Brand management: fortunate foods - Essay Example

Download file to see previous pages Not all supply chains in the grocery industry are cooperative and well-structured, thus incorporating risks into the business model including determinations of sufficient pricing structures and ensuring that distribution costs fit within the operational budget. This is not the case at Fortunate Foods, a smaller competitor for such organisations as Tesco, Asda and Sainsbury’s, offering only a single product line, produce, designed to outperform more diversified business competitors. Description of Fortunate Foods Fortunate Foods will offer top quality produce at affordable prices, a revamping of the traditional mom and pop grocery retailer that specialises only in quality agricultural products. Fortunate Foods will offer the freshest assortment of common and hard-to-find agricultural products, procured under a significant corporate social responsibility model to differentiate the business from larger competitors. Local and international growers will be targeted for contracted delivery of various fruits and vegetables, procured through responsible farming and harvesting organisations and independent grower systems. This responsible procurement model will consist of a well-publicised quality assurance program, in which independent and internal inspectors will conduct full-scale inspections of product before giving the procured agriculture the coveted Fortunate Foods Seal of Approval label. All products procured will meet the rigorous quality standards unparalleled in the grocery industry, a key positioning strategy for this new business concept. Procured merchandise will consist of hard-to-find agricultural products, such as pine nuts, ugli fruit, and Korean pears, among a very diverse selection of locally-procured and internationally-procured products. To make this business model attractive, Fortunate Foods will be utilising in-store recipes that include hard-to-find and/or obscure agricultural products to facilitate more consumer interest in trying the many diverse agricultural products provided by the business. In-store demonstrations for proper preparation of international agriculture will be provided to consumers as part of the interactive, people-centric business model to add further perceptions of total brand value to the company’s many target consumers. Introduction to brand and design of branding strategy Because this is a new market entrant with no history of brand recall in important target markets, the branding strategy must focus on establishing, primarily, brand recognition. To effectively position Fortunate Foods in this industry, the corporate brand must represent the culmination of values and principles held by the organisation and reflect them in brand concept and logo design. The main selling features of Fortunate Foods are corporate social responsibility, customer relationship management, and innovation in procurement for better agricultural consumption value. These are the distinguishing differentiation conceptions that will provide Fortunate Foods with a reputable market position with important revenue-producing target markets. The first conception in branding strategy is to develop a recognisable and comprehended brand personality. This is the basis on which intangibles of the business model are translated to create better consumer perceptions of total company and brand value (Aaker 1996). A worthwhile brand personality must ...Download file to see next pagesRead More