HI6006 Competitive Strategy Editing Service
Delivery in day(s): 4
This strategic branding and design assignment project is about the branding and design of the Australia and New Zealand Banking Group and other the strategies of branding of other sectors which are explained in detail with the examples of the stakeholders that how they are affected by these branding strategies. Brand Strategy can be understood as the long term plans of the organization in order to achieve its specific goals. A brand strategy helps the brand to get established and to become more powerful than ever before. This project will help in developing the creative styles of developing and delivering the innovative branding strategies for the companies or the products. The project will be done keeping in view the Australia and New Zealand Banking Group which is also known as ANZ. It is one of the leading Australia bank and fourth largest in terms of market capitalisation. Its market capitalisation is of AUS$ 69.13 billion. The bank makes different strategies to become the most preferable bank by the customers and the most faithful one.
A brand is a name, logo, symbol or slogan but it does not end over here, and it is much more than that. It helps the organization in interacting and connecting with the customers on everyday basis. Brand strategy is made for the company to give it a competitive position in the industry and to establish a long lasting image in the minds of the customers. It is used to acquire the customers and to make a good position in the market. Branding is not a new concept but it is new in the financial industry. The financial organizations are realizing that they need to manage their business too as the competition id growing high (Kotler, 2013).
Launch of a new global brand: In 2009, ANZ launched its new brand identity which was to support the regional areas so that the bank can be region focused and people focused and the complications can be reduced. A research conducted by the bank to know the need of such brand formation. ANZ is a big brand in Australia which operates in around 32 countries and deal with around 19 languages. To deliver high quality of services and experience to the customers and to making banking simple it focuses on personalized baking and focus to provide special services to everyone like the retired people, small businessmen, large scale businesses, Asian customers, etc. All the customers are treated differently according to their needs. It focuses on how banks can care about the customers in the best possible way and make their life simpler than before (Karr, 2015).
The stakeholders who are affected:
New Logo: A new logo is designed by ANZ bank to reflect it as a super regional bank. A new logo and brand represent that it is the bank for people. It cost $15 million to ANZ Bank and the tagline also made “We live in your world”. This is done to establish its foot in the markets of Asia like Vietnam, Cambodia and China. This is the sign of fragmentation of the bank’s business. This rebranding is done with an objective to put the people at first and in the heart of the organization and to provide them excellent experience whenever they visit bank. The three shapes in the new logo depicts the core markets of the ANZ bank which are Australia, New Zealand and Asia Pacific and in the centre the human shape is for the customers and the employees (news.co.au, 2009). This changed logo fulfills its aim of becoming a super regional bank and helps in making a strong presence in and across Australia, New Zealand and Asia pacific (news.co.au, 2009).
This affects stakeholders of the bank in the following ways:
Commonwealth Bank branding strategy: the Commonwealth Bank of Australia is the leading bank of Australia which provides finance services to the customers. The bank is listed in the Australian Securities Exchange. The main motive of the bank is to provide maximum return to the shareholders. This banking group has its strong presence in other countries as well like in New Zealand, Indonesia, China, Vietnam, New York, Mumbai and many more. The bank and its foundation encourage community development through development in education, medical and technology. Commonwealth Bank of Australia focuses on its marketing for branding. The customers nowadays are expecting a lot from the banks and Commonwealth bank of Australia tries to meet this challenge by focusing on the latest technologies. It also focuses on making proper communication with the customers to know about their demands and expectations from the bank so the bank can fulfill it. Commonwealth bank of Australia has launched many innovative products and services for the customer in the recent years like it introduced cashless cards for the customers (CHRISTENSEN, 2014).
Commonwealth bank of Australia has launched a brand repositioning strategy which was to leave the competitors behind in the market. A CAN campaign was introduced and a big question raised that could three letters ‘CAN’ can change the perception of the bank in the minds of the customers in Australia. ‘CAN’ campaign was launched having a big idea in the mind of the bank. This brand positioning campaign was launched in 2012 and won an award. This campaign ran with the motive to inspire the customers to move forward and be strong to not to fall down because of their low financial position. The thought of the campaign was ‘When you believe you Can, you Can’. Three letters ‘CAN’ encourage the people of Australia to [pursue their goals. This brand strategy was marketed by televisions, digital media, in cinemas and through Social media (CHRISTENSEN, 2014).
CAN Campaign by Commonwealth Bank of Australia
Stakeholders affected by the branding Campaign:
This branding strategy raised the standards of the services and empowered the customers. It basically focussed its attention on the three letters ‘CAN’ which meant that customers should feel that they ‘CAN’ with the Commonwealth bank. ‘CAN’ is an attitude which should get reflected in the customers of the bank (CHRISTENSEN, 2014).
Virgin Airlines: Virgin airlines are a second largest airline company of Australia which is a company of Virgin Group. It operates in around 29 cities and has developed a strong brand image with the help of many brand strategies. Like Virgin Australia establishes itself as a stylish brand. Through the advertisements and promotions Virgin airlines showcase that how they are different from their competitors and how they provide different experience to them. The biggest challenge for every airline analysis brand is to meet the costs and virgin realised that by making a difference, by focussing on the customers, they can give valuable and memorable experiences to them and can also meet the objective of the organisation i.e. to satisfy the customers and to earn a handsome amount of profit. The biggest competitor of Virgin airlines Australia is Quanta’s which is positioned as a very old and experienced brand so Virgin here took an advantage as positioned itself as a young and fresh airline company. Advertisement of virgin also shows that the brand gives a fresh and young feeling to the visitors (research, 2014).
The stakeholders of Virgin will get affected in the following ways:
Coca Cola- Coca Cola is a food and beverage company which is leading in its own sector. It owns the famous brands like Coke, Fantail, Thumbs Up, Capri- Sun and many more (Cola, About Us, 2016). Coca cola has its business operations all over the world and it runs ‘One Brand’ strategy where all the product varieties of coca cola like Diet Coke, Coca Cola Zero Sugar, Coca Life and other variants are promoted with different characteristics explained in a single advertisement of Coca Cola. This helps and assists the brand to promote all the products together. Over the years, consumer’s tastes and preferences changes and so Coca- cola has also changed its style of promoting the brands it owns (Cola, 2016).
This strategy is also known as Umbrella strategy where four different brands of Coca Cola are promoted under one name or umbrella Coca- cola. This provides a wider choice to the customers and helps the company to make people aware about all the variants in a single name. This strategy will feature all the variants in a single advertisement of Coca Cola and the packaging of the products will include the features and benefits of every variant. The colours of the variants will be different to distinguish but the packaging and the bottle will be of same sizes and designs. The brand doubled its marketing funds to make people aware about the new variants like Coke Zero. The brand also takes part in the sponsorships of big events like Rugby World Cup (Moth, 2013).
Umbrella Brand Strategy by Coca cola
Through this strategy, the brand will get a fresh image and also all the variants will be promoted globally.
The stakeholders of Coca Cola get engaged with it in the following way:
Zara: Zara is a fashion apparel and accessories brand which promotes its brand through different strategies. Zara is successful in raising its brand by adopting different brand strategies like one of the brand strategy of Zara is to offer latest fashion brands at low cost to consumers. The brand brings new fashion in its clothing lines every now and then. This clothing company is basically of Spain whose funder is the second richest man in the world (ZARA, 2016). Zara has an unconventional business model where the company keeps low stock but brings new collections often and its restocks its collections almost twice a week which inspires and attacks the customers to visit the stores very often and it also brings more chances of purchase as the shopper feels that the product will be soon out of the stock. This brand strategy gives double profits to the brand as it is beneficial for the company because it is boosting sales for it and it is also beneficial for the customers because they get latest updated fashion research apparel. This business model of Zara has changed the face of the fashion industry (LUTZ, 2015).
The Stakeholders of Zara are affected in the following way:
It can be concluded that the branding strategies of the big brands which are discussed in the assignment are made keeping in view the customers, society and other stakeholders. Every brand has its own brand strategy which brings success for it. In the banking sector ANZ bank can adopt strategies like mergers or acquisitions with other banks for better coverage of market. It can also engage in the CSR activities like Zara to build good relationships with the customers and communities. To keep up to date with the customers, ANZ bank can adopt a brand strategy which gives a fresh feel like Virgin Airlines has adopted. Every brand can develop the strategies which provide maximums satisfaction to the customers and employees, maximum return to investors, good relationships with the government and communities.