Brand Lovemark – IKEA
Write the paper about the ‘lovemark’ (see: www.lovemarks.com ) brand that you featured in your Week 1 DISCUSSION. The brand featured is IKEA. Write about ones love for IKEA.
Your manuscript should have an opening section where you name / describe the brand followed by 5 key areas (use sub-heads for each of these sections in your manuscript):
1. Why This is my “Love Brand” (why you give this brand ‘loyalty beyond reason’).
2. Profile of the brand’s competitive industry (define the industry and provide brief profiles of the one or two leading competitors).
3. Profile of this brand’s target markets. (Provide a profile of the target markets for your ‘lovemark’ brand and the competing brands. You need to detail two or three different groups–be sure to clearly profile them so it is easy to see the differences in the consumer groups).
4. POPs & PODs of my ‘lovemark’ brand versus the leading competing brand. (Develop a comparative table that shows the Points-of-Parity and the Points-of-Differences–see the video provided in the list of references. In your comparison of the leading brands, you may also want to address other key issues such as comparison of pricing, comparison of distribution, graphics of product and / or in-store shelving, screenshot of advertising, etc.)
5. Write and explain / justify a Unique Selling Proposition (USP) for the brand. (NOTE: This is usually a reflection of your ‘lovemark’s’ major positive POD.
NOTE: Some of this analysis is personal observation, but you must also use quality references to document brand data. The goal of the paper is to understand how your ‘lovemark’ brand competes with an emphasis in this analysis from the consumer’s perspective.
Here are several articles / videos that can help in this analysis:
Cupman, J. (2015, July). What Does It Take to Create a Strong USP? American Marketing Association. https://www.ama.org/publications/eNewsletters/B2BMarketing/Pages/what-does-it-take-to-create-a-strong-usp.aspx
Daye, D. (2012, November 30). Brand Audits: Three Powerful Rings. http://www.brandingstrategyinsider.com/brand-audit
Leslie, D. (2011, October 24). What’s a Mantra, and Why Do You Need One for Your Personal Brand or Business? BigFish.com. [3:13 video]. https://www.youtube.com/watch?v=MVdCu7_gazI
Urbany, J. (2011, June 14). Competitive Strategy in 3 Minutes [Video]. http://www.youtube.com/watch?v=bl5cyZlay4k