JB Hi FI Research Paper Example | Topics and Well Written Essays - 1000 words

JB Hi FI - Research Paper Example The brand audit is basically the valuation of the brad in a quantitative manner. JB Hi Fi is one of the leading electronics retail chains in the Australia and New Zealand. However, the evolution of the brand JB Hi Fi was not an easy job. It has gone through many changes and many obstacles in the past. And it has overcome many barriers with the help of great branding strategy. Brand audit and background analysis of the Brand JB Hi Fi: The brand audit is an important factor for the improvement of the brand. It helps a company to understand the health of the brand (Solomon 2009, 159). Brand audit is a very important platform for building the brand identity (Roll 2006, 101). It also identifies the additional values required to improve the brand equity. The brand is the name, logo or some marks associated with the product which distinguishes the product from the other identical products. (Clifton, Simmons, and Ahmad 2009, 23). According to Martin Jelsema 1 the auditing of the brand has ma ny factors involved, and these factors are basically segregated as six major factors. These six factors are brand matrices, brand positioning, market segmentations, internal strength of the brand, brand personality and differentiators which differentiate the brand from the other competing brands. JB Hi Fi is having a great personality as a brand in the Australian market and it has shown great improvement in all of these six factors related to the brand audit to increase the brand equity. JB Hi Fi Started its journey in the year of 1974, with the great vision and mission of Mr John Barbuto (JB) and with his intellects and great visions towards the future as a single electronic store in Victoria became a great brand (About Us: JB Hi Fi. Nd). However, in 2000 the JB Hi Fi was bought by private equity bankers and they started a new branding strategy to increase the brand equity with the national expansion. And in 2003 the JB Hi Fi was listed in the Australian stock market (About Us: JB Hi Fi. N.d), since that time the JB HI FI became the brand of the nation for the retailing of electronics. The brand equity of JB Hi Fi: The JB Hi Fi started its journey in 1974 and from that time in never looked back within few years with a great strategic vision it got 131 stores in Australia and 10 stores in New Zealand within 2010 (Roth 2010, 106). Recently the stock price of the JB Hi Fi is floating around $ 20 and the last 12 months average price is $ 21.65 with the market capital of $ 2,154 million (JB Hi-Fi Limited, 2011). Within just one decade it has gained a great position in the Australian Qualitative stock market. Competitive advantage: Competition makes a brand more powerful. And the competitive advantage can be felt if and only if the competition is there. However, JB Hi Fi got a great competitive market in Australia. Few of the competitors are Harvey Norman, The Good Guys, Domayne, Sanity Entertainment, Strathfield Group, HMV, Video Ezy and Blockbuster. However the g reat branding strategies and value pricing have made the JB Hi Fi one of the toughest competitors in Australia. Current branding strategy and marketing programs: Branding is all about powering the product profile with great brand equity (Keller 2008, 59). And the brad equity plays a great role in it. the success of branding lies on few important factors and they are brands awareness, identifying