Role and Concepts of Branding in Virgin Group

This study analyzes the role of brand and branding strategy of Virgin Group in diversification of its business operations. It covers an overview of aims, objectives, structure and potential significance of the research.

Role and Concepts of Branding
In Virgin Group

Table of Contents
Executive Summary..................................................................................................................................1
Chapter 1 – Aims, Objectives and Background to the study..............................................................2
1.1 Background to the study................................................................................................................2
1.2 Aims and Objectives of study.......................................................................................................4
1.3 Structure of research.....................................................................................................................4
1.4 Research Question........................................................................................................................6
1.5 Framework and Analysis...............................................................................................................6
1.6 Potential Significance of Research..............................................................................................7
Chapter 2- Literature Review..................................................................................................................9
2.1 Introduction.....................................................................................................................................9
2.2 Concept of branding.....................................................................................................................10
2.3 Role of brand equity in expansion of business.........................................................................12
2.4 Different branding approaches used by organizations............................................................15
Chapter 3 – Case Study.........................................................................................................................19
Chapter 4 – Research Methodology....................................................................................................20
Chapter 5 - Discussion...........................................................................................................................21
Chapter 6 – Conclusion and Recommendation..................................................................................22

Executive Summary
1

Chapter 1 – Aims, Objectives and Background to the study
1.1 Background to the study
In the current business environment, marketing is an important approach as it
adds on majorly in the success of a firm. The aim of marketing of any organization is to
make the goods and services widely known in the global market and in this manner
company must adopt innovative and creative marketing activities (Clifton, 2010). The
process of marketing aids in launching and promoting of products in the market and
persuade the sales. The main ability of marketing includes aptitude of a firm to
understand about its target market and customers and communicate about the products
being offered by them.
Organizations mainly enforce marketing strategies to assess where the business
is currently and where it wants to be and particular strategies to reach there. Through
this, firm can boost up its sales level and increase the profit margin. In this regard, one
of the term that should be given due attention while enforcing marketing strategy is
brand. In marketing, brand is a promise that the product will perform as per consumer’s
anticipations and it shapes the expectations of buyers about the product. Brands
generally have a trademark that safeguard them from use by others and gives particular
information about the company, goods or service differentiating it from others in the
market (Jansses and et. al., 2010). The American Marketing Association (AMA)
explains “a brand as a name, sign, term, symbol, design or a combination of them
integrated to recognize about the goods and services of an individual or group of sellers
and to differentiate them from those of other sellers” (Sorenson, 2012). A strong brand
image helps in to make people aware about what the company represents and its
offerings; through this approach a company makes the product or service unique
(Aaker, 2009).
Branding is one of the most important concepts in marketing a business and
gives greater understanding to an organization’s name and its products. With the help of
effective emotional appeals and marketing message, an organization can aid in to
identify the market about the brand and differentiate it from other competitors based on
several factors such as, quality, tools, price and services. Firm’s designs brand by using
memorable names, symbols with logos, tag lines and other images (Kumar, 2009).
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Sometimes catchy slogans become strongly associated with brand so that people can
easily recall about the brand by hearing the slogan.
Developing a brand requires suitable strategy to design the entire marketing
process and it is often one of the most complicated and challenging issue in creating
identity of an organization. Branding must follow some constraints that aid in
establishing a brand in long run (Walley and et. al., 2007). Firstly, the most famous
brands in the globe have very easy and simple logos to remember. The company
should associate itself with simple things and ignore complex ideas. Secondly, the
brand should be different and should have individuality (Gentner, 2012). It must be able
to stand out from other parallel services or products, otherwise whole process may go
fail. Last, branding should be safe, i.e. while using symbols in logo; seller should ensure
that they do not offend the target customers. Hence, he/she must keep the cultural plus
regional sensibilities in mind while making branding of firm.
The brand identity needs to be repeatedly communicated in several different
ways with frequency and consistency throughout the product life cycle. Implication of
branding strategy is that it builds brand awareness for customers to ascertain point of
difference and similarity with competitors (Csaba and et. al., 2005). In order to succeed
in branding, an organization must understand about the needs and wants of its
consumers and prospects. It can be done by integrating brand strategies through firm at
every point of public contact.
In the present condition, a survey would be undertaken in Virgin group and some
other organizations as well that took assistance of branding strategy and expansion to
diversify the business. In this regard, a secondary research would be accomplished to
attain an in-depth insight in the area of research. In respect to secondary research
valuable journals, articles, scholarly books and other online and firms’ website will be
reviewed to acquire information for research. The main focus in research would be
given to Virgin Group Ltd., it is British multinational, branded venture capital
conglomerate firm founded by industrialist Richard Branson. The core business of
company is in the area of travel, lifestyle and entertainment and it contains more than
400 firms all around the world. Virgin was founded in 1970 and it’s headquartered in
London, UK (Virgin, 2013).
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The current study is focused towards assessment of role of brand and
significance of branding strategy in an organization. This study will make an attempt to
analyze the importance of brand and brand equity in virgin group. Through this research
the prevailing branding strategies and trend in expansion of brand would be analyzed,
and study will also help in developing appropriate branding strategies for future needs
(Riechesbaird, 2012). The basis behind undertaking this research is that it will provide
new insights into branding and the manner it could be undertaken appropriately to
achieve competitive advantage in the market (Miller and Merrilees, 2008).
1.2 Aims and Objectives of study
The main aim of the study is to analyze the role of brand and branding strategy of
Virgin Group in diversification of its business operations. The area of research is in
marketing and branding strategies by accomplishing the requirements of customers
through offering those expected goods and services to them. Brand image resides in
the heart and minds of consumers, clients and prospects. It is actually the sum total of
their experience and perceptions that can have an impact in the consumer decision
making process. In this regard, the study also includes some of the objectives for further
research that are as follows;
 To assess the role of brand equity in the expansion strategy of Virgin Group.
 To identify the significance of branding strategies in the achievement of success
in Virgin Group.
 To study the different branding approaches used by other groups in the process
of diversification of business.
 To recommend suitable branding strategy for Virgin Group in order to achieve a
competitive advantage in the market.
1.3 Structure of research
The present study moves ahead in a sequential manner as every section is
associated to each other and the subsequent sections could only be achieved after the
preceding section. The structure of the current report is as mentioned below;
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Chapter 1 – Aims, Objectives and Background to study – This part of study
presents an overview of the topic and area of research. It covers an outline of aims,
objectives, structure and potential significance of the research.
Chapter 2 – Literature Review – This chapter of the report provides significance on the
previous work done by several authors and research related to this topic. This section
mainly offer information about branding strategies and other related tools and its
importance in organizations diversification strategy (Leitch and et. al., 2003). In this part,
several different scholarly articles and journals will be reviewed in respect to the area of
study. Literature review carries huge significance as it aids in the researcher to
understand about diverse perspectives of various authors and analyze the gap in their
path.
Chapter 3 – Case Study – In this part, some of the cases and situations of different
organizations in the area of branding would be discussed. Here, in focus would be given
to identify issues in different organizations on branding and its impact on business.
Chapter 4 – Research Methodology – This will represent the different methods that
have been applied in the research to attain information and represent the data acquired
from secondary research. It will include aims, objectives of research, research question,
data collection and analysis method and ethics and limitations of research.
Chapter 5 – Discussion – This section of the study will help in depicting the acquired
information from secondary research and mainly includes the outcome so that
conclusion could be shaped up. In this part, focus would be given that aims and
objectives are achieved and are critically reviewed with the literature review section
(Marren, 2011).
Chapter 6 – Conclusion and Recommendations – It is the final chapter of the report
and will include representation of data and suitable suggestions will be provided through
which the organization can attain appropriate measures and enforce strategies to
increase the overall performance of the organization (Hatch and Schultz, 2003).
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1.4 Research Question
In order to accomplish an inclusive research and to analyze the outcomes of the
main issues associated with the brand equity and branding strategies in Virgin Group,
some of the research questions that have been formulated are as follows;
 What is the role of brand and brand equity in Virgin Group?
 What is the significance of branding strategies in achievement of competitive
success in Virgin Group?
 What are the major branding strategies used by global companies with that of
Virgin to acquire success?
 Does strong brand name helps in expansion and diversification of business in
global market?
1.5 Framework and Analysis
This part of the research report mainly provides information about the series in
which study will be undertaken. The framework and division of report defines the idea
about several strategies and research methodology used for completing the study. It
essentially depicts the framework and approaches used in the study and descriptions to
tools and methods of survey to collect data and assessment method. The research
methodology adopted in the study will cover all the process and method that has been
implemented to achieve the aims and objectives of research (Herstein and Gamliel,
2006).
Here, in this report exploratory method will be used as the ultimate focus will be
given to evaluate the significance of branding strategy and its brand equity in Virgin.
The research philosophy offered in the study will include an interpretivism philosophy to
acquire a meaningful insight from the research. There are mainly two kinds of approach
that are generally used i.e. deductive and inductive; in this study inductive approach will
be used to assess activities and the pattern of research.
In the study, the type of research would be qualitative in manner and the results
acquired would be expressed in a qualitative basis. Furthermore, data would be
collected through secondary sources from various relevant articles, books and journals
on the topic. It will aid in to acquire organized and behavioral information from research.
Finally, the accumulated data would be represented in a qualitative form with the help of
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thematic analysis in which distinguished themes will be prepared to analyze the
acquired results from secondary sources.
1.6 Potential Significance of Research
The current research report has importance in both the areas i.e. academic
research and practical implementation. In this respect, the previously available branding
strategies will be reviewed in context to Virgin and other organizations that will help in to
attain information and compare between theories and practical know-how achieved from
the secondary research. However, different roles and equity of brand would be
discussed here and significance of brand in marketing process (Kokemuller, 2012).
A strong brand image is priceless because the battle for consumers exaggerates
day by day and it becomes vital for organizations to spend the time in research and
development, explaining and building up brand as it is the main source of a promise to
customers. Brand is considered as foundational piece in marketing communication and
one that any company does not want to lose (Hatch and Schultz, 2008). In the research
discussion will also be undertaken in the area of brand equity, it is the strength and
value of a brand that decides it’s worth. It can also be explained as the differential
influence of brand knowledge on buyer’s response to the marketing strategy of brand
(Cushen, 2009).
Brand equity exits as a function of customer choice in the market and comes into
existence when buyers make a choice of product or service. It happens when the
customer is very much familiar with brand and holds down some favorable positive
strong and different brand association in mind (Morgan and et. al., 2011). Active
branding strategy with regard to product line includes creating multiple brands, this
offers and in depth to the entire branding process, for instance car manufacturing
company General Motors, it created multiple brands to expand its product class
category from SUV to sports car. This kind of strategy was also used by FMCG
manufacturing company P&G and Unilever (Kapferer, 2008). By creating individual
brands firms can create diverse marketing strategies and promote the product in the
market.
Hence, it could be stated that this research report will add on utterly in the
existing literature and will help in to assess the differences and similarities that lies
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between actual enforcement of branding strategies and authors review on it. The
present study will also have importance in practical implementation because
organizations do not pay much of attention in the development of an organization and
acquire competitive advantage. In the tourism much of competitor’s area already
present and companies require much amount of time and money to enhance its
productivity and achieve a different position in the market (Kalandides, 2011). But the
knowledge base needed for such kind of interferences is not sufficient and without
having any suitable idea organizations could not achieve success in the market.
Therefore, this study is mainly focused towards prominence of branding and appropriate
understanding between requirements of market and customers and required strategies.
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Chapter 2- Literature Review
2.1 Introduction
Literature review section helps in to put focus on different research questions by
analyzing the knowledge gap and it gives value on evaluating the previously published
literature and articles on the particular topic. This section aids in acquiring information
from numerous sources and undertakes a critical analysis in the area of research. In the
present research report focus has been given on assessing the importance and role of
branding strategies in an organization. In the present research report focus has been
given on evaluating the role of brand image and branding strategies in achieving
organizational success (Jüttner, Christopher and Godsell, 2010). In this context
secondary research would be undertaken on different firms but main aim would be
given towards Virgin Group and its branding strategies to acquire a competitive position
in the market.
In business organizations marketing is an important effort in acquiring prospect
attention, creating demand for product or service and win customers. The effort of
marketing is sum total of sales, pricing, advertisement and promotional efforts enforced
to promote the flow of products or services organization to consumers. Marketing
involves having the right service, choosing right location, endorse effective sales
programs and promoting the company and its wares to the buying public. Marketing
coves with it factors like advertising, promotions, public relations and sales, it is the
process of introducing and promoting the goods or service into the market and motivate
sales from the purchasing of public (Gough and Scott, 2000).
Since the goal of marketing process is to make the product or service widely
recognized and well acquainted in the market, in this regard marketers must be
innovative and creative enough to construct marketing strategies. In this competitive
business environment getting the product noticed in the eyes of consumers is not easy
and strategically business must be centered on the buyers more than the goods
(Marketing Is an Important Element of Business Success, 2009). However, quality of
product is also a significant factor as customers still have their own personal
preferences during purchase of any good. According to the Chartered Institute of
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Marketing (CIM) (2005) – “Marketing is a management process that recognizes,
predicts and fulfills the requirements of customers profitably”. This definition of CIM has
got three chief elements identification of customer’s needs and also satisfying them and
expecting in the future (CIM, 2005).
The concept of marketing is a philosophy that makes customers and satisfies
their needs, the main focal point of all business activities. It is mainly driven through
senior managers, passionate to delight their customers and is framed on the belief that
profitable sales and satisfactory return on investment can only be acquired by
recognizing and satisfying consumer needs and desires (Wymer, 2011). In this context
it can be said that there are various definitions and theories available on marketing and
in the fast moving world of business it is understand bake that it hardly relies and needs
to be modified according to the target market and prevailing demand. Here, in the report
a detailed discussion would be made on marketing and its core factor branding. In this
regard an analysis would be made on Virgin Group and some other firms that have
used its brand image for further expansion of its business operations (Jacobs, 2012).
2.2 Concept of branding
Marketing process may contribute to a brand, but the brand is bigger than any
specific effort of marketing. Brand is something that remains after the marketing activity
has swept through the room and it is the factor that sticks in the minds of customers
associated with a product, service or organization (Brand Strategy Company, 2012). In
business context marketing may convince a customer to buy a particular product
whereas; brand helps in to acquire loyalty of customers. To understand the concept of
branding it is essential to know what brands are; brand is the idea or image of a
particular product or service that customers connect with by recognizing the logo, name,
tag line, slogan or design of the company who owns an idea or image (Herstein and
Gamliel, 2006).
Branding begins when the image or idea is marketed so that it is identified by
more and more people and identified with a certain service or product when there are
many other organizations offering similar goods or services. Branding facilitates an
organization to build its reputation as well as expand its operations beyond the original
product and service and add value to the revenue generated from the original brand. It
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is one of several essential concepts in marketing a business, it helps in small business
organizations to establish and develop brands. Marketing activity includes interactive
communication process between a firm and its buyers are basically designed to
discover the needs and wants of target market, developments to associate and
communication to inform consumers (Daye, 2013). According to Peter Drucker (2009) –
“Marketing is not only much broader than selling, it not a specialized activity. It includes
the entire business process and whole of the business is seen from single point of final
result i.e. from consumer’s perception” (Drucker, 2009). .
The definition given by Drucker on marketing well reflects what the concept is all
about and is marketing is considered as a philosophy that helps in to acquire customers
and satisfy their needs. It also explains that marketing has got to have an influence on
every department of an organization and also every decision has needed to be
reviewed from buyer’s point of view. In this context it is very much essential that
company focuses on building brand for its future development and growth (Pires,
Stanton and Rita, 2006). A brand increases the value of products and services by
distinguishing it from the competition, building positive mental associations and forming
suitable emotional association with the customers. A brand definitely gives an unique
idea and identity to the product and should be designed in a manner that it can connect
with potential customers and form a positive emotional bond.
The idea of branding needs to be different from the competitors and relevant to
target market. It should also be authentic, meaning that it’s not enough to simply make
empty claims. An organization needs to actually live its brand. A brand offers business
means to free them for continuous price competition, enhances the value of firm’s
services, diminishes its marketing costs and develops long term customer loyalty.
Building a successful and sustainable brand needs careful planning and consistency in
services (Importance of Marketing, 2013). It requires a strategy that explains the idea
behind the brand and it structure and relationship within the organization and the core
assessing elements (Taylor, 2000). These can include factors like company’s product
name, logo, punch line and color schemes etc. It also includes the framework for
enforcing the brands throughout the organizations operations and for utilizing them
efficiently to work towards company’s goals.
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By designing a clear strategy in place, managers can undertake appropriate and
informed decisions not just in marketing but in every department from development of
product to customer service and recruitment. This process of exemplifying the brand
idea throughout the corporation is known as branding. The actual beauty of branding is
that it helps in informing target customers about authentic, compelling stories and
makes products more valuable and attractive, in this manner the most effective form of
promotion for brand is word of mouth (Ward and Lewandowska, 2008). A brand
provides the opportunity to assertively inspire demand for product. To the consumer a
branded product enables them to figure out the product which a particular seller is
providing.
Virgin Group is a classic example of an organization that uses a mono brand
strategy, all of it products and services covers a wide range of industries from tourism
and travel, social and environment, leisure and pleasure, beverages, media and
telecommunications, books, clothing, health, finance and money. But in spite of its
diversification in terms of industries and goods, the company has never diversified its
brand name (Branson, 2011). All of its products and services in every sector have the
name Virgin affixed to it, for instance it has Virgin Atlantic, Virgin Brides, Virgin Music,
Virgin Spa, Virgin Cola, Virgin Life Care and many more. This corporation has
established suitable prominence in the minds of customers and through this it is able to
enter into new business areas with a bang and shake up existing orders. The unique
culture of this organization also allows it to break into new markets and undertake its
venture effectively (Virgin Corporate Strategy, 2007).
Virgin shows that a brand’s endurance and strength has to be built less on price
and more on differentiation. In the intensely competitive market which is cluttered with
several products and fixed level of quality is expected from consumers, brand owners
need to identify new ways to foster loyalty (Riechesbaird, 2012). It could be stated here
in that Virgin is not a company, it’s a brand and is best defined in the Virgin Charter.
2.3 Role of brand equity in expansion of business
An attempt to explain the relationship between consumers and brands has
introduced the term “brand equity” in the literature of marketing. The concept of brand
equity has been debated both in terms of literature and marketing accounting and has
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highlighted the significance of having a long term attention on brand management.
However, there has been an essential move by organizations to be strategic in the
manner that brands are managed and philosophy among disciplines that may obstruct
communication. Brand equity is the value and strength of a specific brand that explains
its worth.
Brand equity exists as a function of buyer’s choice in the market place and
comes into existence when customers make selection of a particular product or service.
This condition occurs when buyers are familiar with the brand and have some favorable
positive strong and different brand associations in the minds of consumers (Abraham,
2008). A brand equity is associated with five major factors i.e. brand awareness,
association, loyalty, perceived quality and other proprietary brands. A product can be
said to have brand equity when customers respond in a favorable manner, which
depends on combination of identification, alignment and judgments made by buyers. It
can also be reflected as an indicator of success of an organization. According to author
Keller (2008) – “A company has positive consumer based brand equity when buyers
react in a more favorable manner and the way it is marketed when the brand is
identified them when it is not” (Keller and et. al., 2008).
Brand equity is an intangible asset which depends on associations made by
customers and there are at least three major angles from which to view brand equity
and they are financial, consumer based and brand extensions. Brand equity helps in
organizations to acquire a competitive position in the market and loyalty of consumers
and through this organization can plan for further expansion and development into other
sectors (Handlin, 2012). In this context a model has been provided by author David
Aaker on brand equity that will aid in depicting the exact image of this concept.
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Figure 1: Brand Equity Model
(Source: Aaker, 2009).
The model is divided into four major areas through which equity of a particular
brand could be measured as in;
Brand Awareness – It helps in to build a powerful brand that explains a compelling
purpose of business, it is the probability about which buyers are familiar about the life
and availability of product. Brand awareness is the degree to which customers precisely
associate with the brand for a specific product. Building brand awareness is essential to
build brand equity and includes several factors for channel of promotion such as
advertisement, social media, blogs, word of mouth publicity, slogans and punch lines. It
helps in consumers to get acquainted and familiar with brand and identify the brand. For
instance one look at the Apple logo with the bite missing can list the brand attributes like
cutting edge, sleek design, and high end processor. It occurs due to brand awareness
of Apple computers among consumers (Köksal and Özgül, 2007).
Perceived Quality – It is the brand association that is elevated to the status of a brand
asset to the perception of customers on the overall quality or superiority of product or
service with respect to its intended purpose, relative to it substitutes. In this context
power of people’s perception cannot be underestimated as positive perception will aid in
to increased amount of market share (Gunelius, 2013).
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Brand Association – A successful brand is the most important resource a company has
and a form of statement of value for its services to be inseparable, distinguished,
intangible and perishable to reflect as the value of its brands. Customers associate their
individual perceived value with the brand. Brand association is linked in memory of
buyers.
Brand Loyalty – In order to establish brand loyalty, marketers need to create
unforgettable experience that presents different services and privilege to retain
consumers in business. Once consumers get acquainted with the quality of brand,
loyalty will occur naturally and then the only actual task is to make them satisfied. For
example a customer is ready to pay an increased price for a Coca-Cola than for a
unknown drink, it is the wisdom and loyalty about the brand that buyers holds in their
minds which determine their equity (Jansses and et. al., 2010).
Positive brand equity can aid in organizations to achieve success through brand
expansion and ultimately acquire increased amount of sales and revenue. Companies
can expand its operations through it because it brand equity helps in for long term
success because customers are deeply and emotionally connected with the brand
name. For instance when Pepsi launched a diet cola in the market it extended by using
its brand equity and everything that has been gone into building Pepsi generation called
“Diet Pepsi” (Sicotte, Drouin and Delerue, 2012). In this context Virgin group flies high
with extension of its brand and extends itself in diversified categories by simply
associating the brand name “Virgin” in every new product that they introduce in the
market.
2.4 Different branding approaches used by organizations
Branding strategies deal with creating up of brand name, symbol, logo and tag
line, for it to be distinguished from other competitors and also whether product brand
should be apart from any other individual brand. Implication of branding strategies is
that it is has built awareness for brand and ascertain point of difference and similarity
with competitors (Elliott and Percy, 2007). The markets in which organizations operate
are extremely dynamic in nature and there is continuous development in goods,
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introduction of novel technology with latest features, changes in govt. regulations and
framework, customer’s tastes and preferences.
Among all these above factors firms have to design marketing communication
and branding programs that will look forward to maintain customer based brand equity.
There are several approaches which are used by different firms to enter into new
market or target another customer segment. Some of approaches are as mentioned
below;
 Individual product branding – Under this approach new products are assigned
with new names and no apparent connection with existing brands are offered by
organizations. In this approach the marketing companies need to work hard to
establish the brand in the market as it cannot ride the coattails of earlier
introduced brands. The major advantage of this strategy is that it allows brands
to stand on their own and thus minimize threats that could occur to several other
brands marketed by organization. One of the most renowned firms to follow this
approach is Procter and Gamble (P&G) which has historically brought in new
brands without having any connection to other brands or even with the company
name (Jenewein, 2005).
 Family Branding – In this approach new products are placed under the umbrella
of existing brand, the main benefit of this strategy is that it aids in organization to
rapidly develop market awareness and acceptance since the brand is already
known and well established in the market. In this manner Virgin Group is one of
the organization which is using this approach to promote its any new brand in the
market with one single umbrella of brand name.
 Co- Branding – This strategy takes the idea of family and individual branding a
step ahead, with this approach marketers look into partner with other
organizations which is already having an established brand name in the market.
In the partnership both of the companies share cost and profit acquired from
market. This approach is used by many of the major credit card companies such
as master card, visa that offers co-branding options to companies. This type of
card has name of a co-branded organization along with name of issuing bank
e.g. Citibank and name of the credit card company. Co-branding strategy is
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designed to appeal for a larger target market and mainly in situation if each brand
is viewed separately and it does not have extensive overlapping in target market
with other competitor’s brand (Rosner and Shropshire, 2004).
 Store or Private Branding – In some of the situations some suppliers are in the
business of producing goods for other organizations including placement of
another firm’s brand name on the product. This type of approach is mostly seen
in retail industry where online sellers or store contract with suppliers to produce
the retailers own branded goods.
 Generic or No Name Branding – In this situation some of the suppliers supply
products that are deliberately brand-less and these type of products are mainly
basic commodity kind of good that customers or business customers purchase
as low price alternative to branded goods. Products like dog food are available in
this type of approach (Kokemuller, 2012).
 Brand Licensing – Under this a contractual agreement is built in an organization
that owns a brand name and facilitates others to produce and supply products
carrying the brand name. In this context many of the famous children characters
such as Sesame Street’s Elmo has been licensed to food and toy manufacturers
who market goods by using branded characters image and name (Greenwood,
2012).
Here, in it could be stated that effective branding strategies and brand name helps in
companies to unlock profitability and when there are more goods in the market
customers have several choices. Customers are ready to pay an increased price if they
have heard about the product earlier and are well acquainted with its performance and
believe on it. Strong brand name makes easy for buyers to select the brands that they
prefer as they do not have to spend much of time on checking its quality (Biel and
Aaker, 1993). Brand equity creates consumers trust and emotional attachments and
when a firm is having strong brand name and loyal customers it offers maximum of
benefits to firms.
In the highly competitive environment, the firm that builds strong brand name can
only survive in the market. Customers prefer to purchase products from companies
which they feel they know and have faith on it, an organization does not having nay
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brand name need to market and promote its products every time and meet its target
buyers (Grannell, 2012). Many of the times consumers are ready to pay an increased
price for a branded product due to its uniqueness and through this corporations can also
make higher sales and profit by the enforcing the branding advantage (Shimp, 2010).
In this context it has been observed that one of the leading brand i.e. Virgin has
performed well and many of the branding experts have defined this organization as a
philosophy or lifestyle that can extend into any field and have ample of functional
product performance. Virgin shows that a brand’s longevity and strength has to be built
with less on price and more on differentiation. This brand conveys a sense of
innovation, quality, youth and fun to young people across the world (Wachman, 2012).
Virgin isn’t a company but it’s a brand and whose strategy is best defined in Virgin
Charter, the individual business which is focused and has developed as an autonomous
enterprise under a single unified brand name (LaPlaca and Johnston, 2006). Enforcing
a unique identity in today’s market place is a challenge and significantly in the
competitive consumer business world. Today, many of the companies are utilizing
creative methods to construct their brand and establish its identity in the marketplace.
However, its strategies may differ from the ultimate goal for all organizations which is to
ensure that their existing brands build’s the right perception in buyers and prospective
buyers’ minds.
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Chapter 3 – Case Study
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Chapter 4 – Research Methodology
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Chapter 5 - Discussion
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Chapter 6 – Conclusion and Recommendation
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REFERENCES
Books and Journals
Aaker, A.D., 2009. Managing Brand Equity. Simon and Schuster.
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