Radical Yes was the company that thought to increase itsonline presence by measuring the position of competitors so that positioning of the brand could be easily and strongly built into the market. In this report, several strategies and procedures have been explicated to get new ways of development and design. Rebel sports, Lorna Jane, Amart all sports, and many others are the competitors of Radical Yes company. Radical Yes can get success by gaining a huge market share with the adoption of Kaferer's theory. Also, from the discussion, it is concluded that brand knowledge is the network of nodes and they are hooked up with different memories and links of the customers. This will, however, help the company to come across the different channels used in marketing. Effective marketing and communication strategies should be developed based on the needs of market to sell their product using different advertising campaigns. Radical Yes will thus, need to create a roadmap for the guidance of the entire sales and marketing team with the interaction of potential customers.
Australians have made amendments in the shoe business by figuring out the trade of Victoria(Reinhart 2017). Limited companies are a part of the footwear business providing goods at an affordable price. Making shoes is a very long process that needs skills and technologies. Few brands like Rebel sports, Lora Jane, Amart all sports serve in the marketwith quality. Running a successful footwear business includes good quality of leather and sustainable alternatives tohelp reduce impacts on the environment.
Radical Yes was founded in 2013 by Kerryn Moscicki, who is the director of the company.It is a Melbourne-based brand that produces lace-ups, boots, and ballet flats and have bridged its business between work and play. Radical Yes is a small business that produces less than 100 pairs in varying styleswhich is why it is one of the best brands in Australia. The production of shoes is ethically done in China and Australia. The price of shoes ranges between $79 - $279 (Stanislav 2017).
Brand equity is the key challenge that is being faced by the company and this relates to eCommerce shopping journey. The problem was addressed by analytics in a way that mobile traffic is inevitable, and the website was not suitable for catering to mobile experiences. The clients were involved in a work-flow so the long-term management of the company's site is involved.
PESTLE Analysis -
The influence of political, economical, social, technological, legal, and environmental factors is explained as follows:
Political aspects -
Radical Yes is running its business in a stable political climate in major market segments. The company expanded free trade policies and got support from the government for infrastructure. These are the opportunities available for the company’s growth at larger level. Hence, this will improve in building the company's market presence and global expansion in the footwear market. This means the branding of the company must be done with the support of political leaders.
Economical Aspects -
The raw material for Radical Yesis produced in China but now due to slow growth, it is facing threats by increase in labor costs in the company’s production and supply chain facilities. Hence, from the analysis, it is known that if the company’s growth is affected and if it wants to expand its market then it should look for new ways in developing its products (Stanislav 2017).
Social/ Socio-cultural Aspects -
The engaging quality of the shoes is influenced by social perspectives that impact the surrounding of the firm. Wealth in developing nations is likewise rising step by step so this gives a chance to the organization to grow and expand further its scope of economic activities. Focus is being on item security with the goal that the quality is featured and enhanced more effectively. As a consequence it will enable in establishing a positive approach in regard to relaxation exercises.
Technological Aspects -
Research and development isa factor that the company should focus on to develop more advanced footwear. Technological obsolescence has also threatened the growth of the company by putting pressure on product development efforts. Here, Radical Yes should take advantage of the external environment based on changing and new technologies (Kotler 2015).
Legal Aspects -
Since the market in developing countries is a global market where due consideration is given to the import and exports. So, taking into consideration the legal dimension Radical Yes definitely has an opportunity to expand further with the business.
Ecological/Environmental Factors -
The business environment has a great impact on environmental laws. In order to maintain an environment in accordance with the natural factors, few firms had decided to conduct their activities in Australia which included Radical Yes. These chances can be selected by the firms with an aim of flourishing their business and also to diligently abide the rules set under consumer laws in the nation.
Competitive Analysis -
There is intense competition to Radical Yes from other shoe manufacturers. Worldwide international brands have restricted themselves only to international brands alone. Presence of national and regional competitors that provide inferior quality goods at cheaper rates are a threat to the company. Hence, the major competitors of Radical Yes are Rebel sports, Lora Jane, Amart all sportsthat have a very good competitive advantage. However, Radical Yes has gained a huge market share of international brands by strengthening foothold on a large scale in the country (Dongali 2017).
Brand Management -
Brand management is the concept that involves careful supervision on the advertisement of the goods and commodities. It is the responsibility of managers to keep the brand lively and help it in growth and improvement. Brand management enables in building loyalty, awareness and equity to the people. Radical Yes ought to include the allowing approaches to outside variables like trends, news, and current events by having an effect of social media, journalists, and influencers for the influence of every narrative. Branding and assets is tools which are used to build and establish loyal relationships, and communication with fans, followers, and customers with the products (Tyagi, Singh & Aggarwal 2017).
Brand Awareness -
To maintain the popularity of the business, Radical Yes should concentrate on the familiarity of the brand to target audience and the general public. It is important because the consumers cannot engage with the products or services they purchase if they are not aware of the brand. This is how the level of consumer consciousness is affected by certain services or products. This is an important subject for Radical Yes because it provides options for listening and analyzing a large amount of population regarding the success of failure of the company. The promotional activities identified with showcasing ought to be followed for the advancement of the brand. This is a significant advancement since it permits the organization to think about the items they offer to secure the degree of accomplishment. Hence, in this way, the company will be more trusted by the consumers after purchasing the product. The objectives of the organization should be in line to such an extent that they manage amounts, KPI, undertakings, benchmarks execution based, and enhancements (Tibebe, Wale and Venugopal, 2018).
The brand has a direct impact on the image of the firm so that it can maintain goodwill in the industry in which it is operating. Equity in brand relates to a set of assets that are linked to brand name and assets for adding value to the product or service of that company's customers. There are around nine ideas in relation with the firm; they are the protection of the brand, relation with customers, company reputation, extra value, image, identity system, and growth entirely (Madhukar, Krishnamurthy&Karkera2016).
Aaker's brand theory involves identity, positioning, and value of a promise. Identity represents the brand as an organization, symbol, and person. The value of the promise includes emotional elements, functional elements, and self-expressive elements. Another part is positioning, in which the identity is communicated to a target group. The theory that Jean-Noel Kapferer introduced describes the two different identities such as a sender and a recipient (Ferrandi, Valette-Florence and Fine-Falcy 2015). Three dimensions - reflection, physique, and relationship, deal with the externalization of the brand. The other three are self-image, culture, and personality that helps the brand to think in terms of customer satisfaction. Physique deals with personality such as color and other forms. Personality is known as the value and soul of the brand. Reflection is the generalization of self-image and brand. This is explained by Kapferer's theory along with the steps to market a product of a special brand name. Hence, Kapferer's theory should be selected for the branding of the company and therefore meeting the targets (Serdari 2015) because it will help the company in developing a good brand image in the market.
Keller describes customer-based brand equity to understand the customer's point of view. The point of view of customer changes as he/ she responds differently to a product (Augustiany 2015). The process of Customer-Based-Brand-Equity (CBBE) tells that consumers have a high level of familiarity and awareness about a product. Also, it tells how the brand holds afavourable, unique, strong, and brand association memory (Tasci 2018).
Positive CBBE occurs when a positive reaction is felt from the customer's side. If customers do not feel the difference of using the product and not using it then the utility of the product is considered as less valuable. Keller in his theory stated that positive brand image and brand awareness are very important to realize that a given brand is favourable, strong, and has unique associations. Hence, Keller says that brand knowledge is the network of nodes and they are hooked up with different memories and links of the customers (Duong 2019). This will, however, enable the firm to come up with new ideas of marketing. A positive image of the firm will build for more customer attraction.
Management of brand portfolio is an important part of brand equity. This means that the product value is enhanced by developing an association with meanings and brand names attached to the specific brand. The points that should be kept in mind are cost-benefit relation, quality, environmental concerns, and many others. Purchase likelihood, favourable conditions, distinctiveness, and unique associations should be built to create and maintain the name of the brand. Strategies should be developed for long-term marketing actions and therefore, associated with core values and culture of the organization (Stanislav 2017).
Strategies should be developed to know the audience, crafting of right message through the right channels. Effective marketing and communication strategies should be developed based on the needs of market. Trends in marketing and communications change day-by-day and help in communication with the customers in a more positive way. This could be successfully done by starting with buyer personas, knowing the USP, defining the personality, choosing the marketing mix, and establishing metrics for success (Melewar, Foroudi, Gupta, Kitchen, and Foroudi, 2017). Some key points ought to be chosen by the organization to affect the internet shopping experience and afterward should land with the answer for redesigning the product details etc. The financial plan ought to be viably set so the focal point of business to dispatch into the following stage that incorporates the remainder of the other page layouts (Reinhart 2017).
The report aimed to develop a business strategy for brand management and brand awareness. In this report,theories to build and sustain brand awareness, brand image, brand equity are discussed. Hence, as per recommendations is concerned, opportunities should be utilized by the company to pursue progressive growth. This will help the company to invest more in the research and development sector to manage the policies of free trade, high-growth opportunities. The improvement of the undertaking could be fruitful to dispatch the usability and reasonable angles. By following the best practices derived from the analysis and discussion above, it could be ensured that the customers are fulfilled by improving the ease of use of goods. Ultimately this will have an impact on the rate of conversion of brand performances.
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