Accounting help on: Smarties candy
- Executive summary
The assignment has been formulated to highlight the various elements which shall be taken into consideration while performing the brand audit. The assignment takes into consideration a detailed brand audit for SMARTIES Candy. The brand methodology consists of the following steps i.e. formulate connection with the various internal & external personnel, perform secondary research, have an in depth view regarding the enterprise (internally or externally), provide product differentiation, focus upon the brand offered, have fair brand identity, take into consideration the upcoming trends and choose the marketing communication channel which would help to increase the levels of revenue generated.
The second aspect which shall be taken into consideration while conducting the brand audit is brand inventory. The sub groups covered under brand inventory would be description of the brand, slogan and jingle & Name and logo of the brand. The marketing mix at SMARTIES would take into consideration the 4P’s i.e. Place, Price, Product & Promotion methods. The last aspect described in this assignment refers to the position of the brand within the confectionary or candy industry. While studying the brand positioning for SMARTIES, the following aspects shall be kept in mind i.e. Target Market, Nature of Competition, Point of Purchase (POP), Brand mantra & Point of Difference.
SMARTIES Candy is an organization which is owned & controlled by three different generations of Dee family. In the year 1949, Dee accommodated his family to New Jersey from England. He had two equipments in a rented accommodation which led to high levels of success for the makers of SMARTIES the candy wafer roll in America. Dee opened his first manufacturing unit in Bloomfield in the month of August. In the year 2011, the enterprise changed its name from Ce De Candy Inc. to SMARTIES Candy Company. Dee also opened a store in Canada on the Queens Street situated in Toronto (SMARTIES, 2012). The operations were moved to the newly constructed market in Canada, Ontario. SMARTIES are manufactured within 24 hours a day in the two big factories i.e. Ontario & New Jersey. It was estimated that, SMARTIES produce billions of sugar coated wraps within a year. Nestle SMARTIES refers to a colored & sugar coated confectionary brand in Canada, Australia, Middle East, Ireland, Germany, Spain, South Africa & Greece. SMARTIES refers to spheroids with minimum measurements of 5 mm & maximum to 15 mm. The SMARTIES come in various colors such as red, white, pink, blue, green, orange, brown & violet.
- Brand audit methodologyThe elements for effective brand audit provide an overview regarding the brand. It shall be taken into consideration that, the successful brands are built from inside out. A brand becomes successful if it maintains fair relationship with different types of stakeholders & audiences which are related internally or externally.
The internal audiences which are connected with the success of the brand have been listed as under. They are as follows:
Þ Sales force
Þ Sales channel
The external audiences which are connected with the success of the brand have been listed as under. They are as follows:
Þ Media personnel
Þ Prospective customers
Þ Current customers
Þ Previous customers
Þ Business leaders
Þ Trade press personnel
Þ Industry analysis
Þ Community leaders
Þ Consumer press forum
Þ Government Regulator
Þ Financial analysis
The brand audit takes into consideration primary as well as secondary sources to research regarding the same. In order to conduct brand audit, both qualitative & quantitative methodologies would be used. Some of the methodologies which would be used in order to perform the brand audit are online surveys, interviews, questionnaires, etc. The brand audit will help the brand to climb the ladders to success.
The steps which shall be kept into consideration by SMARTIES to conduct the brand audit have been highlighted as follows. They are:Þ Secondary Research: The first step while conducting the brand audit would be collect reasonable amount of information with the help of various secondary sources. Some of the sources which could be used to perform brand audit for SMARTIES have been listed as follows:
° Information available with the client
° Advertisements as well as various market plans of the enterprise
° Financial Statements
° Annual Reports
° Sales literature available by the client
° Biographies as well as a detailed background of the key officials
° Public relations
° Use of other means of marketing communication (previous years)
° Business plan to be followed
° In depth marketing research
° Press kit
° Continuous press releases
° Other sources (history of the organization, products offered by the company, financial performance of the same, strategies applied to take over direct as well as indirect competition, competitive spending, sales history for previous years, market share captured by SMARTIES, competitive advertising practiced at SMARTIES, analyzing the strengths & weaknesses, etc)
Þ The second step while conducting the brand audit would be to have a full view regarding the organization. It shall be kept in mind that, most of the enterprises or products fail as they are unable to understand the potential supported along the internal audiences. Therefore, the organization before undertaking the research from customer it shall look the brand from inside. For any enterprise or product to be successful, the brand audit shall be completed by asking various questions from the internal stakeholders such as the customers, managers, employees, executives, sales personnel, etc. The following aspects shall be kept in mind, they are as follows:
° Company as a Whole: The first aspects which shall be kept in mind while conducting a brand audit is to see that the mission as well as vision of SMARTIES is well defined. Secondly, how the customers perceive you as a brand. Thirdly, how do you want the customers to perceive you as a brand? Fourthly, your unique selling proposition (USP). Fifthly, the primary objectives undertaken by the enterprise. Sixthly, strength, weakness, opportunity & threat for SMARTIES. Lastly, how well SMARTIES have been performing in terms of finances (SMARTIES, 2012).
° Products or Services Offered: The second aspect to be kept in mind while undertaking brand audit would be to see the kind of products or services offered to its customers. Firstly, the characteristics of the products or services offered to the enterprise. Secondly, benefits attained by using the products or services. Thirdly, disadvantages attached along the products. Fourthly, prices charged by SMARTIES as compared to its competitors. Lastly, products or services planned for the future.° Differentiation: The third aspect which shall be kept in mind while conducting brand audit is to seek differentiation. Firstly, it shall be taken into consideration at SMARTIES that whether brand’s point of differentiation is understood by the purchaser. Secondly, whether the brand’s point of purchase is defined as a business focus. Lastly, do the employees understand the personal performance which supports the brand?
° Focus: The fourth aspect which shall be kept in mind while conducting brand audit is to focus upon the brand i.e. SMARTIES. Firstly, it shall be kept in mind that the company should have clearly defined competencies. Secondly, the core competencies offered by the enterprise shall be kept in mind. Lastly, SMARTIES shall focus upon the clearly defined goals which would help the organization to overrun the levels of competition (SMARTIES, 2012).
° Brand identity & Customer information: The fifth aspect within the brand audit refers to have an in depth understanding regarding the concept of brand. Secondly, SMARTIES shall identify the main points of contact attached along the brand. Thirdly, a clear perspective of the brand shall be portrayed in the eyes of the customers. Fourthly, the target audience SMARTIES wants to cater to shall be clearly identified (SMARTIES, 2012). This will help SMARTIES to manufacture goods as per their taste, earning capacity, preferences, etc. Fifthly, factors which influence the customers to purchase a particular product or service shall be kept in mind. Sixthly, demographic characteristics of the purchaser of the particular brand shall be kept in mind. Seventhly, segmentation of the target audience shall be taken into consideration. Eighthly, how much loyalty do the customers attach along the products offered by SMARTIES. Lastly, attitude, lifestyle & values of the users shall be kept in mind.
° Levels of competition: The most important aspect which shall be taken into consideration at SMARTIES is to track the levels of competition. SMARTIES shall be well versed with the direct as well as indirect competitors hampering the growth of the enterprise. The market share along with the position of SMARTIES shall be kept in mind. The strengths, weakness & the various opportunities of the chief competitors shall be kept in mind (SMARTIES, 2012). This will help SMARTIES to formulate different types of strategies and face the competition.° Upcoming Trends: Upcoming trends shall be kept in mind by SMARTIES which would help them to grow in the years to come. The various threats as well as opportunities shall be kept in mind by SMARTIES. Some of the possible changes in terms of technology, economy, new regulations, demographics, etc shall be taken into consideration.
° Sales & customer services: The level of sales practiced by SMARTIES shall be compared with the sales done in the previous years. It shall be taken into consideration that sales channels shall be formulated in such a manner which would help to sell the brand. Once sales are accomplished it is very important for SMARTIES to provide its customers with best of the after sales service.
° Marketing: Marketing aspect shall be kept in mind which would help to accomplish the company’s approach to market the wide range of products. At SMARTIES, the marketing objectives of the same shall be kept into consideration. The current marketing objectives will help to provide a framework which would help to attain the pre decided goals or objectives. SMARTIES shall focus upon a particular target audience. This would help SMARTIES to provide its target audience with the best of the products based upon their taste, preferences & prices attached to it (SMARTIES, 2012). The people involved such as managers, employees, etc shall frame the objectives at SMARTIES which would help to define strategies, tactic. This will in turn accomplish the marketing objectives for the company as a whole.
° Distribution & choice of marketing communication channels: The choice of marketing communication methods along with the distribution channels shall be done keeping in mind the long term perspective for the organization. The marketing department at SMARTIES should decide upon the various marketing programs which would lead to high levels of sales, preferences, attitude, awareness, etc. The choice of distribution channels shall be done by keeping in mind the profit margins earned or commission attached along the same. A fair marketing budget shall be framed which would help SMARTIES to seek where & how much money is to be spent (SMARTIES, 2012).
° Measurement of Success: The brand audit would be complete when SMARTIES will measure the levels of success attained by the same. In order to measure the success levels, different methods such as sales target, sales lead, awareness regarding the product, market share enjoyed by SMARTIES, etc shall be used.4. Brand inventory
4.1 Description of brand elements
There are two different types of products produced & offered to the target audience. The different type of candy’s available at SMARTIES are broken down into two sub groups i.e. candy’s for kids &candy’s for grownups. The different types of candies available at SMARTIES are SMARTIES, Mega SMARTIES, Giant SMARTIES, Tropical SMARTIES, X-Treme Sour SMARTIES, SMARTIES Double Lollies, SMARTIES love hearts, Candy Necklace, SMARTIES Gummies & SMARTIES in pouch (SMARTIES, 2012).
4.2 Name and logo
The logo for SMARTIES is colorful which attracts the attention of the kids. The name i.e. SMARTIES is engraved in a toffee shaped wrapper consisting of the colors in which the candy is available. Some of the colors attached with it are red, yellow, green, blue and orange. The logo engraved in a toffee shaped wrapper is done mainly to attract the kids’ zone.4.3 Slogan & Jingle
The current jingle or slogan attached with SMARTIES is “Only SMARTIES have an answer”. This slogan is being used by SMARTIES for the past many years from now. The last slogan which was replaced by the current one was “Do you eat the red one last”?. In the year 1950 & 1960, the jingle which was famous amongst the school going kids was “buy some for Lulu”. This has been referred to as one of the most hip hop (fashionable) tag line attached to the commercials (Kotler, Gregor & Rodgers, 2010). At the end of the commercial, the boy walks away throwing a pack of SMARTIES on the screen. In the mid 1980’s, commercials were formulated with the help of computer graphics. Use of technology in the field of advertising has made the commercials more natural, lively & colorful.
5. Marketing mix (4P’s)
The best way to buy SMARTIES candy is to order the sweet candy online. Purchasing the candy online will help the target audience to avail the product at their door step without paying anything extra for the shipping cart. Some other places where in the SMARTIES candies might be available would be at the pharmacy shops, grocery stores, specialty stores, wholesale clubs, local corner stores and convenience stores (Market Point, 2012).
The different types of products offered by SMARTIES have been discussed in this section of the report. They are as follows:
Þ SMARTIES: SMARTIES are assorted candies which come in six different colors representing different flavors such as orange, strawberry, grapes, pineapple, cherry & orange filled in with cream.
Þ Giant SMARTIES: Giant SMARTIES are bigger in size as compared to the normal SMARTIES. The giant SMARTIES come in candy rolls offered to the target audience in six different variants (Ignition Consulting Group, 2011).
Þ Mega SMARTIES: Mega SMARTIES sweet candies come in a big pack. They are offered in classic fruit flavors. Mega SMARTIES are the biggest form of candy which is being offered to the target audience till date.
Þ Theatre Box SMARTIES: Theatre box SMARTIES is a classic box of candy packed in wafer rolls. The packing is convenient to handle & colorful to treat your eyes.
Þ SMARTIES Candy Money: SMARTIES candy money refers to the type of candies which has dollar & cents face attached to it. The size of SMARTIES candy money is the same as compared to original SMARTIES (Learn Marketing, 2011).
Þ SMARTIES Love Hearts: SMARTIES love hearts will help to win your sweetheart’s affection & love. Such type of SMARTIES candy consists of messages such as “I love you”, “Will you be mine”, “My angel” & “You only” engrossed over it.
Þ SMARTIES in Pouch: SMARTIES in pouch refers to tablets to savor. SMARTIES in pouch refer to the type of candy which is slightly bigger in size. The SMARTIES pouches go anywhere & everywhere.
Þ Tropical SMARTIES: Tropical SMARTIES refers to candies which have a tropical twist inspired by sunny palm tree lined beaches. The tropical SMARTIES are offered to the target audience in wide range of fruity & tangy flavors.
Þ X – Treme Sour SMARTIES: If someone is a fan of sour candies, X-Treme Sour SAMRTIES will sure make our lips pucker.
Þ SMARTIES Parties: SMARTIES party bags refers to the type of candy which is suitable for birthday parties, Halloween or any occasion which calls for delicious treat.
Þ SMARTIES Double Lollies: SMARTIES double lollies refer to the type of sweet candy which is fruity in nature. Double lollies take a shape of a lick lolly. Such types of candies are convenient to eat. They have been referred to as lollies which are everyday treat.
Þ SMARTIES Gummies: SMARTIES gummies refers to the newest form of candy lined up for the target audience. This chewy piece of candy is filled with cream along with fruit theme attached to it.
Þ Candy Necklace: Candy Necklace refers to a type of candy which is best suited for kids. They are yummy sugar coated accessories available in fruity flavors.
5.3 Promotional Channels
Promotional channels refer to one of the most important aspect within the marketing mix. With the help of various promotional channels, SMARTIES will be able to market the products in the best possible manner. Marketing communication channels helps to capture more market. Some of the marketing channels which can be used at SMARTIES are as follows:
- Personal selling
- Sales promotion
- Public relations
- Direct marketing
- Non personal methods (media, newspapers, magazines, radio, television, posters, bill boards, etc)
- Electronic media
Price charged for SMARTIES ranges from $24.10 for a case of 12 bags till $174.25 for a case of 12 boxes. The price attached to the case of 12 boxes of SMARTIES Theatre box is $10.20. The case of 12 boxes of Mega SMARTIES rolls costs approximately $174.25. The SMARTIES Mega Lollies consists of case of 16 boxes which costs approximately $102.75 (SMARTIES, 2012).
6. Brand positioning
6.1 Target market description
There are two types of target audience for SMARTIES. The various type of sweet sticky candy is divided into two groups catering to the following target audience i.e. Kids & Grow Ups. Some of the SMARTIES candies catering to the kids’ zone are Mega SMARTIES, SMARTIES, SMARTIES Theatre Box and SMARTIES Mega Lollies. The SMARTIES candy’s for the grownups are offered either in a box or in a packet. They are Gluten Free Candy & Vegan Candy (Brenner, 1999).
6.2 Nature of competition
The level of competition enjoyed at SMARTIES is quite intense in nature. It has been seen that, the market for confectionary products such as sugar coated rolls, chocolates, toffees; candies, etc. are on peak. It has been that, there are high levels of competition faced by SMARTIES since the number of competitors for the same is on rise. The market share along with the position of SMARTIES shall be kept in mind. The strengths, weakness & the various opportunities of the chief competitors shall be kept in mind. This will help SMARTIES to formulate different types of strategies and face the competition (Berry, Shankar, Parish, Cadwallader & Dotzel, 2007).
6.3 Points of parity (POP)
Points of Parity (POP) associated with SMARTIES are:
Þ Sweet & indulgent
Þ Consistent quality
Þ Enjoyed by people of all age groups
Þ Associated with occasions
Þ Used as a snack shack
Þ Wide variety
6.4 Points of difference (POD)
Points of Difference (POD) associated with SMARTIES are:
Þ Low prices attached leads to bulk buying of the same
Þ Sold at different retail shops
6.5 Brand mantra
The brand mantra followed at SMARTIES is to provide one of the best sugar coated rolls to its target audience. The brand mantra also focuses to provide convenient and low price sugar coated rolls. The product provided by SMARTIES is associated with the feelings of the target audience within a specified target market.
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