it can also be the result of qualitative products delivered by the organization. The more effective will be promotional strategies of organization, the more organization will be able to spread awareness amongst the target audience. With the help of these techniques, organization will be able to set up its effective market share along with gaining the adequate competitive advantage (Hollensen, 2015). Influence on consumers: The re-launch of orange juice by the organization will proved to be a great factor through which organization could easily create positive impact over its target audience. Along with this, refurbished orange juice will help the consumers to maintain the water level in the body as well it is also essential in terms of enhancing the health conditions of the consumers (Keller, 2010). Conclusion From the aforesaid information, it can easily be concluded that Fresh Juices Pty. Ltd. has planned to re-launch their fail products in the target market. This fail product is an orange juice which was launched with the motive of enhancing the market share of the organization in the target market. But at that point of time, the product was not able to cope up with the market and consumers requirements and this becomes the major reason for the product failure. After a certain period of time, the company has planned to re-launch the product in the target market with the view to uplift the market share in the target market. In order to launch the existing product, critical problem solving principles, sustainable market offerings, situational analysis and the market customer analysis were also discussed under this report. References Armstrong, G., Kotler, P., Harker, M., Brennan, R. 2012. Marketing: an introduction. Pearson Prentice-Hall. London. Australian Business Deans Council. 2012. Academic Standards for Marketing in the Australian Higher Education Sector. Prepared by the Marketing Learning Outcomes Working Party, sponsored by the Australian Business Deans Council Retrieved from https://www.marketinglearningoutcomes.com/uploads/8/4/3/8/8438345/academic_standards_for_marketing_v2.pdf. Bowie, D., Buttle, F., Brookes, M. and Mariussen, A. 2016.Hospitality marketing. Taylor Francis. Buil, I., De Chernatony, L., Martnez, E. 2013. 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