World of Tui
Essay title: World of Tui
A Smile for the whole world
– THE WORLD OF TUI –
INTRODUCTION
At a time of brand development, marketers have to front a decision involving brand flexibility: Should a new product be attached to an already existing brands name, or should it be developed as a stand-alone brand? For example, should Microsoft give its name to brand cars? Or would Rolex weaken its brand by branding shoes?
According to Aaker (1996) the definition of a brand is: “A set of assets and symbol that adds to (or subtracts from) the value provided by a product or service”
In today’s global markets, a brand’s marketing strategy must go head-to-head, not only with regional, local or national brands, but also with international competitors’ marketing strategies. This make as it hard to implement a marketing strategy when it comes to identifying, attracting, and retaining a market (Palumbo, Herbig 2000).
BRANDING
“One of the most important aspects of a company’s global strategy is how it deals with branding. Brands are the most lasting advantages that companies have and it doesn’t matter if the brand relates to products or services, or the name of the corporation itself” (Mooij 2005).
“Branding is the most important thing you can do to increase your bottom line,” says branding expert Rob Frankel (Watkins 2001).
According to Kotler (2005
) the most important ability to a marketer is the ability to create, sustain, protect, and develop brands for their products. “A brand name, term, sign, design or a combination of these, that identifies the maker or seller of that product or service” (Kotler 2005).
The goals, objectives, and mission of any organization should be in line with the branding strategy employed (Rooney 1995).
Branding is an very effective marketing tool used with constant success over the past decades. Today, branding is experiencing a new popularity resulting from new innovative possibilities in a strongly networked and global society. So it is very important for a globall company to breakthrough the clutter in the market and identify the strengths of its brand. A brand must not only be identifieable but also differentiate from the competition.
The main target of a brand is that the name should be kept in mind by the consumer. Once a name and a trademark have been selected, marketers have to select the communication strategy to support and guide the bran. Finally, not loosing track keeping in order to keep the brand in a strong market position is an important topic.
Consumers consider a brand as an important element of a product, and branding can add importance to a product. A brand can also provide a guarantee of reliability and quality. Branding has become so important that today hardly anything goes unbranded. (Kotler, 2002)
UMBRELLA BRANDING
Umbrella branding is the form of product branding where brands are to other brands of the overall corporate brand (Pickton and Broderick 2005).
According to Pickton and Broderick (2005) there are 2 different methods of umbrella branding: there is corporate umbrella branding: the company and its products are branded under the same brand name, for example Nivea. And there is family umbrella branding: the company has a corporate brand and separate brands for the products, for example Kraft
Using the already present brand name has some advantages. The brand is already familiar to the consumer and is a brand which already has a existing positive image. Using the existing brand name would strenghten the overall brand awareness.
But there is also a downside to the medal, the current position of a brand might not be translated to the new product or the brand might be associated with new attributes for which the original brand is not known, which are not favourable and thus might harm it. Some marketing experts fear the risk that using the brand name as an umbrella covering an extended product in line could blur the original brand.
“No doubt, umbrella branding has a number of advantages over individual brands in terms of low promotional costs and easy acceptance in trade” (BS Corporate Bureau 2003)
THE WORLD OF TUI
“World of TUI” has evolved and expanded to become one of the world’s leading brands in the business of travel and tourism over the last