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Key Topics
Requirement
Starting at the bottom level of the pyramid, show how your chosen brand has each of the following steps:
1. Who are you? Brand Salience(Identity)
2. What are you? Brand Performance and Brand Imagery(Meaning)
3. What about you? Consumer reactions(Responses)
4. What about you and me? Consumer Brand Resonance(Relationships)
Solution
Introduction
Every organization aims to build a strong brand with eloquent equity by gaining a sustainable competitive advantage. This helps in maximizing the customer loyalty and helps in reducing the vulnerability to the actions and crisis of the competitive markets. While building a strong brand, various questions rise and in order to answer those questions the customer-based brand equity model has been developed. The model helps in providing the distinct perception about the brand equity, how it can be built, maintained and measured. The main objective behind the development of the model is to know the perspective of the customers towards the brand like how they felt, saw, and heard about the brand. Further, the company IKEA has been chosen from the list of inter-brand of 2015 in order to see that how the company developed brand knowledge and how it handles the procedure of building a strong brand.
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Brand Salience
The brand silence is at the bottom of the pyramid as it is shown above in the diagram. The brand salience helps in identifying where you stand and who you are. The brand salience for the company IKEA is the retailer of the furniture. The company became one of the largest retailer of the furniture in 2008 ("IKEA.com - International homepage," 2016). This helps in understanding that the IKEA satisfies the needs and desires of the customers under various circumstances in order to increase the brand loyalty and achieving the sustainable competitive advantage. Therefore, the customers are able to recognize the brand by its services and the logo of the company.
Brand Performance
The brand performance helps in identifying what you actually are. IKEA is leadoff in the retail market of furniture. According to the research, 89% of the respondents stated that they prefer IKEA as the first brand whenever they thought of home furniture. The tagline of the IKEA is ‘affordable solutions for the better living.' The products of IKEA focuses on minimum price and functionality. The disadvantage for the company is that the products are not long lasting as they have a short life. In spite, of this fact, the IKEA provides a lifetime warranty and guarantee for the products of furniture ("Value Chain Group," 2016). The vision of IKEA is to offer well functional and created home furniture to maximum people at low prices so that they are able to afford the products. Approximately, the single store of IKEA includes 9,600 products of varied shapes, size, and designs.
Brand Imagery
The brand imagery helps in identifying that what you are in the minds of the consumers. The company IKEA was originated in Sweden. The Scandinavian style of the IKEA not only fabricates in the blue and yellow logo of the company but it also fabricates in the products of furniture. The simplicity of designs is being fascinated and appreciated by the customers all over the world. The company is mainly targeting the customers who are oriented towards price, the varied sizes of the family i.e. from small to large space of the house but mainly families which are young and also have children. The IKEA is popular for the broad range and variety of products. IKEA is not the only place for customers to purchase the furniture but it is a place where customers have fun and creative to achieve inspiration related to the home’s design with respect to the ideational placement of the products of the furniture in the store of the IKEA.
Consumer Reactions
The consumer reactions include the feelings and the judgments of the consumer, and this helps the company to know the responses of the customers towards the brand Londoño et al., 2016).
• Judgment
IKEA is the brand which provides the comprehensive solutions to the customers with the desirable prices. The products which are price oriented sometimes offer quality with a low performance which cannot be avoided. The customers of the IKEA are conscious enough towards the quality despite the price of purchasing and the gained satisfaction from achieving a great deal. IKEA is the complete package of functionality, design, affordability, etc. in the consumer’s perception. These features of the company make it superior from the competitors. The products are easily transported to the customers by using common transportation. The customer services of the company IKEA has developed a great relation with the customers. Further, the employees of the company treat the customers as a family in order to build a friendly image of the brand.
• Feelings
The consumers enjoy shopping at IKEA even more than purchasing. The felicitous atmosphere fabricates customers easy like their own place. The company offers services like the playground for children and the restaurant in order to satisfy the needs of the customers and enables them to do shopping with ease. The layout of the showroom is based on one direction which makes the shopping enjoyable. It is not possible to visit IKEA to purchase a single item because the customer ends up with shelling out more hours in the playground of the furniture. The effect of IKEA is inferred from the Do It Yourself experience as it is the first pop-up which comes in the minds of the customers. Whereas, developing something by own always satisfies the feelings of the own achievement and it also helps in increasing the value of the object. IKEA has the positive approval of the society, and because of the availability, costumers get the positive response or feedback while shopping for the products of furniture of IKEA. The atmosphere and the products of the IKEA offers an assured experience for the customers.
Consumer Brand Resonance
According to the analysis of the love marker, IKEA is the implicit love marker with great respect of customer but with less loyalty. The company has the low loyalty towards customers because of their strategy which is price-oriented and the small transformation in the price may take the large portion of targeted segment away. The customer loyalty of IKEA depends on the benchmark of distance and price (Swoboda et al., 2013). The stores of the IKEA are located outside the main cities, and this factor sometimes reduces the motivation of customers to visit the stores. The IKEA is strongly engaged with the customers through the strong community which enables the customers to share their experience with IKEA.
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IKEA.com - International homepage. (2016). IKEA. Retrieved 4 November 2016, from http://www.ikea.com/
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Londoño, J. C., Elms, J., & Davies, K. (2016). Conceptualising and measuring consumer-based brand–retailer–channel equity. Journal of Retailing and Consumer Services, 29, 70-81.
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Mind Tools: Online Management, Leadership, and Career Training. (2016). Mindtools.com. Retrieved 4 November 2016, from https://www.mindtools.com
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Swoboda, B., Berg, B., Schramm-Klein, H., & Foscht, T. (2013). The importance of retail brand equity and store accessibility for store loyalty in the local competition. Journal of Retailing and Consumer Services, 20(3), 251-262.
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Value Chain Group. (2016). Value Chain Group. Retrieved 4 November 2016, from http://www.value-chain.org/brand-equity-pyramid/
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