Game Store Case Solution
The measurement of brand equity of the company depends on three key components.
- Brand Awareness.
- Brand Image
- Brand Performance.
If the company can harness and evaluate these three key components quantitatively, then the brand equity of that company can be measured easily. For Game Store to measure its brand equity,it needs to assess whether the customers have awareness about the brand, as well as how the brand is perceived in the market (Brand Recognition). In addition to this, the company needs to assess how the brand is associated as compared to others, while evaluating how its brand performs as compared to other brands similar in nature. Brand loyalty can also be measured by assessing the purchasing behavioral patterns conducting a switching cost analysis or measuring the level of satisfaction which the brand provides for the customers.
The company can effectively manage its brand equity so as to attain higher profits in the market by gaining more customers. The management can consider the loyalty of the brand as to why the customers tend to switch to another brand, and this can be mitigated by increasing the attachment of customer towards the brand, and this in turn will make it difficult for the customers to switch to another brand. Strong brand loyalty reduces the marketing cost for the company by leveraging the company on its trade distribution channels as well as it attracts potential customers. Brand loyalty can be increased by providing customer centered service, seeing the customers as potential partners, keeping switching costs high for the customers as well as giving something extra to the customers. In addition to this, the company can manage its brand awareness by evaluating the buyersâ€™ ability to recognize the brand. The company should prioritize its customers and potential customers on the bases of brand awareness where customers can be categorized on the bases of their brand awareness.
- High brand awareness devoted followers of the brand. (Top of mind)
- Customers who can recall the brand to its product category once they see it.
- Customers who can recognize the brand.
- Customers who are completely unaware of the brand.
The companyâ€™s brand awareness can be improved and enhanced by being different, or in other words doing something that makes it different from the rest. The company can set such an image of itself that will be easy to remember by using a slogan and mission statements which will show the core values of the company.
Pestle analysis of Game is as follows.
Political:South Africa is a developed country with an upper-middle income level with a population of 53 million as well as it is the 25th largest country by land area on the world.Although it is the second largest economy in Africa,however as the unemployment rate rises in South Africa, it can affect the company adversely.Furthermore,political mismanagement can cause the government to change certain foreign and domestic polices or legislation or pass some laws that could potentially bring harm to the company. The country also has low level of literacy that can lead the company in having the need of training the labor force in the future. Despite the challenges created by the political condition of the country, which need to be considered when formulating strategies for the company,the site of operation of Game Store is still fairly stable and the economy is strongly providing opportunities for Game Store to further expand its business in South Africa and to the neighboring African States.
Economic:South Africa being Africaâ€™s 2ndÂ largest economy present opportunities, as the business tax rate of the country is the second lowest in the world, resulting in tax saving for the countries operating in the country. Furthermore, South Africa recently joined BRIC Group with having emerging economies can also present opportunities for an organization to make huge profits in the country. In addition, the contribution of manufacturing industry is relatively small, which indicates that there is an opportunity for growth for the companies engaged in the market.
Social:The country is rich in culture with population of 49.99 million consisting of different people with different ethnic backgrounds, therefore this presents an opportunity for the company that can diversify its product rate to meet the diversified needs of the people…………………
This is just a sample partial work. Please place the order on the website to get your own originally done case solution