Hul Lime Iimi

Team: Fresh LIME Soda Team Code: IIMI3069

Objective & Agenda

Industry and Competitor Analysis Understanding the Indian Watch Industry Major trends and perceptual findings Competitive Landscaping – Carving a niche’ for FC in India

Research Secondary Research - Findings Primary Research - Methodology - Insights

Accessible Luxury

Creativity Classic Vintage

Live yourSwiss Passion Geneve’

Capability Analysis SWOT analysis

Collector’s Value

Handcrafted Automatic Heritage

Corporate Focus Pros in segmentation and focus Cons of this segmentation Expanding the focus

Branding & Marketing of FC in India New Positioning – Brand Key 8P Framework for FC Associations

Digital Strategy CSR Watch with Devanagari Script

Indian Watch Industry

Low penetration and high growth rate show the opportunity in India Industry & Competition

Market Segmentation by price**

Utilitarian product (know and manage time)

Rs. 4200 Cr.

Lifestyle product Tablets Laptops Mobiles Wrist Desktops Watches

460 lakh pieces

Research

2.1

86.5

900

Wrist Watches

SWOT and Brand Equity

1600 370

1700

10 - 15% pa

Sales value

Cable TV

10-15% 27 % 3.5 %

Volume (lakh pieces)

Value (Crore)

Time Continued growth rate every year despite the increase in substitutes* Wrist watch penetration in India* of the India own multiple watches*

Segment

Volume

Price

(lakh pieces)

(Crore)

Value

Growth Rates

Mass

370

<1,000

1700

5-7%

Mid

86.5

1,001-10,000

1600

8-10%

Premium

2.1

>10,000

900

15-20%

*Source: Indian Journal of marketing, June 2013 **Source: Technopak Analysis

STP and Marketing Mix Integrated Campaign

Devanagari Watch

Indian Luxury Timepieces

Various brands cater to different luxury segments like affordable luxury, aspirational luxury and absolute luxury

Trends  Luxury brands account for 4% of total timepieces sales  CAGR of 24%  Increased presence in smaller cities fuel sales  Special events and gifting occasions supporting growth, particularly popular gifts amongst Senior corporate managers and for Government employees  Men are most likely customers than women  Majority of sales from store based retailing in Tier I cities  Green Luxury and Social responsibility is important factor

Prospects  Penetration into leading jewellery and watch outlets like Malabar Gold in south India and TBZ in north India  Online portals will develop as a retail channel

Industry & Competition

CATEGORY DATA Sales of Luxury Timepieces by Category: Value 2007-2012 Rs million Men's

2007 1,089.9

2008 1,438.7

2009 1,467.5

2010 1,731.6

2011 2,077.9

2012 2,452.0

Women's

274.4

406.1

418.3

468.5

562.2

663.3

Total

1,364.3

1,844.8

1,885.7

2,200.1

2,640.1

3,115.3

Sales of Luxury Timepieces by Category: % Value Growth 2007-2012 % current value growth

2011/12

2007-12 CAGR

2007/12 Total

Men's

18.0

17.6

125.0

Women's

18.0

19.3

141.8

Total

18.0

18.0

128.3

Forecast Sales of Luxury Timepieces by Category: Value 2012-2017 Rs million Men's

2007 2,452.0

2008 2,795.2

2009 3,172.6

2010 3,585.0

2011 4,033.2

2012 4,517.2

Women's

663.3

774.8

903.4

1,049.8

1,217.7

1,410.1

3,115.3

3,570.0

4,076.0

4,634.8

5,250.9

5,927.3

Total

Research

SWOT and Brand Equity

STP and Marketing Mix Integrated Campaign

Forecast Sales of Luxury Timepieces by Category: % Value Growth 2012-2017 % current value growth

2011/12

2007-12 CAGR

2007/12 Total

Men's

13.0

84.2

13.0

Women's

16.3

112.6

16.3

Total

13.7

90.3

13.7 Source: Euromonitor

Devanagari Watch

Consumer Perceptions

Brand image and status influence the older generation more, while others’ influence has a role to play among the younger generation Results of a Primary Research survey done to study consumer based perceptions, and predict trends Methodology: Survey Respondents: Sample size 100; 50 Gen X, 50 Gen Y

Gen X >35 years

Consumer

Gen Y 18 – 35 years

 7 – 8 years  High brand loyalty (Stable)  Reason for loyalty: class, status and image  complement them and their personality

 Few people  “to own a watch for a particular occasion”

Comparative brand hierarchy

Duration of brand usage

Multiple watches per individual

Other factors

       

 2 -3 years  Low brand loyalty (Open to Experimentation)  Reason for loyalty: contemporariness, influence  Aspiration to buy costlier watches

 Few people  “to own a watch for a particular occasion”  Styling aspect

 Top-of-the-mind recall Brand tag lines – LOW but better than Gen X Brand ambassadors – HIGH  Brand loyalty beyond watches HIGH

       

Titan Citizen Rolex Timex Tissot Calvin Klein Casio Armani

Fastrack Tommy Hilfiger Reebok Casio Gucci Diesel Calvin Klein Armani

 Top-of-the-mind recall Brand tag lines - LOW Brand ambassadors – HIGH  Brand loyalty beyond watches LOW

Secondary Research: Published in Indian Journal of marketing, July 2013 edition

Industry & Competition

Research

SWOT and Brand Equity

STP and Marketing Mix Integrated Campaign

Devanagari Watch

Competitor Analysis

All major competitors have a reasonably well defined emotional space Industry & Competition

Origin

Swiss

Swiss

Swiss

Swiss

Japanese

Target Segment

Super Premium

Premium

Super Premium

Premium

Mid premium

Price Points

Rs 1,00,000 +

Rs 70,000 – Rs 7,00,000

Rs 1,20,000+

Rs 40,000 – Rs 5,50,000

Rs 6,000 – Rs 1,00,000

Brand Character

Omega signifies prestige and accomplishment

Tag Heuer talks of self identity and self esteem

Success, accomplishment going beyond one’s limits

Elegance is an attitude

Made to last beyond time

A Swiss luxury watch; Spirit of achievement

A sports chronograph, self esteem

Symbol of success; a jewel

Beautiful designs, elegance

A premier well engineered watch

Benefits Offered

Analysis done through Secondary Research: Studying the advertisements, websites and Social Media

Research

SWOT and Brand Equity

STP and Marketing Mix Integrated Campaign

Devanagari Watch

Competitor Analysis

The grid below shows the top 10 brands in India* in terms of their Products Attributes and Positioning

Mechanical Movements / Automatic

Quartz

Industry & Competition

Exclusive Luxury Research

Jewellery

SWOT and Brand Equity

Lifestyle Technical

Accessible Luxury

Sports

Quartz

Design

Fashion

Mass / Lower Priced Source: Swiss Luxury Watch making Industry, Karine Gautshi, 2005 *Top 10 brands in India as per retailer feedback, as provided in the case

STP and Marketing Mix Integrated Campaign

Devanagari Watch

Primary Research

Corporate executives form the chunk of people who consider purchasing a Frederique’ Constant timepiece Primary Research* was done in 2 stages by visiting various watch retail outlets in Mumbai Methodology: Personalised interviews and Observation Respondents: Watch Stores’ Retailers / Managers Location: At the retail store

Stage 1:

Stage 2:

Process: Interview with owners/ managers/ sales staff of various luxury watch stores Objective: To determine luxury consumers’ preferences, and develop insights about their consumer behaviour and trends

Process: In depth Interview with owners/ managers/ sales staff of 3 Frederique Constant Stores in Mumbai Objective: To determine profiles of past Frederique’ Constant buyers, and develop insights about customer perception about the brand

Insights:

Insights:

• Luxury customers are extremely brand conscious; One would rather buy a simple watch of a premium brand rather than a fancy watch of a brand not as premium • Luxury customers are not as particular about designs as they are about the brand itself • Indian luxury customers enjoy good deals – are value seekers

• Frederique’ Constant is purchased / enquired about mostly by corporate people and business executives (clear results of the focus and marketing till now) • An FC watch is not perceived as designer/ fashion piece at all, and more of a classic Swiss watch, purchased for quality • The devanagari script watch found quite a few purchases from Politicians *Detailed description and results of research in Annexure 1

Industry & Competition

Research SWOT and Brand Equity

STP and Marketing Mix Integrated Campaign

Devanagari Watch

SWOT Strengths Greater if it is a POD rather than just a POP Can be leveraged upon to build Competitive Advantage in the long term Consumers need to be communicated about FC’s Differentiators

Opportunities Highlight new avenues to build capabilities Conducive environment changes Growing market potential that needs a good marketing mix to tap

Differentiating strengths will form the basis of building brand identity

• Swiss origin (Geneva) • Handcrafted Automatic Mechanical Timepieces • Vertical integration delivering better quality • Heritage value of timepiece • Corporate focus • Classic sedate designs

• Increasing disposable income • More upcoming ventures to partner • Corporate gifting trend • Target a younger audience • Communicate the long term value of an FC watch

• New Entrant to Indian Market • Low Brand Awareness • Lower number of mass campaigns (only focused promotion) • No high profile ambassador • Not perceived as a young person’s watch

Weaknesses Show priority areas or focus areas for Marketing Highlight wrong strategies Find ways to overcome effects of weaknesses through innovation / alternate channels

• Mobile manufacturers entering the watch manufacturing space • Cheaper substitutes • Counterfeit watch market • Older brands with higher equity in India

Industry & Competition

Research

SWOT and Brand Equity STP and Marketing Mix

Threats Increasing risk of environment factors Risk of current brand strategy Need to take up strategic brand building activities over a longer period

Integrated Campaign

Devanagari Watch

Understanding Brand Equity of Frederique Constant in India

FC’s Brand Equity Points of Parity and Points of Differenceº can help understand brand equity of Frederique Constant in India

Points of Parity

Points of Differentiation

Swiss Watch

Sedate, classy, clear dial designs

Automatic handcrafted

‘Live your Passion’

High quality

Corporate Focus

Durable

Heritage, story of founders

Collectors’ Value

Devanagari script watch

Objective

Industry & Competition

To achieve long term leadership in India, Frederique Constant will have to create a strong, differentiated brand positioning and focus on the correct target according to the brand character

Research

Measuring the Brand Equity Brand Asset Valuator®(BAV)* by Young and Rubicam Group used to measure equity Niche’/ Untapped Brand Strength (Differentiation and Relevance)

Brand Equity

Leadership

Declining

New Eroding Unfocussed Brand Stature (Esteem and Knowledge)

Frederique’ Constant in India is differentiated in terms of its design, heritage, corporate focus and value, however, it still remains fairly niche’ due to the huge untapped potential The long term goal of FC as a brand will be to move into the upper right quadrant (Leadership)

Since the luxury watch industry is already crowded with multiple brands, and each of them partly own equities of craftsmanship, precision, quality, and other functional attributes of automatic watches, to create differentiation, instead of competing in the same space, Frederique Constant to create Executional equity of ‘Live your Passion’ with other brand characteristics supporting as functional equities

Accessible Luxury Vintage

LiveCreativity your Passion

Collector’s Value

ºAs per primary research with watch retailers, and secondary data analysis

*Detailed description about BAV in Annexure 3

Swiss Geneve’

Heritage

Handcrafted Automatic

SWOT and Brand Equity STP and Marketing Mix Integrated Campaign

Devanagari Watch

Segmentation Strategy

Focus on Corporate Sector needs to be expanded to Professionals Industry & Competition

• Focussed Identity of a ‘Corporate Watch’ • Untapped to a great extent by competition • Offer less expensive means for focussed promotions – as opposed to mass campaigns

• Too focussed, and the target may not resonate the brand as effectively as desired • Segmentation and targeting ideally be based on psychographics for a lifestyle product

Research

SWOT and Brand Equity

Demographic Segmentation Mainly corporate executives, however also including professional businessmen , musicians, doctors, academicians, sportsmen, journalists etc. Income bracket: High income

Leveraging some of the merits of current Strategy and rectifying some of the cons, we propose expanding the target to a larger group of ‘Professionals’ - business executives, doctors, lawyers, journalists, teachers, artists etc.

Psychographic segmentation Based on Personality, Values and Lifestyles Passionate and mature individuals who appreciate beauty of niche’ handcrafted automatic designer products. They desire premium products to reflect their passion

STP and Marketing Mix Integrated Campaign

Devanagari Watch

Brand Positioning The Brand Key* Model developed by HUL is used to understand the positioning of the Frederique’ Constant brand, and to understand strategic fit of ‘Live your Passion’ for passionate professionals

Positioning of Frederique Constant and building the brand Industry & Competition

Luxury timepieces handcrafted with passion Accessibility

Passionate, Appreciation for Swiss luxury, craftsmanship, classic design

Product Philosophy

Made in Geneva Passionate endorsers, heritage of founders

Research

SWOT and Brand Equity

Essence

Live your Passion Handcrafted in Geneva ; Passionate about owning & wearing an FC watch

Classic designs– A reflection of passionate professionals A passionate, confident individual wants a sedate luxury timepiece – reflection of his own passion and personality

Insight Luxury time pieces, ‘’technology watches, luxury jewellery - bracelets

Competitive Environment

Target

A passionate person who has a desire for exquisite luxury and craftsmanship

Root Strength Passion (profession, craftsmanship, design, interest) Value through accessibility

*Detailed description about Brand Key in Annexure 2

STP and Marketing Mix Integrated Campaign

Devanagari Watch

Marketing Mix 8 P’s

Re-defining the Marketing Mix according to the 8Ps of Luxury marketing*  

Product level (Functional Benefit) - handcrafted, own caliber development, beautiful designs, new technologies Experiential level (Emotional Benefit) – “Live your passion”

Industry & Competition

PERFORMANCE  

Accessible Luxury Price points – Rs. 45, 000 to Rs. 2.25 lakh

P

PRICING

P

PEDIGREE

P

 

The Swiss connection ‘Geneva’ Heritage: Frederique Constant – first names of great grand parents of founders

Research

SWOT and Brand Equity  

 

Events Other Associations

PUBLIC RELATIONS (PR)

P

Retail brand environment – heightening consumer experience Niche media – events, magazines,PLACEMENT In-flight entertainment

P

P

P P PUBLIC FIGURES

  



PAUCITY

 

PERSONA

 



Handcrafted quality constrains mass production Limited POS

STP and Marketing Mix Distinctive projection – Passion Coherence across consumer touch points – events, associations Visual brand identity Long form commercials/ short film videos targeted towards professionals Activation Programs – ‘Share your Passion’

Garners attention, credibility and impact Personality resonates with brand aura (passionate professionals) – Harsha Bhogle, Chetan Bhagat Weekly podcasts about their stories and life, distributed across digital channels

Key Takeaways

 Experiential value is as important as product excellence  Pedigree is important but it is also important to generate ongoing relevance and dynamism through Persona, PR  Exclusivity and Stature through paucity and placement factor *8P Analysis by BPG Group, UAE; Source: Brand channel

Integrated Campaign

Devanagari Watch

Recommendation IMC

Based on the STP and mix towards building the brand, what we propose for the short term is a targeted campaign under theme of ‘Passion’ Industry & Competition

Integrated Marketing Campaign Handcrafted for the Passionate Professional

•Mobile Devices • Social Media marketing • Direct Emails • Website and blog • Search based ads

Events and PR

Digital Marketing

Research • Corporate executive cricket and golf tournaments, offsites • Exhibitions in 5 star hotels • Annual Business Quiz – Passion

IMC Media Mix • •Reducing the electronic waste campaign • Fund raising for specific causes • Tie ups with hospitals and nursing homes • Carbon positive manufacturing and service setups

CSR

Liveyourpassion

SWOT and Brand Equity

STP and Marketing Mix Strategic advertising

Point of Sales Promotions

• Use of technology enabled devices (edisplays) at POS • Small branded collectibles with every watch (depending on collection)

•Print based • Airlines screens • Airports billboards • Hotels, lounges and clubs • Exclusive previews and concerts

Integrated Campaign

Devanagari Watch

Targeted advertising in specific media will help reflect brand character, and build brand salience; POS will help improve brand imagery

Advertising and POS Endorsers Get passionate people to endorse the brand – not necessarily high profile celebrity endorsers, but popular individuals who are passionate about what they do

Suggested Advertising Communication Themes Gifting during festivals Gift yourself, Gift others - a perfect gift for the passionate professional

My Passion – my pride Inspirational heritage and story of Frederique Constant founders and their values and passion

Celebrate your Passion professional achievements and milestones (first job, a promotion) - Rewarding yourself with an FC- a timeless masterpiece to celebrate your passion

Industry & Competition

Research

SWOT and Brand Equity

Channels for Advertising

Point of Sales Marketing

Magazines • Besides corporate magazines already used, Forbes, Business Today and The Week Magazine • Since the TG is now Professionals, lifestyle magazines like Chip, Verve, Tehelka can be added • ‘The Little Magazine’ featuring art, films, documentaries, poetry can be an interesting addition

Billboards Outside airports, IT studios, 5 star hotels In-Flight entertainment for international flights bound into India

E- displays and screens At the POS technology enabled electronic catalogues can be used to display various ideas around Passionate.

parks,

Branded FC collectibles Refine packaging to include a branded collectible with every FC watch – Either it can be standard or varying as per the FC collection Examples: A Frederique Constant Stamp, a heart shaped ornament

STP and Marketing Mix

Integrated Campaign

Devanagari Watch

FC Collections Themes

Under the leitmotif of ‘Passionate Professionals’ a few communication / advertisement themes are suggested for each of the FC collections Industry & Competition

Inspired by passionate individuals, Manufacture is a range of exquisite handcrafted watches that signifies Passion for Innovation

A collector's masterpiece; Vintage Rally is a range of exquisite handcrafted watches which are a timeless signature of the collector’s passion for style and prestige

Elegant, Bold; Runabout is a range of handcrafted, hand polished watches for passionate professionals who have an eye for detail

Liveyourpassion

A Swiss masterpiece; Classic is a range of heritage watches known amongst collectors for their exceptional value; for the classic professional!

Feminine and sophisticated, classic and elegant, sexy in every detail; Ladies automatic is a range of fine mechanical timepieces developed with passion by women for women. It reflects the values and aspirations of the modern, independent professional woman

Research

SWOT and Brand Equity

STP and Marketing Mix

Integrated Campaign

Devanagari Watch

Events and Associations

Promotions through exclusive Events & Associations will improve Persona of the brand

Objective To create awareness about Frederique’ Constant among Passionate Professionals in a targeted manner

Process Convene professionals who share passions and educate them about FC while giving them a chance to live their passion – brand resonance

Industry & Competition

Research

SWOT and Brand Equity

Bringing the “Passion Awards” to India – Extend the theme to professionals

Partner with corporate associations for sponsorship of corporate offsites for executives

Sponsoring Corporate Sports Tournaments. – like Cricket, Polo and Golf. An FC watch as a winners memento

Participation in events like Indian Luxury Expo & Mint Luxury Conference

STP and Marketing Mix

Integrated Campaign

Sponsoring Niche’ Professional Events and Concerts Niche events like the Mahindra Blues, Jazz concerts etc

Starting an Annual Event like a Business Quiz or a Quizzes within specific Professional domains

Strategic Event Partnerships with Car Shows/Rallies which FC does globally – Land Rover

FC Exhibitions 5 star hotels Also fine dine pubs, lounges and restaurants can have promotions

Devanagari Watch

Digital Marketing

70%

“Digital is a common landscape for luxury consumers, so as digital content evolves and the web grows, brands are testing how to interact with their consumers in the digital space” -- Andrea Wilson, luxury practice lead, iProspect of consumers prefer to hear about new products from Facebook friends rather than brands*

Search Engine Optimization  SEO improves through uploading  Search guides of fresh content on the website Ads should be strategically placed so as to improve FC on Social Media Communities of Passionate Professionals Besides brand FC page, FC should have an India specific page – which should continuously be uploaded with fresh content about sponsored events, associations and happenings. Since the new focused target are Passionate Professionals, create forums where they can share stories, and interact with each other Build activity through engaging content, promotions, taglines and contests Invite passionate professionals to share their stories

 Loyalists, Frequent customers, Aspirational fans  Enthusiast forums  Brand moderators

+ 57%  Mobile Apps  QR codes

have asked their friends on Facebook for advice before purchasing a product*

Continuous engagement

=

Big opportunity for brands to play a stronger role on Facebook, Twitter and other platforms

Research FC Smartphone App • Make and share your own FC watch design on the app • Get information about FC watches and events

Mobile Devices Search

 Highly targeted  High ROI  High competition for attention

Email

Digital Marketing Social media

Emails to be sent to focussed professionals/ groups before and after events to build brand experience

Website

Have an India – specific micro-site on the website Upload sponsored news and events to build identity of passion

Industry & Competition

   

Big, beautiful images Detailed product descriptions Captivating lifestyle content Video and image galleries

*Source: 8thBridge report, 2012

SWOT and Brand Equity

STP and Marketing Mix

Integrated Campaign

Devanagari Watch

CSR

CSR is an increasing focus among elite luxury brands and in India this trend is all set to take off in a big way Recently in August 2013, the Indian Government passed a clause where companies will have to spend 2% of their net profit on CSR projects. It gives an opportunity to Frederique Constant to tie up with corporates for such projects, providing greater brand visibility, as well as strengthening support of the brand towards social causes

Frederique Constant - Heart Association Sponsor certain fund raising events where charities and associations can put out presentations / shows and wealthy people, corporations and institutions can donate towards the cause. Since FC is associated in a big way towards Heart diseases, partnering with heart research institutes and hospitals is strategic in India as well. Social media can be used for promotions Be a part of the Heritage: All partnering charities, associations and NGOs to be rewarded with a trip to FC HQ in Geneva E-waste Creating awareness about the generation of tremendous amounts of e-waste generated through used cells in watches. Promoting mechanical watches and creating awareness about the longer life and collectible nature of watches. Creation of short films and viral videos to support the cause Carbon Surplus All manufacturing and service centers the world over - to be carbon positive or rather carbon surplus. This can be communicated through different media

Industry & Competition

Research

SWOT and Brand Equity

STP and Marketing Mix

Integrated Campaign

Devanagari Watch

‘Devanagari Script’ watch

Passionate about Indian design – a timepiece handcrafted for you!

‘Ethnically Aesthetic’ Ethnic: a range of handcrafted watches for the Passionate Indian who attempts to build a connect with his roots while at the same time making efforts to achieve grandeur

Primary Research suggested that the watch was fancied by Politicians   

Product inline with consumers’ values Indian consumer sees a sign of luxury in Indian culture/ ethnicity/ royalty Focus on ‘Political class’

Industry & Competition

Research

SWOT and Brand Equity Promotion Campaigns along National Festivals like 15th of August or 26th of Jan Special strategic promotions during Gifting festivals like Diwali, Holi, Rakshabandhan etc.

Marketing campaign on Social Media, about Indian-ness Share why you’re passionate about India! Imagery to feature ancient royal Indian culture – jewels, ethnic handicrafts, surroundings

STP and Marketing Mix

Integrated Campaign

Created for India Crafted in Switzerland For the Passionate Indian

Devanagari Watch

Annexure 1 Primary Research Details

Brand Key Terminology

Frederique Constant Stores visited in Mumbai – The Collective, Watches of Switzerland. Interviews with store managers/ sales person

Broad List of Questions / Topics discussed: 1. 2. 3. 4. 5. 6. 7.

What do luxury watch customers (watch purchase above Rs. 20,000) prefer the most? – Brand loyalty v/s design of the watch What are the most important factors taken into consideration while making such a purchase? What is profile of people who enquire about or consider the Frederique Constant brand? What does Frederique Constant known for the most? Does Frederique Constant receive a lot of corporate orders? Which collection of Frederique Constant is the most popular? About the watch with Devanagari script – did regular FC buyers buy it or it attracted specific buyers?

Brand Asset Valuator Photographs of display Frederique’ Constant Watches at the POS

Annexure 1 Primary Research Details

Brand Key Terminology

Brand Asset Valuator

Results of the Research What matters the most while making a luxury purchase

Brand v/s Design

Brand Loyalty

Design

Brand

Design

Celebrity

Price range

Style/ Type of watch

What FC is known for the most • Swiss watch • Sedate clean dial designs • Quality • Collector value

Profile of people interested in FC

Most Popular collection of FC Manufacture’ Collection

Devanagari Script watch - India Mainly Corporate Executives

Politicians :: and People who preferred something ethnic

Annexure 2 Primary Research Details

Brand Key Terminology

Brand Asset Valuator and

The Brand Key model consists of ten steps to establish effective brand positioning. The ten steps have been described below: 1. Root Strengths- It is the original product, values and/or beliefs that made the brand great and on which we want brand to build. 2. Competitive Environment – List of competitors, including share of wallet and share of mind 3. Target – It’s the person and the situation for which the brand is always the best choice, defined in terms of their attitudes and values, and not just demographics. 4. Insight – The element of all you know about the target customer and their needs on which the brand is founded. 5. Benefits – The differentiating functional, emotional and sensory benefits that motivate purchase. 6. Values, Beliefs and Personalities – The brand values what the brand stands for and believes in and its own personality. 7. Product Philosophy – Our guiding product beliefs and principles and how we prove these principles through product experience. 8. Reasons to Believe – These are the proofs we offer to substantiate the benefits/brand experience 9. Discriminator – The single most competing and competitive reason for the target consumer to choose the brand. 10.Essence - The distillation of the brand into a core idea or promise.

Annexure 3 Primary Research Details

Brand Key Terminology

Brand Asset Valuator

The Brand Asset Valuator Model (Trademark of Young & Rubicam Group) measures brand equity based on 4 parameters, as explained below: 1.

2.

3.

4.

Differentiation: Difference, uniqueness and distinctiveness – Reflecting the brand’s essence and ability to stand out from competition. Also captures the brand’s ability to command a premium. Relevance: Personal appropriation to customers of the target group. Relevance is the source of the brands staying power. Esteem: The degree to which the target group likes the brand, and understands how it fulfils its brand promise. Esteem is influenced by popularity and quality. Knowledge: It means the ability of customers to internalize what the brand stands for. Knowledge is generally achieved over time, and marketing and media is crucial in achieving this.

• Brand Relevance and Differentiation together make up ‘Brand Strength’ • Brand esteem and knowledge make up ‘Brand Stature’