Milestone_One_Presentation_on_Brand_Equity_and_Its_Importance_to_the_Company

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Milestone One: Presentation on Brand Equity and Its Importance to the Company Southern New Hampshire University MBA645 Optimizing Brands Prof. Christopher Sampson May 7, 2023

Brand Analysis and Implications • When developing a new brand strategy, a brand analysis is typically done to determine how well your brand is doing. The value a brand adds to its products and services is known as brand equity. • Brand equity is important to an organization because it can help increase sales, improve customer retention, and create a competitive advantage (Kotler & Keller, 201). • This allows businesses to charge more for a product than their rivals, even though it was purchased at the same price, causing positive brand equity to increase the profit margin per client.

Positive Implications • Addressing safety concerns and communicating effectively with consumers can support brand loyalty and build trust. Doing this reassures customers that the park is taking their safety seriously, while creating a positive perception of their brand (Ingram Micro Advisor, 2021). • Support from the community and local government agencies can have a positive impact on the parks reopening and their brand equity. Receiving this type of support will improve their reputation, create a competitive advantage, and boost customer loyalty. • Employee support is also vital to the success of the parks reopening. Employees are more likely to provide superb customer service when they are motivated and committed, this will result in increased customer satisfaction, which will enhance brand equity.

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Negative Implications • In today’s digital age, social media can be an influential tool for sharing info and views about a brand. Yet, it can also be a double-edged sword, as negative comments and reviews can quickly go viral and damage a brand’s reputation (Smith, 2023). The park runs the risk of receiving negative social media responses that could have a significant impact on their brand equity if they do not address the safety concerns and communicate effectively with their customers. • The foundation of any business is centered round their employees. Therefore, it is imperative that their concerns be taken into consideration. When employees feel like their safety is being compromised or they are asked to complete uncomfortable task, morale decreases, productivity declines, and turnover becomes high. All which will have a negative impact on the company and their reputation. • When considering the parks reopening, operational safety concerns must be taken seriously. If the park does not have the appropriate safety procedures in place, they risk injuries and accidents, which can have serious legal and financial ramifications.

Introduction to Strategic Communication Plan • Creating a detailed strategy to communicate with stakeholders before and after the park reopens is known as a strategic communication plan. Key stakeholder groups, their organizational interests, and communication requirements are the most effective channels to utilize and should all be identified in this strategy. The potential impacts involved with reopening the park and how they will affect each stakeholder group should also be considered.

Employees • Employees are an essential stakeholder group involved in the parks reopening. They are responsible for providing a great experience and ensuring guest safety. The strategy for communicating with employees should be centered on assuring their safety and well-being; which will keep them informed of any changes to the park’s operations and allow them to resolve any potential issues they may encounter. • Communication needs for employees should include safety procedures, duties, and schedule changes, as well as resources for support and assistance. • Internal communication channels including email, company intranet, and team meetings are the most effective means of communication for employees. They may also think about leveraging messaging services or mobile apps to deliver real-time updates and concerns. The company can also employ an open- door policy, suggestion boxes, and anonymous surveys. • If they have concerns about their safety and increased workloads to the new procedures and protocols. Reopening will reassure job security and work stability.

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Customers • Customers are also an important stakeholder group for the parks reopening, because they bring in the revenue that helps the organization. The communication plan needs to clearly state operational changes, safety procedures, and any other new promotions or offers. • The best mode of communication for customers is through the social media channels, email newsletters, and the company’s website. They can also use mobile apps to deliver real-time updates and information. • Reopening the park could have a medium impact on customers. While some visitors may be eager to return to their favorite attractions, others may be concerned about the park’s safety.

Communities • Communities are always impacted by the operations of a business, which makes the surrounding communities an important stakeholder group when it comes to the parks reopening. The parks’ plans for reopening should be the primary focus of the communication strategy to the community. • Communication to the community needs to include information on the safety measures, traffic and parking procedures; and any other potential impacts that may disrupt the economy and community. • Reopening the park will create jobs and bring back visitors. Clarifying how people from the surrounding communities will benefit will increase the publics support, which could be beneficial to the park’s finances and their image (CDC, 2021). Therefore, hosting town hall meetings, distributing newsletters, and conducting community outreach is the best way to communicate these updates to all neighboring residents and businesses in the community.

Functional Departments Roles and Responsibilities • Cross functional departments; like sales, operations, and marketing are all essential to building brand equity. Each play a significant role in the reopening process. These next few slides we will review their functions, roles, and responsibilities; and how they may help increase brand equity. Sales Operations Marketing

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Sales  Role • Generate revenue for the organization through the reopening process.  Responsibilities • The sales department is liable for generating revenue for the organization by offering products and services to customers. • In the context of the park’s reopening, the sales department can contribute to improving their brand equity by developing and implementing strategies that attract new customers while retaining existing ones (Kotler & Keller, 2016)

Operations  Role • Safeguard the parks equipment and facilities; and ensure that the park has sufficient staff to operate and assist visitors during the reopening phase.  Responsibilities • Adopt new processes and technologies that can reduce wait times and assure that the equipment is regularly maintained as well as inspected. • Improve customer experience and lessen contact between customers and employees. This will cultivate a culture of excellence and continuous improvement (Mullins & Walker, 2018).

Marketing  Role • Develop a marketing strategy to promote the reopening of the part to the public.  Responsibilities • Develop a campaign for the park’s reopening by focusing on safety measures and communication with the public. To attract, retain, and cultivate the organizations revenue through their target audience. • Use various marketing channels like social media, email marketing, and search engine advertising.

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Legal and Ethical Consideration  The legal team has outlined a few legal and ethical considerations that must be considered during the reopening phase of the parks. • Privacy Concerns: Safeguard visitors’ personal information by assuring that any data collected is be handled with care and ethics. • Liability and Risk Management: Be mindful of the possibility of liability issues or lawsuits. They must take every measure to mitigate any safety risks of all visitors, and employees. • Compliance with State and Local Regulations: Comply and adhere to the local, state, and federal regulations. They must maintain the publics trust to avoid any unnecessary legal problems. • Safeguarding the park’s legal standing, reputation, visitors’ safety and privacy are all essential. Failing to consider these factors could result in legal issues, negative exposure, and loss of trust from stakeholders. It is extremely vital to ensure that all legal and ethical considerations are taken seriously when planning and executing organizational changes.

References Center for Disease Control and Prevention, (2021). COVID-19 Employer Information for Hospitality and Tourism. Retrieved from: https://www.cdc.gov/coronvariru/2019-ncov/community/parks-rec/employer-information.html Ingram Micro Advisor, (2021). Communicating Safety to Your Customers: Tips and Tricks. Retrieved from : https://www.imaginenext.ingrammicro.com/it-solutions/communicating-safety-to-your-customers- and-tricks Kotler, P., & Keller, K. L., (2016). Marketing Management (15 th ed.) Pearson Mullins, J. & Walker, O. C., (2018). Marketing Management: A Strategic Decision-Making Approach (9 th ed.) McGraw-Hill Education. Smith, G. A., (2023). Social Hospitality Effective Strategies for Managing Social Media Crisis Retrieved from: https://www.socialhospitality.com/2023/04/effective-strategies-for-managing-social-media-crisis-a-guide-to-best- practices/

Milestone_One_Presentation_on_Brand_Equity_and_Its_Importance_to_the_Company

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