Vegemite Brand

Brand equity is defined through five different components: brand loyalty, familiarity and recognition of a brand name and/or symbols, perceived quality of products under the brand name, associations including how the brand is positioned relative to competitors, and other brand assets like control of distribution outlets (Aaker 1991, p 3). To elaborate on brand loyalty, it includes the ability to retain satisfied customers (Aaker 1991, p 3). Brand equity also is composed of the cultural relations a brand establishes with its potential or actual customers (Sinclair 2008, p 219). Within this, brands have the option of going global, or retaining a national stance. Brands that remain on the national level have interests in retaining national unity

Kraft decided it would be smart to gain access to new markets and enlisted the power of social media and IBM to do this. Using IBM’s COBRA system, which used algorithms and sophisticated patterns to analyze patterns of consumers on the Internet (Keinan & Farrelly & Beverland 2012, p 4). Results showed that about 75% of Vegemite users put it on their toast for breakfast (Keinan & Farrelly & Beverland 2012, p 5), and that Vegemite is most loved brand on the Internet (UTS 2007). This personal sense of marketing allowed customers to provide their own takes on how to use Vegemite. The Kraft team also conducted a study that determined the 12 most popular ways that people eat Vegemite. The ‘How Do You Like Your Vegemite’ campaign gave rise to people influencing outcomes of the company. Over the course of the first month of the campaign, Vegemite’s Facebook page rose from 17,000 to 45,000 members (UTS 2007). With the campaign, a boom in sales caused Kraft to ship over 1,000 tons of Vegemite per month and sales to increase over 5% from their previous best year (Keinan & Farrelly & Beverland 2012, p 6). Simon Talbot, head of Kraft Corporate Affairs, said "this campaign has broken all records, not just for us, but for all food brands in Australia” (Royce 2008, p

It performed many of the necessary actions that go into social media campaigns, which is something the “Name Me Campaign” lacked. Determining the best ways to integrate strategies is a main component of this (Krach 2017). It seems as though the latter campaign was rushed, and just wanted the product on the shelves. Additionally, conducting market research is equally as important (Krach 2017). The HDYLYV campaign exemplified this, and utilized it to the maximum, as it was what the campaign was based on. iSnack 2.0 fell behind with this, and conducted little to no market research on whether the name would be liked by the general