The assessment for this module is an End Course Assessment (ECA) constituting report based on the MINI case study - Essay Example

Download file to see previous pages This failure can have a profound negative impact on the brand equity of the parent or corporate brand. The second positive application of this strategy deals with the addition of a new brand in the brand portfolio of the parent company. This step gives a fresh outlook to the corporate brand portfolio and enables it to nurture a “Star”. This strategy, also gives some breathing space to the aging brands of the corporation, thereby extending the lifecycle of the entire brand portfolio. Let’s analyze the marketing strategy of MINI on pertinent dimensions: 4P’s Framework: The marketing mix or 4P’s, as they are called, reflects the important strategies of the organization regarding the product, price, promotion, and place (Fill, 2009). Product The product under consideration is the MINI car, which launched its new model in 2001. In addition to this model the company has the following brands of cars: New MINI, MINI One, MINI Cooper, Cooper S, Cooper D, MINI Convertible, MINI Clubman and MINI Countryman. Price The pricing method used by the company to appraise its cars is “value-based pricing”. This method of pricing is consistent with the strong brand equity of the car. Since the car is a symbol of a specific kind of lifestyle, therefore it carries immense value for the followers of this kind of lifestyle. These followers are willing to give extra when it comes to expressing their peculiar lifestyle. This makes MINI exclusive and inaccessible to every car buyer. Promotion Industry followers have always found MINI’s marketing campaigns to be very innovative, lively and peculiar. These attributes make these campaigns very successful. When MINI launched its new 2001 model, it employed adventure campaigns to enhance brand awareness. This campaign had at its core the concept of buzz marketing. By the use of this concept the company amplified its core association of: Excitement, Uniqueness and Fun. Through this campaign the company very successfully raised the level of awareness of its brand, and created a word of mouth effect among its customer community. This campaign employed both traditional and contemporary marketing tools and tactics, for instance media houses were brought into this campaign, print and online advertising was done along with promotional material being planted in hot spots(important public centers). Through “Bondage Fetish leather”, the company extended its adventurous and likely nature. In this entire promotional campaign the company engaged its target audience and fan community. The company employed methods which led to their (audience and community) participation. In this endeavor the company also made use of digital community forums like social networking sites e.g. Face Book, Twitter, YouTube. One unique method used in this endeavor was MINI Space, which brought together the MINI community. This community used to engage in online conversations in the form of threads, to communicate their opinions about the car. Direct marketing tools like emails and instant messages were also used. A unique king of email was sent to customers, containing a game in it. This mail was very ...Download file to see next pagesRead More