The task is to complete a brand audit on a brand that is in the same product or service category as the brand you will work on in your group assignment. You are free to choose any brand in the category, provided it is different to the brand you are working on in your group project. By example, if your group is working on Puma, then you may choose Reebok, Nike, Converse etc. to do your individual brand audit on.
The purpose of this task is to expand your familiarity with uncovering the sources of equity contained in a brand.
The brand audit is a comprehensive examination of a brand, to assess its health and uncover its sources of equity. A brand audit contains two components: Brand inventory and brand exploratory.
Brand Inventory. The brand inventory includes an examination of the brand elements, product, pricing, distribution, communications, advertising, ambassadors etc. At the completion of the brand inventory you should have a clear understanding of the brand elements, their consistency across the product or service and the degree to which they reinforce the brand positioning and brand mantra.
Brand Exploratory. Whilst the brand inventory is a descriptive analysis of the current situation, the brand exploratory enables a closer examination of consumer feelings and attitudes towards the brand. The brand exploratory research examines the extent to which the brand inventory matches the perceived consumer associations with the brand. By example the brand may see itself as a luxury brand, whilst consumers perceive it as a mainstream brand. In this instance there is a discrepancy between the communicated and perceived consumer associations.
In order to conduct a brand audit, you are required to conduct qualitative and quantitative research through primary and secondary data collection. This may involve analysis of company reports to identify the firm’s perspective as well as consumer research reports or interviews amongst your peers to develop an understanding of the consumer perspective. This data collection will serve to assist you in evaluating the status quo of the brand and to develop mental maps and core associations important to reinforce or leverage brand equity.
