This essay tends to give both primary and secondary findings regarding brand equity and brand positioning. It will talk of Weetabix and its competition alongside its market segments and targets. Weetabix has been in the cereals and grains for years and it still does well.
Introduction
Weetabix is a brand name and registered company that makes cereals flakes used to give energy and mostly used for breakfast. After talking to a friend, I realized how the product works and why it has the qualifications to remain competitive. Weetabix, a breakfast cereal market is dynamic and has a variety of products that target different market segments and it is available. There have been increases in consumption of cereals in every neighborhood since the Second World War. (Trout, 1969)
The brand name has companies that produce cereals that are ready to eat with corn flakes, puffed rice, wheat and also cereals that need cooking before consumption such as farina and infant cereals. According to the interview, the brand name is highly concentrated because the top companies account for 80% of the overall industry revenue. It is the leading industry and this comes highly recommended because it serves children, family and adults. (Levi, 2007)
Brand loyalty interview: the brand and its competition
According to John, the interviewed, East Africans enjoy Weetabix and this has been for the last 30 years. Currently the Weetabix commands 65% of the market and its packaging helps it a lot to remain competitive as it comes in almost all sizes to cater for all including single, married and families where different sizes target different market segments. At some point along the way, people had a perception that Weetabix is only meant for children but the aggressive marketing campaign changed the perception by positioning the brand fit for the whole family.
Weetabix targeted the top and the middles class only in the market but later changed and now caters for all classes across the market. Primarily, the brand name Weetabix is a breakfast meal but its value in nutrition and convenience make it a filing meal taken at any time of the day. There has been an increase in the demand because of the continuous health consciousness of Weetabix because consumers now understand the benefits of the whole grain or the brand name at large. The interviewed person says that many people do not have breakfast because of their lifestyle being hectic and other wanting to lose weight but that is no more with the emergence of the brand name. (Trout, 1969)
Weetabix conducts campaigns for public relations to educate the consumers about the importance of breakfast and that one should not miss the meal. Skipping breakfast could lead to unstable blood sugars and whole grains come in handy because they are low in cholesterol and fats hence good for a healthy diet. As more consumers get the awareness, more sales and popularity hit the company thus making it more purchased. The brand name has no equivalent when it comes to breakfast and this has seen it penetrate well in new markets. It gets very small competition from bread and other cereals companies but its contents make it more popular and choice of many.
Those who started using the brand name earlier on have been very loyal ad good ambassadors of the brand. The interviewed person for example says that Weetabix has been his favorite and chosen meal by the family for breakfast for over 10 years. Brand loyalty increases the competition standards and if certain consumers are loyal to certain brands, that brand is likely to have a very high competitive power in the overall market. (Trout, 1969)
Analysis of interview: brand equity and brand positioning
Weetabix has great brand equity and many refer to it as value. It is clear that the brand name is the most valuable thing in the company and its equity is one thing that makes the financial value and also the most valuable asset. According to the interviewed person, Weetabix brand is what gives the company it belongs to a reason to exist and he says that without the brand name there would be no company. Many people do not even know the company that manufactures Weetabix because all they know is the name of the product which has been famous and popular for its good quality and distribution.
The band gets less or no advertisement at all because the brand is already popular and in each household you will find a carton, paper, calendar or the product itself bearing the name Weetabix. This means that at one time the brand must have been in use. Talking of positioning, the interviewed said that the marketers did a great job creating such a good product and its image alongside product. Amongst all the breakfast cereals, Weetabix has been the top of the list in terms of market popularity. It went international after a short while meaning that the brand name has a good position in the breakfast cereals market.
Brand research: market segments and targets
A market segment is the strategy used by company to divide the larger market into small groups depending on the consumers wants. Weetabix has the best market segment because in the beginning the brand name had only one size which is one kilogram. Only the rich could afford this and no one else. It later considered those living in the rural areas using demographic and geographic segmentation.
For demographic, it meets the needs of all ages starting from the parents to the children. For geographic segmentation Weetabix divided the nations, states and cities and served them just like they wanted. This has been a big plus for the company and it has seen all the consumers well catered for. Not forgetting that Weetabix started as a very small brand but its market segment strategy has taken it to the greater heights. The brand name upon beginning targeted the children and many had the perception that the cereal was only meant for the little ones. The marketing and campaigns that Weetabix did transformed the perception and other people apart from the children started getting the cereal as a favorite meal for breakfast. (Trout, 1969)
Brand research: brand equity over time
The markets in which Weetabix operate are dynamic in nature. When it comes to products, there is a constant evolution and there is introduction of new technology, regulatory framework, government, customer taste and preference. Weetabix gets 100% extra branding and consumer promotion because it’s the main product for the company. The company that is home to Weetabix manages the brand and its brand equity perfectly. For the company to sustain a longer of time, it is necessary for them to get good strategies for effective and better brand management. The effective brand management and equity has a big role in changing consumers’ perceptions. Without brand equity overtime, there can be no success in Weetabix. (Trout, 1969)
Brand research: brand positioning
Growth of marketing may have a lot to do with competitive positioning. Positioning is an important component of high tech marketing in the WWW’s age. Using the search engines such as Yahoo, Bing, Google and EBay to position Weetabix has greatly helped in the marketing and seeing the brand where it is today. For so many years, the brand has dominated the cereals for breakfast market. Positioning is the best thing a company could do for a brand to gain popularity amongst consumers and the market at large. Weetabix has incorporated its brand name in the web oriented shopping. One can easily shop for it online and it is present in all shops, supermarkets, chain stores hotels and even quick snack outlets. (Trout, 1969)
Conclusion
Weetabix is the best cereal brand for breakfast so far and many people regardless of age, class, status and class can comfortably enjoy the cereal for breakfast. It is packaged in different sizes to meet the wants and needs of its consumers. Without good marketing and campaigns, consumers would still have the perception that Weetabix is only for kids. After the transformation of the perception, Weetabix go a bigger market share because the consumption increased and this time it was good for all meals. Now, consumers can take Weetabix as a meal and enjoy with the whole family and get good body health because it has a balanced diet in it. (Levi, 2007)
References
Trout, J. (1969). Positioning is a game people play in today’s me-too market place. New York: New York Times.
Ries, A. (1981). Positioning, The battle for your mind. New York: McGraw-Hill Inc.
Rivkin, S. (1996). The New Positioning : The latest on the world’s number one business strategy. New York: McGraw Hill.
Moore, G. (1991). Crossing the Chasm. London: HarperCollins Publishers.
Levi, K. (2007). Differentiate or Diminish: The Art and Necessity of Business Positioning. New York: Harper Collins.
