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Brand Management: Wellbeing Company

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Question:

Discuss about the Brand Management for Wellbeing Company.

 

Answer:

Introduction

The study focuses on the marketing analysis of an Australian cereal product known as Weet Bix. Weet Bix from the long time is classified as the long standing product in the market not only in the market but also outside the Australian market. The brand has gained a reputation in the Australian market and has recognised as the product of choice by the Aussies. The study will focus on the product life cycle stages of the primary product of the company Sanitarium Health and Wellbeing Company. The company’s most popular product Weet Bix is a low sugar and high fibre breakfast biscuit that is popular among the markets of Australia and New Zealand. In the product life cycle stages, Weet Bix is described in a proper way so that the company can formulate proper strategies to compete its attention in the market. In the competitor analysis, Weet Bix’s competitors will be known that will help in building market strategies that will increase its brand image as well as market share as a whole. The perceptual map of Weet Bix will help to know the market positioning of it along with its other competitors in the market in terms of certain parameters.

 

Product Life Cycle Stage

Weet Bix is considered as the iconic healthy breakfast food among the population of Australia and New Zealand. The company has a unique sponsorship in terms of increasing market popularity. The cost based pricing of Weet Bix is related to maintain the sustainability of the brand. Weet Bix is recognized as one of the best option for breakfast for the persons who are willing to lead a positive life style. However, it can be said that the product falls in the maturity stage of the product life cycle stage (Bilir, 2014).

The product life cycle stage consists of four stages such as introduction, growth, maturity and decline. The introduction phase of Weet Bix was characterised as less popular product with lower brand image and brand reputation. The price of the healthy cereal biscuit was also initially low in order to enter into the market while gaining recognition from the target customers of Australia. However, product life cycle of Weet Bix will help the company to build strategies that will help in increasing brand awareness as well as sales of the product while increasing the revenue of the company (Yang, Ryan & Zhang, 2014). It can be said that the marketing strategies of the products in the four strategies of product life cycle stages are considered as different because the timeline of the products are different and the market conditions are different. It can be said that the market share of Weet Bix in different stages of product life cycle is different due to varied market conditions as well as varied consumer responses. In the growth stage of the product life cycle, WeetBix has gained the total industry sales revenue (Karniouchina et al., 2013). However, it can be said that the total profit of the industry can be achieved in terms of the total sales of Weet Bix in the market.

Weet Bix in terms of its market capture and brand recognition has reached to a level that the company has to introduce many versions of the products not only for the adults but also for the kids. In the maturity stage of the product life cycle, it can be described that, the Weet Bix has a market reputation along with a wide recognition and acceptance towards the target customers. The profitability of the company as well as the product integration and introduction of new features in the product can be a way out while increasing the sales that have been considered as levelled off (Chang, Lee & Chen, 2014). However, it can be said that the different types of add on characteristics of the product will increase the brand popularity and the price is kept in reasonable along with the standard quality maintenance. As Weet Bix belongs to the maturity level, hence it can be said that occasional advertisement is essential for the vital promotion of the product. The target of the company is to stop the product for becoming into the decline stage, which is quite dangerous (Gmelin & Seuring, 2014). The brand popularity of Weet Bix is not only popular in the different parts of Australia but also in New Zealand also. It is known as the budget friendly health biscuit that will use cost based pricing method while supporting its branding activities. It can be said that the health biscuit of Weet Bix is the most popular breakfast cereal for almost 30 years of its establishment. It has been accepted the fact that the company has potential buyers and is accepted by the people of all categories. The main target of the company is to stand apart against its competitors in the matured stage of product life cycle. The sales of Weet Bix is being levelled off (Hollensen 2015).

 

Competitor

Competitor analysis is an important aspect of every brand in order to sustain their position in the market. It can be said that the cereal market of Australia is trending and is captured by many brands. The consumers of Australia have a number of options in terms of choosing healthy breakfast cereals (Jian, Cai & Chen, 2017). The population of the country is very health conscious and are choosing products that are healthy and do not contain fat and calorie oriented. Competitor analysis of Weet Bix is essential in order to formulate marketing strategies that are essential for the increase of substantial market share and brand equity in the Australian market (Dinnie, 2015). A company has to create an image in the market so that they can implement the market strategies of the competitive advantage. Competitor analysis of Weet Bix consists of two aspects such as direct competitors and indirect competitors. Direct competitors consist of the companies, which are responsible for the direct competition with the parent company Sanitarium. The competitors of Weet Bix are Kraft Foods, Kellogg’s and Dick Smith Foods. The brands of these companies are Kellogg’s Corn Flakes, Crunchy nut, Coco Pops, Nutri Gain, All Bran, Uncle Tobys, Carban’s, Plus, Canstar Blue, etc (Grant, 2016).

However, it can be said that direct competitor companies of Sanitarium’s Weet Bix are Uncle Toby’s Plus Range and Kellog’s Nutri gain cereal. It can be said that the brand image and brand reputation of Kellogg’s in Australia is more than that of Weet Bix. The sales of Kellogg’s in the year of 2010 are recorded as 12.4 billion. The Australian culture and tradition in the Australian households are recognised as the main criteria of choosing products. The main criteria is the health benefits of the products sold in the market (Peng & Liang, 2016). The major strength of the company is its dominant position in almost 17 countries of the world along with the manufacturing plants, distribution channels and retail outlets. It has a spread over 180 countries. The strong emphasis of Kellogg’s in maintaining an environmental and social responsibility to the community. However, on doing a competitor analysis, it can be said that the products of Kellogg’s are higher priced compared to the price of health biscuits of Sanitarium. It is recognised as one of the weakness of the company because it will determine the shopping attributes of the consumers (Jian, Cai & Chen, 2017).

Competitor analysis is essential in order to formulate segmenting, targeting and positioning of the product in the market. However, it can be said that it is tough for Weet Bix in order to gain the position of Kellogg’s in the Australian and New Zealand market. The position of the rival brands determines the current marketing attributes of Weet Bix in the market. However, in the market of healthy cereal biscuits in the Australian market that has much popularity (Pahnke et al., 2015). It is the reason of the product expansion of the company in the genre of different types of health biscuits. The health biscuits will develop many strategies based on the competitor analysis in order to create a market reputation as well as sales in the market. The numbers of competitors are increasing day by day hence, they should develop their brand to compete with the rival products of the country (Chen, 2014).

 

Perceptual Map

Perceptual mapping is the technique used by the companies while positioning the brand in the market. In this context it can be said that the perceptual mapping of Weet Bix is formulated which is based on certain attributes such as great tasting, less great tasting, low nutritional benefits, high nutritional benefits, etc. In terms of competition of the different types, brands present in Australia it can be said that the position of Weet Bix of Sanitarium falls under the category of high nutritional benefit with less great tasting. On the other hand, the products of Kellogg’s have great tasting but they have low nutritional benefits (Mojtahed et al., 2014). Though Weet Bix has a high nutritional value, but they have a taste that does not match with the level of Kellogg’s. The company can has different types of other products also that have different variants. Weet Bix has a reputed position in the Australian company. The perceptual map of the brand helps in the market positioning of the company in comparison to the different products of reputed brand in the Australian market. Perceptual map is the key of formulating marketing strategies of the company in order to position it in the market (Krawczyk & Xiang, 2016). However, it is to be recommended to the company that the brand must enhance their taste in their different kinds of products in the company. Improve in the taste will help in attracting the different kinds of customers towards the health biscuit. There is also a point that usually health products are not good in taste. But due to competition in the market, the brand must improve their taste in order to attract more customers towards it. There are different kinds of brands that are present in the Australian market that has good tasty products with minimal health benefits (Bass et al., 2016). The company is focused with different health attributes but misses in the taste. It is one of the weakness that Weet Bix must consider in order to make them market ready. However, the reputation of the brand is also a plus point that will help in the different types of customer retention and gaining market share in Australia. Uncle Toby’s Plus Range is the most popular product in this category that consists of the attributes that are acceptable by the customers and they are the consumer’s number one choice in terms of healthy breakfast meals for the Australian consumers (Deegan et al., 2014).

 

Conclusion

 It can be concluded that Weet Bix is a popular breakfast cereal that has a market reputation in the Australian market. It can be said that in the stages of product life cycle, Weet Bix comes in the maturity stage. The competitors of Weet Bix have strong market dominance as well as different types of variants of the products. It is to be recommended that the brand must perform marketing activities that are relevant to the company as well as to the market position of the Weet Bix. The promotional strategies of Weet Bix are responsible for building the market reputation as well as the market positioning of the companies. The perceptual map of the Weet Bix is responsible for the formulation of market positioning of the brand in terms of few parameters. The parent company of the brand has many other products that are similar to the Weet Bix healthy biscuits. The new attributes of Weet Bix must be included in a way so that they can increase the popularity of the product in the Australian market. Traditional advertisement as well as the digital advertisements is to be focused but not as much increased level as the product is at maturity stage.

 

References

Bass, S. B., Wolak, C., Greener, J., Tedaldi, E., Nanavati, A., Ruppert, K., & Gordon, T. F. (2016). Using perceptual mapping methods to understand gender differences in perceived barriers and benefits of clinical research participation in urban minority HIV+ patients. AIDS care, 28(4), 528-536.

Bilir, L. K. (2014). Patent laws, product life-cycle lengths, and multinational activity. The American Economic Review, 104(7), 1979-2013.

Chang, D., Lee, C. K. M., & Chen, C. H. (2014). Review of life cycle assessment towards sustainable product development. Journal of cleaner production, 83, 48-60.

Chen, K. Y. (2014). Improving importance-performance analysis: The role of the zone of tolerance and competitor performance. The case of Taiwan's hot spring hotels. Tourism Management, 40, 260-272.

Deegan, K. C., Holopainen, U., McSweeney, P. L., Alatossava, T., & Tuorila, H. (2014). Characterisation of the sensory properties and market positioning of novel reduced-fat cheese. Innovative Food Science & Emerging Technologies, 21, 169-178.

Dinnie, K. (2015). Nation branding: Concepts, issues, practice. Routledge.

Gmelin, H., & Seuring, S. (2014). Achieving sustainable new product development by integrating product life-cycle management capabilities. International Journal of Production Economics, 154, 166-177.

Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.

Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.

Jian, X., Cai, S., & Chen, Q. (2017). A study on the evaluation of product maintainability based on the life cycle theory. Journal of Cleaner Production, 141, 481-491.

Karniouchina, E. V., Carson, S. J., Short, J. C., & Ketchen, D. J. (2013). Extending the firm vs. industry debate: Does industry life cycle stage matter?. Strategic Management Journal, 34(8), 1010-1018.

Krawczyk, M., & Xiang, Z. (2016). Perceptual mapping of hotel brands using online reviews: a text analytics approach. Information Technology & Tourism, 16(1), 23-43.

Mojtahed, R., Nunes, M. B., Martins, J. T., & Peng, A. (2014). Equipping the constructivist researcher: The combined use of semistructured interviews and decision-making maps. Electronic Journal of Business Research Methods, 12(2), 87-95.

Pahnke, E. C., McDonald, R., Wang, D., & Hallen, B. (2015). Exposed: Venture capital, competitor ties, and entrepreneurial innovation. Academy of Management Journal, 58(5), 1334-1360.

Peng, Y. S., & Liang, I. C. (2016). A dynamic framework for competitor identification: A neglecting role of dominant design. Journal of Business Research, 69(5), 1898-1903.

Yang, J., Ryan, C., & Zhang, L. (2014). Sustaining culture and seeking a Just Destination: Governments, power and tension–a life-cycle approach to analysing tourism development in an ethnic-inhabited scenic area in Xinjiang, China. Journal of Sustainable Tourism, 22(8), 1151-1174.

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