ASSESSMENT TASK: MAJOR PROJECT: BRAND AUDIT REPORT
In teams of two, choose a brand from a company and carry out a brand audit for one of the company's brands. Take the position of a consulting team and assume that you have been asked to perform a brand audit by management as this brand has not been evaluated for some time and is scheduled for review by senior management.
Brand audits are an important component of the strategic planning process of firms. Brands contribute significant intangible value to the firm's overall valuation and need to be carefully managed as part of the overall planning and implementation process. Your task is to carry out a systematic evaluation of a local brandfrom a firm in your country (Singapore) and complete a brand audit in a localised context (rather than a global one). This may mean that your brand audit is of an SME and not a global multi-national firm.
Your audit report needs to present your analysis of the brand, your major conclusions and recommendations regarding any weaknesses and opportunities available to senior management. It has to be emphasised that this report should focus on the elements that contribute to brand equity and should not be a marketing plan which is more general. Your principal focus here will be all elements leading to brand equity. The project that is assigned here is an extension of the example presented in Brand Focus 3.0 in the text (3rd Ed and provided as a handout on LearnJCU). While this may serve as a guide, this project is more detailed and will rely on research and supporting evidence to back up your conclusions and recommendations. You will need to detail your research and the details presented in an appendix, and acknowledge all secondary sources of information and data in the form of references.
Your brand audit should include the following elements:
1. Brand inventory: the following elements should be analysed with respect to competitor brands with a focus on points of differentiation and points of similarity.
a. Description, visualisation and analysis of the product or service and touch points
b. Describe all elements of the brand such as names, logos, symbols, packaging, slogans, or other trademarks used and your analysis of these
c. Brand architecture, strategy and role
d. The customer, segmentation and target
e. Creative strategy, personality, decision criteria, differentiation and positioning
f. Positioning, influencers and communities.
2. Brand exploration: although it is not realistic to conduct comprehensive market research as part of this process, you may conduct some rudimentary qualitative and quantitative market research with colleagues, family members or friends. You will need to go beyond the firm's website alone to complete this assignment, and, it is a requirement that you base your conclusions and recommendations on data and evidence. You may also use publications and journals to develop a profile of how brand equity has been created. In any case, you will need to describe your data collection procedures and results.
a. Conduct interviews (around five)
b. Develop and administer a short questionnaire (maximum of 10 questions) and mail or email to friends
c. You may be able to obtain information from executives of the company whose brand you are analysing.
3. Analysis to support brand exploration: with data measuring the following (for further information (see INSEAD, Note on Brand Audit):
a. Brand knowledge
b. Brand awareness (recall and recognition)
c. Brand image
d. Brand personality list
e. Evaluation of associations
f. Brand equity
g. Brand value (where possible and data is available)
4. Recommendations: critically evaluate your findings from above and develop recommendations regarding:
a. Repositioning (if any)
b. Further developments from the brand such as brand extensions
c. Brief marketing programs to support the above
For additional information and guidance, see the following:
1. Brand Audit Table(Van Wagner Marketing Solutions)
2. Note on Brand Audit: How to Measure Brand Awareness, Brand Awareness, Brand Image and Brand Value(INSEAD).
Assessment learning outcomes:
- Understand the key branding concepts and utilise these concepts to analyse and evaluate the branding components and aspects of the chosen industry, business or the product.
- Evaluate the branding objectives, strategies and the specific actions taken to deliver the brand promise.
- Work within a framework and demonstrate ability to assess each section of the branding process to establish key aspects in each section of branding development and how these translate into marketing decisions and actions.
- Help support evaluations with relevant research and supporting evidence
- Demonstrate, through your written report, the depth and breadth of research (secondary & primary) analysis andevaluation undertaken; and
- Demonstrate effective communication skills through presentation of written report and the ability to work with others in a professional manner.