Impacts of Corporate Image on Brand Equity as a Sustainable Competitive Advantage: Evidence from Apple Inc - Essay Example

Impacts of Corporate Image on Brand Equity as a Sustainable Competitive Advantage: Evidence from Apple Inc Table of Contents Introduction 2 1.1. Introduction 2 1.2. Rationale 2 1.3. Aims and Objectives 2 2. Literature Review 3 3. Methodology 7 3.1. Choice of Research Design 7 3.2. Construction of Theoretical framework 7 3.2.1. Inclusion and Exclusion criteria 7 3.2.2. Assessment Schematic 8 3.3.3. Sample of Secondary data 8 4. Analysis 9 Conclusion and Recommendation 13 Reference List 15 Introduction 1.1. Introduction The brand image is the perception that the people holds regarding the company and its products and services. This perception dictates where or not the customers are interested towards the products and their likelihood of purchasing it. The brand and corporate image not only attracts the customers towards a company, but it also attracts the shareholders and potential investors (Aaker, 2011). This research work is based on the impact of corporate image on building brand equity of a firms and how it generates its competitive advantage. It identifies the importance of branding and how it can be turned in to a brand equity that is leveraged by the firms to gain revenue. The research work also discusses the evidences from the branding strategies of Apple Inc and how the company has managed to gain the leading position in terms of brand valuation. 1.2. Rationale This research work is will give the readers a clear insight of the importance of brand building to achieve competitive advantage of a firm. In the increasingly competitive business market scenario, the firms are seeking out for new ways to secure a competitive position in the industry and to maintain future sustainability in its business operations. This research work will give them a clear idea of how to gain a strong position in the industry and eventually hold the leading position. This research paper has discussed several cases of Apple and its branding strategies. Since Apple holds the leadership position in the industry in terms of brand valuation so it is appropriate to discuss and analyse its strategies which can be utilized by other firms as well. This research paper can also be utilized by the academic readers who are looking forward to study brand building and impact of corporate image and how a firm can build a strong competitive advantage over its rivals. It can also be used as a source of secondary data for any further research work in this field of study. 1.3. Aims and Objectives The aims and objective of the research work has been described in the research questions and research objective stated below. Research Questions How has Apple build its brand equity to hold the leadership position in the industry in terms of brand valuation? What has Apple done differently than its rivals to gain its leadership position? What can be derived from Apple’s branding strategies and how they can be utilized for another firm? The research questions can be answers by meeting the research objectives stated below. Research Objectives To underpin the strategic steps taken by Apple to build its strong brand equity and competitive positioning. To find out the unique strategies that Apple has taken to build its brand. To determine the key features of Apple’s branding strategies and how they can be utilized by other firms. 2. Literature Review Brand equity has been described by Aaker (1991) by his brand equity model that identifies a brand by five salient components, which are Brand Loyalty, Brand Awareness, Perceived Quality/ value, Brand Association and other proprietary assets. According to the author, the brand equity can be defined as a set of assets and liabilities associated to a brand. The brand name or brand symbol is capable of adding or subtracting value from a product and can influence the brand assets such as the awareness of the products name, brand loyalty, perceived quality and other brand association (Sunde and Brodie, 2008; Chen, 2009). The brand loyalty defines the degree to which the consumers are loyal to a particular brand. The consumers’ loyalty is quite important from the financial perspective as it takes less capital and effort to retain loyal customers than to attract new ones. The loyal customers also help in ensuring ‘repeat purchase’, thereby representing a steady flow of revenue (Aaker, 2011). Thus a company with maximum number of loyal customers will have added trade leverage over the rivals (Rosenbaum-Elliott, Percy, and Pervan, 2011). The brand awareness is the level to which a particular brand is known to the public. The strength of a brand determines the level of associations that the customers can make with the brand (Azoulay and Kapferer, 2008). The consumers bearing a positive attitude towards a particular brand is more likely to discuss about it among his reference groups, thereby increasing the level of brand awareness. The perceived quality determines the perception of the consumers regarding the quality of a product or service. The perceived quality is the reason that drives the customers to buy one product and ignore the rest. It also portrays a level of differentiation that helps the customs to distinguish the products from that of the rival brands (Wood, 2000). The brand association is the psychological connection that the customers are able to make with the brand. A higher level of brand association leads to a stronger connection between the brand and a particular product. The brand ‘Dettol’ is associated with its antiseptic and hygienic nature. Thus, if the brand association is strong enough then the customers will recall the brand ‘Dettol’ whenever he is in need of an antiseptic (Verma, 2009). Other proprietary assets may include certain patents involving product design or usage of brand logo or brand name. It can also involve the trade relationships or any intellectual property ownerships, etc. According to Aaker (2009) the brand image can be considered as the most precious intangible asset that a company can develop. Since the brand image dictates the likelihood of the customers to get attracted to it, so it can be stated that the brand image of a company determines its sales volume and revenue generation. Elliott and Percy (2007) mentioned that the concept of brand equity has evolved from the idea that the brand image of a particular product has the capability of convincing the customers to pay a higher price. If the customers are willing to pay a premium price for a generic product and choose to ignore the rest, then it can be the stated that the product has higher brand equity (Chaudhuri and Holbrook, 2001; Kapferer, 2012). Kumar (2009) further added that the brand equity can be extended in terms of its implications to three different directions, which financial, brand extension ability and customer loyalty. The financial aspect of the brand equity suggests that the customers are willing to pay a higher price for its products, thereby allowing the company to have a higher revenue generation. It has been evidenced that the customs are only willing to pay a higher price for a product when its perceived value is higher than the rest of the products in the market (Fennis and Pruyn, 2007). The second implication is the brand extension ability which suggests that the brand image of the company is so strong that any new product category that the company launches will have the same perceived value. Thirdly, the customer loyalty of a particular brand suggest that the customers who are loyal to one brand is most likely to make repeated purchase from the same company and will spread positive word of mouth in his social groups. Fatt et al (2001) emphasized on the fact that the three implications of the brand equity discussed above have suggested that the value generated by brand equity is related to the perceived value that the company offers though its products or operational activities. Thus, in order to improve the business performance of a firm it is imperative create a high perceived value proposition for the customers. Apéria and Georgson (2011) have mentioned that the corporate image of a firm is slightly different from that of the brand equity. The corporate image is the psychological image that an individual bears regarding a company, its products and its activities. The corporate image is the perception that leads to development of the brand equity. The corporate image can be either positive or negative, depending on which the brand equity can also be positive or negative. Webster and Keller (2004) further added that the positive brand equity helps the company to gain consumer preference which leads to higher sales volume and higher revenue generation. On the other hand, negative corporate image of a firm leads to brand rejection, where the customers choose to switch to rival brands. This as a result leads to reduced revenue generation (Giehl and Lepla, 2012). Thus it is imperative for a firm to ensure that it does not get involved in any activities that hampers the corporate image of the firm. Neal and Strauss (2008) opined that building a good image in the market can be done by employing several marketing strategies. The most common method of brand building it through promotional activities that highlights the value proposition of the company and also justifies the premium pricing of the products (Hanna and Rowley, 2011). It has been evidenced that most the products that bear high brand equity are of higher price than the rest. Parameswaran and Jacob (2011) have justified this statement by the fact that the customers often perceive the high pricing as an indicator of the high quality of the product. However, it has also been evidenced that putting a higher price does not always yield higher brand equity. The company needs to justify that the high price is being charged for the higher value proposition that the customers will not find in other brands. The value proposition can be offered in terms of high product or service quality, or by offering a high status symbol. There are certain products whose ownership increases the social status of customers, for example fashion brands like Gucci, Prada, Rolex, etc. Thus, it can be stated that the perceived value of a product is the primary determinant of a firm’s brand equity (MacInnis and Park, 2009). Based on the studies of Sengupta (2009) a particular brand can be recognized by brand elements which consist of brand logo, slogans, jingles, etc. These elements are utilized by the company to increase its brand awareness and brand recall that can influence the purchase decision of the customers. The concept of brand recall can be described by the fact that the any brand that the customers can easily remember by relating to the brand elements has a higher brand recall. Temporal (2011) further added that the brand recall is extremely important in terms of the influencing a customer’s purchase decision. It is most likely that a brand which bears the highest recall in the consumers’ mind will attract more customers and the associated products or service will sell more. However, although brand recall may be beneficial for a firm to attract customers but at the same time the negative brand recall can put long term negative impact on a company. Keller (2013) has stated that in order to build strong brand equity the company must be able to shape the perception of the consumers regarding a particular product or service. The company needs to create an experience with its product or service that will create a positive attitude and feeling towards the brand, which in time will strengthen the attraction between the brand and the customers (Hem, de Chernatony and Iversen, 2009). Keller and Aaker (2008) mentioned that the brand equity of the firms generates added value proposition for the customers that gives the company a competitive edge over the rivals. Therefore, it becomes a strategic priority of the companies build a strong brand that can create a competitive advantage in the industry. Owing to the increasing competitiveness in the global business market, the firms are seeking out for new strategies to attract the customers. Particularly, in the industries where the existing companies offer identical products and services, the firms try to create a differentiating factor by creating powerful brand equity. According to Amini et al (2012) gaining a competitive advantage is not enough if the company is not able to hold it for long. The concept of sustainable competitive advantage suggests that the firms need to hold its position for a long period of time. Sustainable competitive advantage can be achieved by a firm when it has been able to create a unique value proposition for itself and for the customers that the current or future rival firms are not able to create. The unique value proposition that creates the strong brand equity has to be extremely hard to duplicate or to substitute for the rival firms. Thus it can be stated simply that a company seeking to create a long term competitive advantage has to ensure that its USP cannot be duplicated by others. 3. Methodology The methodology gives a clear overview of how the researcher has conducted the research work and how the research objectives have been met (Gummerson, 2010). 3.1. Choice of Research Design The aim of this research work is to analyse the strategies of brand building that has been adopted by Apple and whether it is in line or out of context with the traditional branding theories. The paper will also try and determine the key learning’s from the company’s strategies and how they can be implemented in other firms in order to improve their brand equity and achieve higher competitive advantage. This paper is based on a deductive approach where the evidences from cases have been used to reach a conclusive statement that answers the research questions (Saunders, Lewis and Thornhill, 2009). The theories mentioned in the previous section states that in order to ensure a sustainable competitive advantage, the firms must need to influence the perception of the consumers regarding a product or service. The consumers must believe that the product offers higher value than that of the rivals. This research work is based on several cases of Apple’s marketing strategies that lead the company to its leadership position in terms of brand value. This choice of secondary data can be justified by the fact that it will help the researcher to make an in depth analysis of the branding marketing strategies of Apple and it has achieved its strong competitive advantage in the industry. The cases and facts will give all the necessary information to answer the research questions and meet the research objectives (Cooper and Schindler, 2010). 3.2. Construction of Theoretical framework 3.2.1. Inclusion and Exclusion criteria The research work has been conducted solely based on the secondary data collected from several news articles and journal articles. The topic of discussion gave the researcher a wide perspective of study; however he narrowed down the research work in order to effectively meet the research objectives. The researcher has included the strategies of Apple Inc in creating strong brand equity and how it has helped the company to elevate and strengthen its position in the industry. The research encompasses the marketing activities of the firm and also covers on how differently they have approached towards their success as compared to other companies. The competitive advantage achieved by the company has also been discussed in this paper and how building strong brand equity is responsible for it. In order to streamline the research work, the researcher has excluded certain area from the discussion. This paper does not include individual product wise study of the company. Since the company offers a significantly large number of product portfolio so the discussing each of them would be irrelevant. Moreover, the paper also excludes the details of the region wise strategies of the company and instead it has discussed on the overall branding and marketing strategy of Apple that has led to creation of strong brand equity and high competitive advantage. 3.2.2. Assessment Schematic The research work has been conducted by mostly collecting data from news articles of high credibility. The sources are best known for their authenticity and reliability. The authors of these articles are mostly news reporters and based on the reputation of the news firms the researcher has ensured that those articles can be utilized as a credible source of secondary data. The research work is also based on certain journal articles. The researcher has ensured that the journals are peer reviewed and are not out dated and has sufficient number of references to prove their authenticity and reliability for this research work. 3.3.3. Sample of Secondary data The literature review has been conducted from several journal articles and credible books to shed light on the theoretical approach on Brand equity and how competitive advantage can be derived from it. The research analysis has been done based on the articles collected on the marketing and branding strategies of Apple. The researcher has ensured that the data collected from the secondary sources relating to the company analysis are not dated below 2010 and the sources are authentic in terms of reputation of the journal or the news media company. 4. Analysis According to the studies of Forbes (2015) Apple Inc (or Apple) holds the number one position in the industry based on brand valuation. The company is best known by its brand image and the extreme desire of the customers to own an Apple product. The brand image of the company was formed by Steve Jobs, co-founder of Apple, who always focused on value addition through innovation. The product development of the company has always been based on the unique feature and design that apparently have the ability to change how teh people live their lives (Kottasova, 2014). The traditional theories of brand management asks to satisfy the needs of the customers, however Steve Jobs, instead of satisfying the existing needs created new ones. He often quoted Henry Ford, who mentioned that if the customers were to ask what they want they would ask for faster horses and not cars, because they did not knew what cars are until it was invented (Yarow, 2011). Following this philosophy Steve Jobs created the brand of Apple by focusing on creating a demand for completely new product categories of personal computers, iPods, iPhones, etc (Jackson, 2014). Thus from the perspective of need recognition it can be stated that the company instead of meeting the existing needs created new ones and fulfilled them instead. This apparently violates the brand building approach stated in the literature, but on a close review, it can be stated that the company has catered to the hidden needs of the customers which is to experience something new. The products offered by Apple have unique feature that the customers never knew existed and never thought was possible to implement (Kahney, 2012). The Apple products have always been highly priced, but the company convinced the customers that this high piece is the price they are paying for the high product quality and the value that they are deriving from the products (Kaputa, 2012). In order to build strong brand equity the company tried to create products that were unique both in terms of usability and physical design and that was capable of giving the customers a user experience that no other product can give. Thus the unique user experience became the value proposition of the company which is the primary determinant of the strong brand image of the firm (Kottasova, 2014). Apple uses this factor to justify for the high product prices, thereby attracting the customers by large numbers (Baskin, 2014). This can be justified by the theoretical framework discussed in the literature review that the customers are only attracted towards the a particular brand and are ready to pay a higher price for the products, when the brand has been able to convince them that the value proposition is higher than any other products offer by the rival brands. The promotional activities of the firm always focused on the value addition to the customers’ lives with the unique product features that the Apple products bear. Eventually, the Apple products became associated with a high status symbol. This is mostly because of the fact that the Apple products are only affordable by the upper and upper middle class of the society (Baskin, 2014). Thus anyone owning an Apple product can show off their financial prowess. Secondly, the highlighting of the positive impact on the consumers’ lives suggests that an Apple user is apparently leading a better life than the rest. Thus relating to the ‘perceived quality’ of Aaker’s Brand Equity model mentioned in the literature, it can be stated that the company has successfully created an perception that makes the owner of an Apple product feel good and feel important in the society. Thus the company has been able to create a deep psychological impact in the minds of the customers. Apple has achieved its competitive advantage by creating a strong brand loyalty among the customers (Kahney, 2012). The customers who enjoy a higher social status among his reference group by owning an Apple product is most likely will not shift to other brand that does not give the same social status. The company has been able to create an emotional significance for the customers. From a theoretical perspective the value addition generated by a product is more than the product features; it also extends to the emotional connection with the customers. This is justified by the theory of brand loyalty (Jackson, 2014). High brand loyalty has allowed the company to have a high level of customer retention and owing to the strong positive word of mouth the customer acquisition cost is also quite low. The company has also attained a sustainable competitive advantage by making sure that the unique vale proposition of the company cannot be imitated. Every technological innovation made the company has been immediately patented so the rivals cannot duplicate the product design (Hughes, 2014). Kaputa (2012) mentioned in her report that the brand building strategies of Apple also involves creating of hype or what may be called ‘buzz marketing’ (Keller, 2013). Apple always creates hype prior to a product launch in order to increase the demand. Most companies maintain a level of secrecy to ensure that the information of a product is not revealed before its launch. However, it has been evidenced that small pieces of information revealed by the company before any product launch have increased the customer’s demand severely (Kaputa, 2012). The incomplete information has created a sense of curiosity which helps to further increase the demand of the product. Moreover, the Apple often times has created an illusion of scarcity by announcing that the product has gone out of stock (Hughes, 2014). This as a result has pushed the procrastinators to purchase the products next time it comes to stock. Thus it can be stated that the Brand equity of Apple is based on the market demand, which have been created in terms of customers’ psychological desire of product ownership and also in terms of stock availability (Keller, Parameswaran and Jacob, 2011). With the advent of internet usage, it has become easier for the company to communicate with the customers and facilitate spreading positive word of mouth (Nielson, 2014). These are some of the marketing strategies utilized by Apple to attract the customers. The theory of consumer behaviour described by Allen and Hill (2006) suggests that the creating a sense of demand in the market, a firm can control the customers perception regarding the importance of a product. Apple has managed to increase the curiosity among the customers thereby stimulating their hidden needs. The company has not only maintained its uniqueness by its product designs, but it has also ensured that any brand association of Apple dictates the same corporate image. The company has maintained its uniqueness in every aspect of its business operations starting form webpage design to store ambience (Mourdoukoutas, 2013). The Apple stores are probably one of the most uniquely designed stores across the world. This helps the company to portray its uniqueness and draw more customers. As a result Apple has been able to create a corporate image that attracts the customers and inventors alike. According to the studies of Baskin (2014), Apple has created a highly favourable image by conducting a business with a vision of changing people’s lives with its product innovation. More than what an Apple product has, the company has always emphasized on what the product can do to make lives better. This as a result has created a long term impression in the customers’ minds that Apple has the ability to deliver higher value than any company in the industry. This can be justified by the theory of corporate image; the imagery of Apple’s brand is communicated through every possible direction, which as a result creates a reinforced impact on the customers’ minds (Fennis and Pruyn, 2007). The marketing strategies of the firm have allowed it to create a strong loyalty among its customers and to develop a strong desire of product ownership among the public. These influences are so strong that despite of numerous counter strategies from the rival brands, Apple has managed to hold the leadership position in the industry in terms of brand valuation (Forbes, 2015). According to the studies of Jackson (2014) the competitive advantage of Apple is not achieved from its hardware and software business, but from its business ecosystem. The company has managed to have a high profitability owing to its ecosystem. The traditional concept of brand building is based on value addition for the customers and for the company as well. These values are mostly unique in nature and the customers may not find it in any other brand (Knox and Bickerton, 2007). This theory of creating brand equity is being followed by several firms in the global industry, but no one has been able to create a brand as strong as that of Apple. Instead of creating a several independent products that create their own individual value, Apple has created an ecosystem of products which are interdependent on each other. Thus a customer who is using multiple Apple products will derive more value as those products are interdependent on each other. This interdependent nature of several different electronic products is not available with any other companies, which as a result draws the customers towards Apple. The interconnectivity between the iPods, Mac PCs, iPhones, iPads and Apple TV and the recently launched Apple Watch allows the customer to derive more value from them as compared to similar products from other companies. Thus the company has been able to create a wide range of Brand Association, thereby creating an unmatched brand value for the customers (Nielson, 2014). This marketing strategy can be described by the value generation of the products. Based on the theories of branding mentioned in the literature it can stated that in order to foster a strong brand equity in the market the associated products must be able to generate higher value for the customers (Smith and Park, 2007). The interdependent nature of Apple’s products has been successfully able to generate higher value than the value generated by the individual products of different company. This as a result the customers are attracted to the entire product portfolio of Apple rather than just individual products, thereby increasing the sales volume of the company. Moreover, from the point of view of cost of production the company has achieved its competitive advantage from its vertical integration strategy. The company owns its very own chip manufacturing plants, which as a result allows the company to have a close control over its product manufacturing (Nielson, 2014). The company also follows strict regulations in terms of design patents, which lead to the infamous patent wars with Samsung. This as a result sent a strong message in the industry that Apple takes its business quite seriously (Kaputa, 2012). These activities have created a strong corporate image that has helped the company to create a perception among its stake holders that Apple is the most powerful the industry who is not only capable of delivering the highest value to the customers but also it is capable of attacking the competitors. The unique corporate image of the company has also been extended to its supply chain. The company maintains a highest order of confidentiality regarding its suppliers and supply chain activities. This as a result has made it difficult for the rivals to make any strategic attack (Kottasova, 2014). The theory of competitive advantage suggests that in order to ensure sustainability the imitation cost for the rivals must be high. Apple has ensured that the rivals cannot copy their products or operational procedures in any way, thereby giving its sustainable competitive advantage. Conclusion and Recommendation Apple has created the strongest brand equity in the industry by ensuring the Apple products are capable of producing higher value addition to the customers than that of the rivals. The value addition offered by Apple is both in terms of product features and also in terms of elevation psychological state of the consumers. The company has ensured that the products are capable of delivering unique features and high usability than that of the competitors. Moreover, it has also highlighted how the products can bring positive changes in the lifestyle of the consumers. This as a result has increased the perceived value of the products, thereby compelling the customers to spend more. Moreover, the emphasis of the life changing capacity of the Apple’s products has created a perception among the public that any Apple product owner has a better life style than the ones who are not. This as a result has increased the aspiration value of the brand and fostered strong brand loyalty. The high brand loyalty has allowed the company to have a steady flow of revenue and low customer retention cost. This has helped the company to gain higher competitive advantage over its rivals. Furthermore, the interdependent nature of the Apple’s products is also the key behind the competitive advantage of the firm, which has not been exploited by any other competitors. Thus the key learning derived from the analysis is that any firm looking forward to increase its competitive advantage should focus on creating higher value for the customers. Rather than focusing on what the product has the company must focus on what the product can do for the customers and what difference can it bring in their lives. This as a result will increase the perceived value for the customers and they will be convinced to pay high amount for the products. Moreover, the value addition should also be in terms of emotional significance. Thus the products must be able to make the customer feel good and they should be proud of their purchasing decision. This as a result will foster customer loyalty, positive word of mouth and eventually sustainable competitive advantage. Reference List Aaker D., 2009. Strategic Market Management. 9th ed. New York: Wiley. Aaker, D. A., 2011. Building Strong Brands, 5th ed. USA: Global Professional Publishing Aaker, D.A., 1991. Managing brand equity: capitalizing on the value of a brand name. New York: The Free Press. Allen, R. and Hill, N., 2006. Customer Behaviour: A managerial Perspective. 6th ed. 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