1. How has brand value been created by the Tilba Cheese Factory? (5 points)
Within the context of evaluating marketing opportunities, brand value relates to the intangible aspects of a company that act as a major source of competitive advantage and benefit for both consumers and sellers. For example, a strong brand value allows for a faster purchase decision process for consumers as information can be gathered quickly, and alternatives will often not be considered with equal weighting. Healy confirms this stating that “Good brands create shortcuts in product choice” (p. 136).
Brand value is created in conjunction with the components of the marketing mix. Each of the four components must promote a consistent message in order to achieve desired success.
1. Focal point – In creating a point of recognition through means such as a logo, or slogan, a company can convey the essence of what their brand stands for. For example The Tilba Cheese Factory labels all products in a way that promotes a boutique, high quality and speciality vibe that separates the company not only from main stream competitors such as Kraft and Coon, but also further promotes the boutique nature of the brand. Healy states symbols can be used to allow for instant recognition of a brand, while also revealing its character. (Healy p. 129)
2. Co-Branding is a strategy that promotes two brands on one product. This method is useful for credibility and the establishment of new brands through associating an often prominent brand with a newer less established brand. In reference to the Tilba Cheese case, the credibility and brand value of the ABC factory was increased when aligned with the established Menora Gourmet Products distributor, thus allowing for the attention of larger buyers such as Woolworths.
3. Producing speciality goods is an effective tool that allows for a company to separate itself from competitors. The ABC cheese... [continues]
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