Overview
With the goal of increasing brand equity, we were tasked with researching the brand history and current state of the brand, the current climate of the market, the future market trends, then propose pillars for enhancement and a ten-year plan. My group and I chose to focus on Chanel for our project.
After developing the brand’s pillars and areas for enhancement, we created a ten-year plan that incorporates moves the company can make to enhance brand equity in different areas.
Role: Team Lead
Key Activities
Research the Brand History: Understand how the brand came about and the landscape/events surrounding its conception.
Understand the Current Brand Strategy: Research the brand’s current status and strategy.
Perform an Industry Analysis: Detail important current factors of the brand’s industry.
Complete Industry and Trend Forecasting: Understand the landscape of related industries for the next several years and note overarching trends for the short term.
Assess the Competition: List key competitors and details, including offerings, price range, and current status.
Evaluate External Factors: Understand what the current external factors are and how they are impacting the brand.
Understand Consumer Purchasing Decision: Research the customer and what is key in leading them to a purchase.
Complete Customer Segmentation: Based on research, detail key characteristics of the brand’s current target customer.
Assess Customer’s Current Satisfaction: Understand the customer’s current satisfaction level with the brand and how to improve it.
Create Pillars for a Ten-Year Strategy: Based on all the prior information gathered, determine three key pillars for a ten-year brand equity enhancement strategy.
Complete a Ten-Year Plan: Create a ten-year timeline of specific brand activities to help achieve the goal of brand equity enhancement.