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Brand Equity And Loyalty Management Add in library

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Question:

Discuss about the Brand Equity and Loyalty Management.
 
 

Answer:

Introduction:

The term brand exploratory provides an in depth analysis of the reputation, position and the brand image of a company in context to the customers. These factors are highly impactful on the success of any organization (Ju-Pak, 2013). The analysis of these aspects would help in identifying the current position and significance of the company in the customer’s minds (Roy & Banerjee, 2007).

Consumer Awareness

LEGO is a huge toy manufacturing company which has gained huge fame and recognition in the same field. None of the kids grow older without playing with the LEGO toys and thus the brand awareness of the company is extremely high and widespread.  LEGO is famous in a cross generational and global way. Due to its amazing strategies for marketing and promotion, the company has managed to gain the attention of a lot of consumers, making it become a brand having brand recognition and awareness high than Ferrari (Lee et al. 2011).  The national tours, the launch of the LEGO movie, the LEGO themed video games and various LEGO products has contributed highly in getting the LEGO toys marketed widely and achieving customer awareness on a very significant manner. The company constantly keeps working for increasing its brand awareness and for getting more customers. The latest step of the company to grab a number of customers was to develop an online selling place for the LEGO toys. The company even developed an interactive platform for communicating with the customers. This made a huge contribution in the company’s brand awareness, making it a reputed and renowned brand (Juntunen et al. 2011).

Brand association

The brand awareness and brand association go hand in hand (Richard et al. 2016). If the brand is highly reputed and known, the brand association is also high. Brand association is the impact of the company on the customers. The company has a huge association in the customer’s minds due to its interactive and fun games and toys (Chao et al. 2015). If people would hear the word Lego, even today they would imagine the LEGO blocks and the amazing cars and houses that were built by the colorful LEGO blocks. This states that the brand association is quite high where the customers remind of the company due to the amazing and fun toys produces by LEGO. The company constantly keeps on working on the packaging and design of the toys which can leave a deep print of the LEGO products in the customer’s minds (Alkilani et al. 2013).

Competitive positioning

Being such an amazing and huge brand, the company enjoys quite a monopoly and his market share in various countries. It is very tough to beat this company in terms of toy production. Along with being the oldest and trustworthy developer of the toys, this company has also been one of the evolving and changing company which adapts new tactics an strategy to compete in the market and sustain with a high market share (Richard & Bagozzi, 2011). Companies like Oxford toys, Mega blocks, etc. can be a competition to the company, but the imitative to start online sales, and the company can beat all the competitors and potential threats of the market and secure its position (Alkilani et al. 2013).

 

SWOT analysis

The key tool that is being widely considered while analyzing the brand and the strategic approach of the product fits in the SWOT analysis. The SWOT analysis of the brand considers the internal and the external analysis that can be felt towards the acceptance of the product by the consumers. The strengths, weaknesses, opportunities and threats of the Lego Brand can be elaborated as per the competitive advantage and the brand positioning.

Strength in the SWOT analysis of the company includes the incorporations of special features that can help to develop young children by initiating the recognition of the key skills and the knowledge regarding a particular event or a product that emphasizes the overall feature of the product. The brand name is very much strong and therefore it has mostly been recognized in more than 55 countries with their products and features, this is an effective feature which can be considered. To demonstrate the modern car, many places use the Automoblox concept that helps to assembly and demonstrate young children. The brand name is so strong and so is the product portfolio of the company which is the benefit when there is a competitive advantage which is met in the global industry. The most attractive among are the tourist destination that includes theme parks through which brand name, can be recognized (Luk et al. 2013). The Lego brand has now even extended its services to the TV, video games and as such the movies which give a tough competition to rivals.

Weakness of Lego Brand consists of the limited product which is the main concern, still the company is trying hard to compete with the rivals by applying their strategy in this concern. Intense competition is also the main weakness wherein the high brand rivals have strategies to formulate their goals and occupy the market position in the market that consists in online gaming.

The opportunities that the brand has includes competition that can be organized in reputed schools where students get direct assistance when it comes to demonstrate the product with its skills. The brand segments can be considered, whereas diversifying the product segment is important. Branding is the concept that needs to be followed so branding exercises should be the new segment of change (Chao et al. 2015).    

Threats of the company are majorly the products and the competitors. The competitors include Meccano, VTech, Automoblox and Leapfrog. These are a type of external risks that can be analyzed while taking into view the main objective of the company.

Recommendation

There are certain solutions that fit around while analyzing the company’s position and this shows that a strategic approach to build brand awareness with an idea for marketing mix can be applied. Strong community can be applied while the brand awareness strategies may reveal Lego’s product channels and the concerned business operations that are essential while using competitive strategy. Marketing mix tools such as promotions, discounts, and coupons creates a greater impact while the online and offline initiatives can be taken that increase the reactions of the consumers such as parents and children (Rappaport, 2008). In the toy market, what seems to be essential is even the financial success that has a predominant factor which impacts the parents to buy toys and this is critically managed by the management team.

Conclusion

While considering the position of Lego in the market, there was an argument that states that the internal sources of the company is strong, whereas the external factors are failed to be responding to the change in the market condition. The results seems that there is a lack of strategic marketing approach and creating a brand awareness which is felt through competition and brand exploratory. There are issues that are related when it comes to the weaknesses and threats of the company. Whereas, the SWOT analysis presents the company’s position and the recommendations that can be applied while creating a strategic glow with brand awareness and technological innovation and creativity.

 

References:

Alkilani, K., Ling, K. C. & Abzakh, A. A. (2013). “The impact of experiential marketing and customer satisfaction on customer commitment in the world of social networks.” Asian Social Science, 9(1), 262-270.

Chao, R.-F. Wu, T.-C., & Yen, W.-T. (2015). “The influence of service quality, brand image, and customer satisfaction on customer loyalty for private karaoke rooms in Taiwan.” The Journal of Global Business Management, 11(1), 59-67.

Juntunen, M., Juntunen, J. & Juga, J. (2011). “Corporate brand equity and loyalty in B2B markets: A study among logistics service purchasers.” Journal of Brand Management, 18(4), 300-311.

Ju-Pak, K.H. (2013), “Content dimension of Web advertising: a cross-national comparison’’, International Journal of Advertising, 18, pp. 207-31

Lee, M. S., Hsiao, H. D. & Yang, M. F. (2011). “The study of the relationships among experiential marketing, service quality, customer satisfaction, and customer loyalty.” The International Journal of Organizational Innovation, 3(2), 353-379.

Luk S., Chan, W.  & Li, E. (2013), "The content of internet advertisements and its impact on awareness and selling performance", Journal of marketing management, 18(7/8), pp. 693- 720

Rappaport, S. D. (2008) “Lessons from Online Practise: New Advertising Models”, Journal of Advertising Research 2007, pp. 135-141,

Richard, P. & Bagozzi, R. (2011). “Implementation of marketing strategy,”Journal of marketing 12(2), pp. 127–140

Richard, W. Olshavsky & Donald, H. (2010). “Importance of marketing strategy?” Journal of marketing, 13(2), pp. 93–100.

Roy, D. & Banerjee, S. (2007). “Caring strategy for integration of brand identity with brand image.” International Journal of Commerce and Management, 17(1/2), 140-148.

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