Brand Audit - Research Paper Example

However, with appropriate brand audit the particular brand will get more strength to retain its strong brand image within the market. Introduction: There are many cases in the industry where the business got badly affected for the major brand failures and for these factors the main reason would be the lack of initiative in brand audit process. Target is a brand which is into the retailing. It has to be remembered that a retail store sales products which are of different brands. Target retail is a chain which is selling multi branded products in their stores.

In this case many brands are associated under one name and that is the reason auditing of the main brand Target is an important factor to be taken seriously to measure the ultimate output in a quantitative manner. Brand audit and background analysis of the Brand Target: The brand is the name, logo or some marks associated with the product which distinguishes the product from the other identical products (Clifton, Simmons, and Ahmad 2009, 23). According to Martin Jelsema 1 the six major factors for the brand evaluations are brand matrices, brand positioning, market segmentations, internal strength of the brand, brand personality and differentiators which differentiate the brand from the other competing brands.

The brand audit is basically the valuation of the brad in a quantitative manner. . As an example brand equity can be stated as the strong mental association within the consumers related to the specific brand. It also can be associated with the aggregate value of the brand in the customers’ mind (Majumdar, 2009, 3). Customers are the assets of the companies and the brand identity and the brand equity relates closely towards the customer equity. The brand Target has a great brand value among the customers of Australia.

There are some factors which are closely related to the evaluation of the brand Target and they are, value equity, relationship equity and the brand equity. The customer centric approach of the retail brand Target is the key of the success. The Brand Target was founded in early 1925 and from that time it is growing with a great pace and in the present time the brand operates as a subsidiary of the company named Coles Group Limited (Target Australia private Ltd.). The company has a great existence in the market as the brand name of Target and it has also created great brand equity in the country side of the Australia with the brand name of Target Country Stores.

However, the mother brand Target is having more than 290 stores in all over Australia (History in the making: Target). The Target Australia Private Ltd has shown a great endeavor towards building the brand and more importantly it has got a sustainable market capitalization within the Australian consumers for many years. Brand Culture: The brand culture is a structural function which creates the identity of the brand for a long term within the organization. The proper culture shows the ultimate path for the improvement.

The brand culture has got a great significance in the industry for the last few decades