Shiito as a Food Spice - Term Paper Example

Brand Trust Product Brand Name: Shitto – A food spice Shiito is a food spice that is marketed in the English Speaking nation of Ghana. This spice is really a good one but the name may make it stay on the shelves for a really long time. Although it is a very effective food spice, not everyone realizes that. In fact most people are not even aware that it is a food spice, let alone a product. Food products can be very sensitive to and in the market, and if the product has a not so good name, it may be very hard to convince people that it is actually good. Being a food product, Shiito has a somewhat unfortunate name. This makes it hard to get people to even like the product. I choose Shitto Spices as my reference product since it encompasses a lot of things that people need to know about brand equity and brand names. Brand Equity Concerns 1. The brand name and logo It is true that the brand name is easy to remember and pronounce, making it very easy to recognize. However, the product does not do much in terms of eliciting faith and trust among its consumers. When people see this product, their minds should immediately envision some tasty food. However, the name does not elicit such a vision and neither does it elicit any positive associations. Solution The solution to this concern is very simple; the brand managers for this product should look for ways to create a positive image for the product by changing the name. 2. Competition Lack of brand equity for Shitto Spices has resulted in the competition getting the upper hand in the market. The greatest threat comes from established companies, most of which have a global presence. Dealing with the competition might be a bit tricky for Shitto Spices since most people in the products target market do not even know of its existence. Solution If the brand managers can come up with a good brand management plan for Shitto, they will be able to deal with the competition. 3. Value The brand name Shitto does not seem to have a strong brand value. Since not many people even know what Shitto is all about, it is understandable that many potential consumers do not hold any value for the product. This is quite unfortunate since the product has the potential of growing to be one of the most sought after spices. Solution The brand managers who deal with Shitto need to build a strong brand image that will promote brand value. Some of the aspects of the product that the brand managers need to consider when creating a good brand name are: quality, positioning, repositioning, communications, first over advantage, the long term investment and internal marketing. Quality: this is one of the most important things of a good brand according to Aaker (1991). If a product is of high quality, it means that it offers the consumer the core benefits that he expects from it. The core benefits must be delivered well and consistently as well. High quality products normally do very well in the market compared to those whose qualities are not so high. The brand managers of Shitto need to ensure that their customers understand and appreciate the high quality of their product if they want it to do well in the market. Positioning; positioning a brand is as good as the position it occupies in consumers’ minds. When a product brand has a clear unique position among members of its target market, then it can be said to be a strong brand. The brand managers of Shitto can improve the positioning of the product through improved brand name, product guarantees, image, packaging and its delivery. Repositioning; repositioning is when a company tries to change its position in the existing market which is often done in order to reflect a change in the tastes of the consumer. Shitto can reposition itself as a global product and move from being just a local product that very few people can access. Communications: communications is very important in building a good product brand which will lead to brand equity according to Aaker (1991). Communications is a two way affair; this means that the company should present its message to the public and expect some feedback. This feedback is what helps the brand manager know what to improve in order to Conclusion A brand may be, to some significant level, defined as the symbol or name that is used for identifying a particular product in the market (Keller, 2003). Many researchers, scholars and marketing specialists have noted that when a new product is under development, branding is one of those very important decisions that must never be ignore or dishonored. This is because the brand can significantly add value when it receives adequate recognition and is positively associated in the consumer’s mind as noted by Keller (2003).. This concept may be referred to as by many a marketing expert generally as the brand’s equity. What this means is that all products are essentially good. What makes others better than the rest is what Keller (2003) refers to as brand equity. Brand equity for a product will help determine whether or not people trust it. Brand equity is ‘an intangible asset’ that is built up by a company over a period of time by creating awareness, having a name that is well-known, communications that is consistent and marketing (Keller, 2003).. It may well be said that brand equity is related to the truth that various outcomes come into being because marketing of a good or service with respect to its brand name or other of its unique characteristics without which the product would not receive recognition it currently has. In other words, brand equity is a bridge that links the brand’s past to its future. Brand Equity is also developed through the help of social responsibility, as well as advertising and promotion of the brand. Brand equity is vital because the products associated with the brand command a premium price in the market and are perceived to be higher quality when compared to the similar generic unbranded products. Brand equity also offers competitive advantages by reducing the marketing costs (because of high brand awareness and loyalty) to firms that enjoy high   “Brand Equity” and thus enhances their earnings. Brands may be measured in different levels according to Ailawadi, Lehmann and Neslin (2003). Some of these levels include the firm level, the product level and the consumer level. At the firm level, the brand is measured as an asset to the organization (Ailawadi et al, 2003). In other words, at this level, the brand’s worth is calculated more as an asset that is tangible. At the product level, the brand is measured by comparing the product that has been branded to that which is not named or to one that is privately labeled (Ailawadi et al, 2003). The difference in this case is the price of the two different products assuming that all other factors are held constant. At the consumer level, the brand can be measured by mapping the minds of customers to establish the associations with which they have with the brand (Ailawadi et al, 2003). In this respect, free association tests are usually conducted with an aim of discovering both the intangible and tangible attributes, intentions and attitudes towards a particular brand. Generally, brands that enjoy a lot of awareness, are strong and have unique and desirable associations are considered tdo have higher equity. Since brand equity is created over a specific period of time, it is important to ensure that it is carefully managed according to Leuthesser and Harich (1995). Once the brand equity has been created it is also important to carefully manage and overtime grow the equity of the brand employing the same tools mentioned above.  If not dealt with carefully, there is a chance the brand equity is destroyed over time as noted by Leuthesser and Harich (1995). A product’s brand name is all it has in terms of identity. Understanding brand equity is important for a number of reasons. The brand manager who understands the importance of brand equity will be able to create a brand that will resonate very well with the public. A good brand name should convey the right message to the consumer. A great brand name according to Leuthesser and Harich (1995) should: 1 Be easy to pronounce 2 Be easy to remember 3 Induce positive associations 4 Not infringe other brand names 5 Suggest the benefits of the product 6 Be distinctive When many companies produce a similar product, there is need for the brand name to be as clear as possible and easily recognizable. There is no need to invest lots and lots of cash into brand marketing. If the brand is good, it literally markets itself. In some unfortunate incidences, the product managers of some companies normally try to imitate other product’s brand names from other competing companies (Ailawadi et al, 2003). They do this in order to convince consumers that heir products are as good as those made by other companies. This tactic never really works, and if does, its effects are short lived. Having a unique brand name that captures the attention and trust of the consumer is the only way to create consumer confidence in a product. When the brand name is easy to pronounce it will be very easy to remember. This level of brand recognition is very important for brand equity. The brand name should provoke positive associations in that when a person hears the name, he will immediately associate it with something good. The brand name should as original and unique as possible so that people do not confuse it with another product. Companies need brand equity because of a number of reasons according to Lane (1993). These are as highlighted below: Prosperity; since the consumer is becoming more and more wealthy, they can now afford attitude that is demand driven. Globalization; the world is slowly but surely turning into a small global village. A common market is being created in which people from all walks of life desire the same lifestyles and products. Competition; competition from domestic and foreign brands is increasing with every passing day. This has resulted in lower profit margins. Through branding companies can create competitive advantage that is sustainable. Consumer knowledge; the consumer market is not the way it was a few years ago. People are now more knowledgeable and they continue to gain more knowledge through sources such as the internet. This means that they can be able to compare information on different products which helps them to make some informed decisions. Brand equity will enable companies to have a better placement of their products in the market (Lane, 1993). References Aaker D. (1991) Managing Brand Equity. New York: The Free Press Keller, K. (2003). “Brand Synthesis: The Multidimensionality of Brand Knowledge,” Journal of Consumer Research, 29 (4), 595-600 Leuthesser L., and Harich K. (1995) “Brand Equity: The Halo Effect Measure,” European Journal of Marketing, 29 (4), 57-66. Ailawadi K., Lehmann D., and Neslin S. (2003). “Revenue Premium as an Outcome Measure of Brand Equity,” Journal of Marketing, 67 (October), 1-17. Lane K. (1993) “Conceptualizing, Measuring, and Managing Customer-Based Brand Equity,” Journal of Marketing, 57 (January) 1-22 Read More