FAV Brand Essence Report

This report details the brand essence of FAV, a new brand aiming to establish itself in the Australian luxury market. It outlines the brand's vision and mission, focusing on exclusivity and innovative designs to target a niche market of young adults. The report identifies nine key brand components, including single-mindedness, uniqueness, intangibility, authenticity, meaningfulness, consistent delivery, experiential value, sustainability, and scalability. A brand vocabulary map emphasizes the core concept of 'exclusivity.' The report concludes by citing relevant academic sources to support its analysis and strategic recommendations for FAV's success.

FAV BRAND ESSENCE 1
Brand essence
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Table of Contents
Overview of the brand.....................................................................................................................3
Vision and Mission..........................................................................................................................3
Vision statement..............................................................................................................................4
Mission statement............................................................................................................................4
Nine key brand components............................................................................................................4
Brand vocabulary map.....................................................................................................................7
References........................................................................................................................................8

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Overview of the brand.
FAV brand will be based in Sydney from where it will start its operations before venturing into
international markets at later stages of its development. FAV brand being a new entrant in a very
competitive market is preparing to introduce high quality products that are very different from
the other products offered by the competing brands. The products offered by FAV brand will
include apparel, footwear, and clothing. FAV brand will target the market segment that will help
it maintain the one factor that separates it from its competitors and that factor is exclusiveness.
With Australia’s increase in demand for luxury products, FAV is offering the best innovative
designs that will help to attract the target market.
Vision and Mission.
Vision and mission statements are essential to every brand's success because it helps the brand to
have a sense of direction and this will prevent deviations from the brand's main agenda. This
sense of direction helps the company to continue satisfying its target customers for many years
leading to the development of customer loyalty and good relations (Baumgartner, 2014, p.265).
FAV's vision is to be the brand where all other brands offering similar products will be
benchmarking with in terms of innovative designs and quality. The innovative design will be the
differentiating factor, and this will enable FAV to satisfy the preferences of the customers.
FAV brand is targeting the niche market where the prices of the products are not determined by
the market. The niche market has a high volume of profits as compared to the mass market this
will enable FAV brand to gain the needed revenue to finance the obligations of the business.
FAV brand will maintain the exclusivity of its products by targeting and satisfying the niche
market.

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Vision statement.
“To be the leading brand and the benchmark for products offered in the niche market in relation
to innovative designs and quality."
Mission statement.
“To earn customer loyalty by building a brand that will maintain the exclusiveness of its
products offered in the niche market."
Nine key brand components.
Brand key components help the brand to reveal to the world its strengths and what the world can
describe it. FAV brand has nine key components that help it to be exclusive and they include;
Single-minded.
High-end customers will be the target market of FAV brand. The brand’s market will be the
young adults in the niche market. The young adults like products which are trendy and which are
exclusive and that is the mission of FAV brand, the target market will be satisfied. The
exclusivity of the brand will enable it to provide the products that its customers want (Brito, et
al.2015, p.197).
Unique.
FAV brand will target the niche market which does not have many brands because many brands
focus on the mass market which is very competitive. The niche market has no well-established
brands, and this will help FAV not face a lot of competition. Offering high quality and exclusive
products to the niche market will also help to attract many customers who associate high prices
with high quality, and snob effect will be of high help in the competitive market
(Teeratansirikool, et al.2013, p.175).

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Intangible.
Exclusivity and innovative designs are the root strengths of FAV brand. The exclusivity will
enable the brand to target the high-end customers and the niche market. The niche market is
associated with buying the lifestyle which comes with the exclusive products (Ghosh, and
Varshney, 2013, p.146). The innovative designs offered will enable the brand to keep up with the
changes that occur in the niche market. The innovative designs will enable the customers feel
unique because the products of FAV brand are exclusive. the consumers will feel more
privileged due to the exclusivity of the products.
Authentic.
The brand will be producing exclusive and innovative products which will satisfy the preferences
and tastes of the high-end customers, and this is something the other brands cannot provide to its
customers. The FAV brand products will also be 100 percent eco-friendly, and this will help to
develop a sustainable brand that will help in environment conservation, and this will help the
brand to be unique from other products. Premium pricing strategy will also help to create a
competitive advantage because the market targeted are willing to purchase the luxury products.
Meaningful.
FAV brand provides innovative designs and exclusive designs that help the brand to satisfy the
needs and preferences of the target customers. FAV offers products which cannot be found from
other brands and this motivates customers to continue purchasing the products because they are
unique. FAV has also targeted online market which will motivate the customers who comprise of
young adults to purchase the products (Wang, et al.2013, p.488). Online market will motivate the
customers to buy the products because of the convenience created by E-commerce practices.

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Consistently delivered.
With the ever increasing demand for luxurious and exclusive products, FAV brand will give the
customers innovative designs that will satisfy the needs and preferences of the customers (Ünay,
and Zehir, 2012, p.317). FAV brand also has experts who will advise the customers on matters
related to fashion.
Experiential.
The brand identity of FAV comprise of the following five attributes; friendly, limitless, loyal,
encouraging and cooperative. The brand personality helps the products of the brand to be
different from those of the competitors as customers can associate the brand with the attributes
(Das, 2014, p.135). The attributes help FAV to continue being innovative and giving customers’
value for their money.
Sustainable.
The brand identity of FAV is said to be “exclusive”. Exclusiveness enables the brand to offer
products which cannot be offered by the competitors. It is what the customers think of the brand
products. FAV offers high quality products which have innovative designs and exclusivity which
satisfies the niche market.
Scalable.
Flexibility enables the products to remain relevant over a long period (Aaker, and Mascarenhas,
1984, p.76). FAV brand will enhance the flexibility by embracing the innovative designs for
their products that satisfy the ever-changing needs of the target market leading to customer
loyalty.

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Fav Brand vocabulary map
Trendy
Online stores
Sophisticated Limitless
design
Exclusive
fashion
Innovative
design Highly priced
Flexible
fashion
Eco
friendly
Exclusive
FAV

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References
Aaker, D.A. and Mascarenhas, B., 1984. The need for strategic flexibility. Journal of Business
Strategy, 5(2), pp.74-82.
Baumgartner, R.J., 2014. Managing corporate sustainability and CSR: A conceptual framework
combining values, strategies and instruments contributing to sustainable development.
Corporate Social Responsibility and Environmental Management, 21(5), pp.258-271.
Brito, P.Q., Soares, C., Almeida, S., Monte, A. and Byvoet, M., 2015. Customer segmentation in
a large database of an online customized fashion business. Robotics and Computer-Integrated
Manufacturing, 36, pp.93-100.
Das, G., 2014. Impacts of retail brand personality and self-congruity on store loyalty: the
moderating role of gender. Journal of Retailing and Consumer services, 21(2), pp.130-138.
Ghosh, A. and Varshney, S., 2013. Luxury goods consumption: a conceptual framework based
on literature review. South Asian Journal of Management, 20(2), p.146.
Teeratansirikool, L., Siengthai, S., Badir, Y. and Charoenngam, C., 2013. Competitive strategies
and firm performance: the mediating role of performance measurement. International Journal of
Productivity and Performance Management, 62(2), pp.168-184.
Ünay, F.G. and Zehir, C., 2012. Innovation intelligence and entrepreneurship in the fashion
industry. Procedia-Social and Behavioral Sciences, 41, pp.315-321.

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Wang, Y., Wang, S., Fang, Y. and Chau, P.Y., 2013. Store survival in online marketplace: An
empirical investigation. Decision Support Systems, 56, pp.482-493.