ABS-4530 Global Brand Management: Royal Caribbean Cruises Report

This report presents a strategic marketing plan designed to build brand equity for Royal Caribbean Cruises. It begins with an executive summary and introduction defining brand equity and the objectives of the plan. The core of the report outlines various marketing strategies, including personalized, experiential, one-to-one, and permission marketing, tailored to enhance customer engagement and brand reputation. Further strategies such as product, price, and channel strategies are discussed, with emphasis on how Royal Caribbean Cruises can implement them to improve its brand image and customer value. The report utilizes concepts from the provided course material and incorporates real-world examples to support its recommendations. The conclusion summarizes the key findings, emphasizing the importance of brand equity for business success, and the reference section lists the sources used in the report.

Global Brand Management

EXECUTIVE SUMMARY
Brand Equity which refers to value that is given by customers to the product of a
company. This report includes definition of brand equity and various strategies that a company
can use to built its brand equity. ROYAL CARIBBEAN CRUISES is being taken in this report
to prepare a plan that company can apply to build its brand equity. Programme that is being taken
in this report includes marketing strategy as company can plan various type of marketing
strategies. These strategies are personalised marketing, experiential marketing, one to one
marketing and permission marketing. Later report includes few more strategies that company can
adapt to build brand equity these strategies are product strategies, price strategies, push and pull
strategies. All these strategies are used in a way that company can improve reputation of its
products. Product strategy is further concerned with quality and value, price strategy is
concerned with premium pricing of product to build its equity.

Table of Contents
INTRODUCTION...........................................................................................................................1
programmes to build brand equity-..............................................................................................1
CONCLUSION................................................................................................................................5
REFERENCE...................................................................................................................................6

INTRODUCTION
This report discuss about marketing programme that a company can design to build brand
equity. Brand equity means value that is given to a product by customers in commercial form.
There are various methods a company can market and promote its products in order to bulid
equity of their brand. These methods are personalised marketing, experiential marketing, one to
one marketing. Along with there are few strategies that can be used by companies to design
effective programme of marketing to build brand equity these are, product, pricing and channel
strategies. As company ROYAL CARIBBEAN CRUISES have been taken in this report for which
programme to build brand equity have been designed.
MAIN BODY
Programme to build brand equity-
Marketing- Various new perspective has emerged in marketing like digitalization and
connectivity, which is done through internet and Intranet.. Disintermediation and
Reintermediation, either by removing mediators and adding new mediators. Customization and
customerization, products tailored with individual preferences . Industry convergence. These
perspectives also impact brand management. Marketers are actively adopting these new concepts
to build their brand equity.
In new scenario of marketing creative and original thinking have become essential to connect
with customers and build reputation of brand. Marketers are increasingly trying to develop
various new ways to connect with people and improve their brand equity.
It covers various factors and can be developed on various type of marketing. These
marketing types are-
Personalised Marketing- A strategy used by the company to create a personalised impact
on customers or prospective customers. In this content is delivered to individual thrugh data
collection, analysis and use of technology. The objective behind this type of marketing is to
engage customers by communicating personally. This allows giving a real time experience of the
product thy are supposed to buy. Benefits of this marketing are improved experience of
customers, increased brand loyalty and creating consistency in all the channels. But this
marketing also contain few challenges that are finding right technology, time and resources
required are huge in cost and efforts. This requires implementing smart segment. The process to
create personalized marketing strategy is as follows-
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Compare- comparing personalised platform which already exist and those which claims more
value.
Capture- capture data from personalised platforms. This required to add code on the website then
data can be captured easily.
Analyse- analyse data that has been collected and synchronise with other websites and then it
will be able to provide information about relevant content that can be provided to customers.
Act- lastly using this information for personalised marketing decisions.
Experiential Marketing- marketing strategy that focuses on giving real life experience to
customers about the brand. This seeks to provide experience that are remembered and engages
customers. Experiential marketing appeals to the customers' emotional side. These are like real
life events where consumer can participate. This seeks to grab attention of the customer and
allows establishing personal connect with the product. Experiential marketing is concerned with
active participation and engagement, promotion of values and message of brand and providing
long lasting value. There are different ways in which company can act on experiential marketing
these are,
Classes and workshops
Pop-up experiences
single person events
Product showcases.
In all these few things that are and need to be common is that they are real, they
communicate a story, they follow up, they gather information of customer, they are all
measurable. These are the qualities that are present in all type of experiential marketing and are
essential for success of marketing.
One to one Marketing- a strategy that relies on getting information of individual choices
and then tailoring marketing strategy based on those informations. This approach is used to keep
customer's attention instead of just getting their attention. This strategy has two types that are
Customisation and Personalisation. In these
Personalization, refers to learn individual preferences and taste of customers and then relate
marketing plans to them as per their choice and taste. For instance, recommendation based on the
search and past purchase.
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Customization, refers to give individual product that is made as per their choice and taste. For
instance, while purchasing something new customer is asked that they can add features in that
product as per their choice.
Permission Marketing- A form of advertising that firstly seeks customers' permission
whether they want to see specific content or not. Permission marketing has increased its
application in digital marketing. Various videos' that ask to skip if customer do not want to watch
that and subscription of emails for advertisements are very good example of permission
marketing. Benefits of permission marketing are that this strategy is low cost and is able to
connect with potential customers. This also ensures that customers who read and watch he whole
content are more likely to absorb the message given through the advertisement. This is different
from traditional marketing as print ads and marketing material were sent to all people even when
they are not interested in the content. This also allows personalisation that only those people who
are interested will be provided with other relevant content.
These were the types of marketing that ROYAL CARIBBEAN CRUISES can include while
designing marketing programme to build brand equity. Marketing mix that is an important aspect
of marketing should be designed by ROYAL CARIBBEAN CRUISES in such a way that enhance
image of the brand. These mix includes product, price, channel that are strategically designed to
improve brand image.
Product Strategy- this strategy includes Mass Customization. These are further divided in,
Collaborative Customization- in these companies communicate with customers in order
to know what customers need and the factors that can fulfil these needs and lastly creating
products as per those guidelines.
Adaptive Customization- in this customization, companies develop a standard product
with features through which customers can modify and use it the way they want to.
Cosmetic Customization- this customization means that products are not different but the
way they are packaged are different for each customer according to their taste.
Transparent Customization- in this form products which are sold to customers are
different but they do not know that the product is different. These approach is used when needs
of client are predictable.
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These were customization but to developing a product also get affected from various factors.
That are,
Customers, products are developed as per the demand of customers.
Competitors, decision of price and quality of product is affected by the competitors and their
strategies.
Business, business organisation's main objective is to earn profit and shareholders of the business
organisation also expect high return on their investment. Product being designed needs to see
these factors as well.
Macro Environment- external forces that affect decision being taken in a business comes under
macro environment and these forces also affect decision of business regarding product
development.
Price Strategy- another important factor for success of a business that contribute to building
brand equity. Premium price policy is very effective as customers judge quality of the product
based on the price at which they are being sold. These strategies are based on,
Value- value that is being given by the product on the basis of its price. It means that customer's
given value and their perception about value of the product at a certain price.
Everyday Low Price- this means the price policy in which companies lower prices of its products
by means of discount and offers. ROYAL CARIBBEAN CRUISES bring a cruise company can
not apply this kind of practice but can lower their price by means of discounts and various offers.
Channel strategy- the manner of distributing and selling price is known as channel. This channels
also have a important role in building brand equity. This strategy is concerned with deciding role
and part of intermediaries, brokers, dealers etc.
designing channels-
Direct channel- it means selling directly to customers through phone, email and other direct
methods. Mostly this is done when company's customers are less and sells particular product in
mass no. to those customers only. In case of ROYAL CARIBBEAN CRUISES can only sell its
services directly.
Indirect Channels- companies sell their products through intermediaries, representatives and
dealers and retailers.
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Push and Pull strategies- when companies made their efforts to PUSH their products to the
customers, these are known as push strategies. There are various sources from where company
can push their to the audience like social media.
Companies' when focus their efforts to draw customers towards products unlike push strategies
where products are pushed toward audience, these are known as PULL Strategies. For instance
when customer are looking for an product and they go and search for that product on various
sources.
Other strategies to maximise brand equity can include,
Brand strategy.
Communication.
Awareness.
Reputation.
Legal and ethical decision making.
If all these factors are in favour of company and strategies well employed can help
companies to build and improve equity of its brand.
CONCLUSION
On the basis of this report it can be concluded that value of a brand that is given by its
customers is known as brand equity. This brand equity is very important for companies to
increase their profit and for that reason various factors that affect brand equity and can contribute
in building this have also been included in this report.
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REFERENCE
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