Optimizing Brand Equity: Strategic Communication for Success

JASMINE COLEMAN MBA-645-Q3806 OPTIMIZING BRANDS SOUTHERN NEW HAMPSHIRE UNIVERSITY 3-1 MILESTONE ONE: PRESENTATION ON BRAND EQUITY AND ITS IMPORTANCE TO THE COMPANY

WHAT IS BRAND EQUITY AND WHY IS IT IMPORTANT TO OUR ORGANIZATION? Brand equity can be defined as the level of sway a brand has when it comes to their consumers while having a brand that is identifiable and well thought of. Organizations can establish brand equity through positive customer experiences through enticing consumers to continue to purchase or use them over their competitors.

POSITIVE IMPLICATIONS • Safety concerns addressed and communicated. • Community and local government support for reopening. • Employee support for reopening.

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NEGATIVE IMPLICATIONS. • Social media negative reactions. • Employee negative concerns. • Operational concerns for safety.

STRATEGIC COMMUNICATION PLAN Our Key Stakeholders: Suppliers. Customers. Employees.

COMMUNICATION NEEDS FOR OUR CUSTOMERS • Communication through emails, social media, and radio or television advertisements on updates of the park reopening. • Our customers will need bi-weekly updates on promotions and incentives via emails and social media. • Providing our customers with monthly safety updates, improvements, and expectations when the park reopens. • Having a FAQ section through multiple communication channels i.e. social media and our website to address concerns and provide additional information.

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COMMUNICATI ON NEEDS FOR OUR SUPPLIERS. • Suppliers will need biweekly updates on park reopening and timeline of events this can be done through email or zoom meetings • Updates regarding training, safety procedures and protocols can be conducted biweekly through email or zoom meetings • Suppliers will also need monthly communications pertaining to marketing promotions and campaigns which can be done through email.

COMMUNICATION NEEDS FOR OUR EMPLOYEES. • Constant weekly email updates on when the park will be reopening. • In person and virtual meetings monthly or as needed to address concerns or questions. • Trainings on safety protocol and procedures. • Employee portal for additional information and support with an FAQ section.

FUNCTIONAL DEPARTMENTAL ROLES AND RESPONSIBILITIES.

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FUNDAMENT AL DEPARTMENT S Sales - Create individual and group sales. • The responsibility will be to understand what the existing and new customers are looking for when the park re-opens. • Updating and improving safety measures such as preventative steps to avoid future incidents will be imperative when the park reopens. • Implementing new improvements to the park such as attractions and rides will pique interest to our existing customers and attract new customers. • Maintaining a balance between increasing our revenue to make up for the park closure without driving customers away through increased prices.

FUNDAMENTAL DEPARTMENTS Operations - Preservation of our guest and employee’s safety. • The responsibility will be to enhance the park safety measures and procedures while maintaining a fun environment. • We will need to ensure that the safety measures are working properly without impacting the customer experience. • Implementation of various overlapping preventative measures to prevent further incidents from occurring. • Implementing regular employee trainings and development opportunities.

FUNDAMENTAL DEPARTMENTS Marketing – The goal will be to attract, retain, and grow revenue from the park’s target audience. • The responsibility will be to define and manage the brand to promote applicable safety measures and messaging. • Manage social media posts and content effectively by providing safety tips and measures for further education and assurance Email marketing and advertisements. • Conduct market research to further identify and define the market and the opportunities to capitalize on.

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LEGAL AND ETHIC CONSIDERATIONS • Pricing Tactics. • False Advertisement. • Selective Promotion. • Stereotyping. • Unethical data gathering.

REFERENCES: • Marketing Evolution. (2022, July 19). What is Brand Equity? Definition and Importance | Marketing Evolution. Www.marketingevolution.com. https://www.marketingevolution.com/marketing-essentials/what-is-brand -equity-marketing-evolution#:~:text=Brand%20equity%20is%20the%20lev el • YEC. (n.d.). Council Post: Brand Equity: Why It Matters And How To Build It. Forbes. Retrieved March 25, 2024, from https://www.forbes.com/sites/theyec/2021/07/12/brand-equity-why-it-m atters-and-how-to-build-it/?sh=57ec1f1e10de • Schwartz, J. (n.d.). Council Post: 5 Tips To Improve Your Brand Communication Strategy. Forbes. Retrieved March 25, 2024, from https://www.forbes.com/sites/forbesagencycouncil/2022/05/17/5-tips-to- improve-your-brand-communication-strategy/?sh=399d13c0430e

Jasmine Coleman 3-1 Presentation

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