INTRODUCTION

Brand Audit Brand Audit is a comprehensive assessment of an organizations brand, in which its strengths and weaknesses are assessed and opportunities are determined. The purpose of a brand audit is to capitalize on the opportunities in efforts to improve the various elements of an organizations brand in both management and marketing perspectives. Brand Audit is concerned with the behavioral & psychological nature of brand, not the financial dimension. The real benefit of conducting a brand audit is that it helps provide a look at the current state of knowledge about a brands equity as well as providing a fresh understanding of the brand. It will also provide a better understanding of what roles the brand elements and other brand related components have played and can play in maintaining a brand.

Cool Industries Pvt Limited

Cool Industries (Pvt) Limited, was established in 1973 and grew to a leading Home Appliances manufacturing Company in Pakistan, in a very short span of time. This was achieved by the tireless efforts of our devoted Management, highly motivated professionals and dedicated team work, committed to excel in the quality and services. Cool Industries (Pvt) Limited, have highly skilled professionals, responding rapidly to the market needs. With the most modern and high-tech manufacturing facilities, Waves products capture over 80% of the local market for Refrigerators, Deep Freezers, Air Conditioners and other home appliances. The company manufactures Refrigerators, Deep Freezers, Air Conditioners, Washing Machines, Microwave Ovens and many other quality home appliances, with the production ratio exceeding the overall production of Pakistan's appliances manufacturers. A leading manufacturer of Home Appliances, including Deep Freezers, Refrigerators, Air conditioners, Vacuum cleaners, Food processors, Washing machines and other wide range of appliances waiting to launch in a market very soon. The brand name Waves is undisputed leader in the market, both in residential and commercial sector in Pakistan. Waves is also exporting its products to Middle East and Central Asian States including Afghanistan. Company is known for its commitment to the latest technological advancements in design & manufacture. Owing to the engineering experience and skills available, the identification and adaptation of new techniques, materials and know-how, our production processes and products requires a minimal lead-time. This flexibility in our production has given us distinguished edge over our competitors in the market. Waves have brought into the market a 100% indigenously designed and manufactured split air conditioning system with different innovations and choices, which has attracted a large customer base.

The company is fully committed to protecting the environment and has been awarded a substantial grant by the World Bank to phase out ODS (Ozone Depleting Substances) its production processes. This is an ongoing activity and is being given all the importance it deserves for a timely and successful competition. Waves split AC are energy savers and provide strong cooling. Waves have announced One year free Replacement Warranty of complete unit with in one year for its split AC. It is undoubtedly height of confidence and such an offer is for the first time for any of the air conditioning company in Pakistan. Another sizzling entry is the latest technology Cool Bank.
OBJECTIVE OF BRAND AUDIT SCOPE OF BRAND AUDIT BRAND

BRAND SELF ANALYSIS

What is Cool Bank?

Waves, pioneer in refrigeration industry, have always been introducing new concepts in the world of cooling, such as Waves Freezers and Triplets. Now Waves has proudly introduced miraculous "Cool Bank Technology" in its new series "Cool Bank Refrigerators and Deep Freezers". Main reasons behind launching of this technology are acute power shortage, foreseeable increase in load shedding and high electricity bills. Waves Cool Bank technology facilitates not only the consumers but also the country in its need to economize scarce energy resources. The Cool Bank refrigerators and deep freezers consist of double back up system, one stores electricity and other stores cooling. In case of power failure or load shedding, Cool Bank provides internal light and cooling to maintain temperature up to 5 hours. Contrary to Cool Bank, common refrigerators and deep freezers loose their cooling rapidly within 20~30 minutes and food gets spoiled. Waves mainly deals in following products: Refrigerators Deep Freezers Air Conditioners Washing Machines Microwave Ovens Home Appliances

My main concern will be on refrigerators and deep freezers

INDUSTRY ANALYSIS MARKET SHARE CONSUMER ANALYSIS

COMPETITIVE ANALYSIS
Waves have a direct competition with Dawlance especially in Refrigerators and Deep Freezers. Previously Dawlance was market leader but in the recent years Waves took over through its product innovation and strong customer relationships. Waves always looked to target the weaknesses of their competitor that is Dawlance and make them their opportunities for growth. They identified potential customers and focused on them. Waves made their Research and Development strong that they can introduce the latest technology in refrigeration and deep freezers. Waves also have competitive edge because it is the pioneer in the refrigeration and deep freezers.

SWOT Analysis of Waves

SWOT is the acronym for (Strengths, Weaknesses, Opportunities and Threats).

Strengths
Strong Research and Development Department. Wide product range of refrigerators and deep freezers than any other. Quick after sales service. Good dealers network covering all Pakistan

Weaknesses
Weak marketing campaign Less event sponsorship

Opportunities
As they have strong Research department they can produce more innovative products in future. Good after sales services will help in building strong customer relationships in future. They have large masses of customer through wide product range and they can also target them their new product is introduced.

Threats
Innovation from its competitors that is Dawlance Losing customers with no event sponsorship.

SWOT Analysis of Dawlance Strengths

Strong marketing campaign Sponsorship of big events and shows Good integration among the branches in different cities.

Weaknesses
Weak Research and Development department High prices as compared to quality and durability Narrow product range as compared with Waves.

Opportunities
Through good advertising they can capture customers from their competitors There main opportunity is that they sponsor those events or shows which have maximum number of viewers.

Threats
Entrance of competitors product with low prices. Innovation from competitor.

From above SWOT it is clear that Waves has a strong competitive edge over Dawlance. Even though Dawlance have well organized marketing campaign but still Waves is preferred because it is low in price and it is known for its durability and quality. They have good customer relationships.

BRAND INVENTORY

BRAND A brand is a name, term, sign, symbol, or design or a combination of them, intended to identify the goods or

services of one seller or group of sellers and to differentiate them from those of competition.
In this project brand is Waves.

BRAND ELEMENTS Brand elements, sometimes called brand identities, are those trademarks devices that serve to identify and differentiate the brand.
Following are the options for brand elements: Brand Name URLs Logos and Symbols Characters Slogans Jingles

Following are the details of these elements which Waves is using:

Brand Name Brand name is important choice because it often captures the central theme or key associations of a product in a very compact and economical fashion.
So Waves focuses on its name and it is well recognized by its name. As there motto is For the Name Alone. Means they are recognized by there name there name speaks for their quality and durability.

Brand Awareness
In general it is believed that brand awareness is improved the extent to which brand names are chosen that are simple and easy to pronounce or spell, familiar and meaningful and different, distinctive and unusual. The brand name Waves covers all the criteria required for improved brand awareness through brand name. It is easy to recognize and recallable under any condition.

URLs URLs (Uniform Resource Locators) are used to specify locations of pages on the web, and also referred to as domain name.
Waves has its on web page and customers who wants to have information about there new product they can have it from its web page. Its website includes details about its product line and information about there new products. They consider website as important source for creating strong brand awareness. Its website is www.waves.net.pk.

Logos and Symbols

Logo of Waves is: Logo of Waves is present on every product of Waves. It has become very familiar in the minds of customers. Wherever people se this logo they recognize it. Brand name is used in it so it is to create brand awareness among people. Symbol which Waves used is of Wave with its brand name. This is used define the meaning of the brand name.

Characters
Waves generally do not use any character to identify there brand. They mainly focuses on quality and features of there product according to them demonstrating about features is more important than using any character.

Slogans Slogans are short phrases that communicate descriptive or persuasive information about the brand.
The slogan of Waves is: As it can be seen from the slogan that it gives description about the brand and it focuses on the quality of the brand name. Its name speaks for itself, which is Waves.

Jingles Jingles are musical message written around the brand.

Jingle of Waves is:

Rakhey Sab Kuch Fresh and Cool Kiyn Ke Waves Deta Hai Room.
This is the jingle used often in the advertisements of Waves refrigerators and deep freezers. This shows the on feature of refrigerators and deep freezers as their cooling capabilities, and also about the freshness of the things in Waves refrigerators and deep freezers.

CRITERIA FOR CHOOSING BRAND ELEMENTS

Core Brand Values Core brand values are those set of abstract associations that characterize the 5-10 most important aspects or dimensions of a brand.
Core brand values of Waves are: To provide customer a prompt, quality and reliable services at their doorstep. Facility to customers by meeting complaints same day on just one phone call. Vital part of customers life Get the feedback from there end users by calling them and improving.

Brand Mantra
A brand mantra is short, three to five word phrase that capture the irrefutable essence or spirit of the brand positioning and brand values. Brand mantra for Waves is: Secret of Success, Honesty with Customers Brand mantra for Waves refrigerators is:

Smart Designs and Beautiful Colors, to Match your Mood

Brand mantra for Waves deep freezers is: Coolest among Cool, Ensuring Efficiency in Extreme Temperatures

Points of Parity and Points of Difference Points of Parity(POPs) POPs are those associations that are not necessarily unique to the brand but may in fact be shared with other brands.
One term which is often used in POPs is, Category POP (necessary conditions for brand choice). Waves have category POP as it is provides cooling for long time, it provides perseverance of food items, e.t.c.

Points of Difference(PODs) PODs are strong, favorable, and unique brand associations for a brand.
The POD of Waves is that they introduced a new technology of Cool Bank.

What is Cool Bank?

Waves, pioneer in refrigeration industry, have always been introducing new concepts in the world of cooling, such as Waves Freezers and Triplets. Now Waves has proudly introduced miraculous "Cool Bank Technology" in its new series "Cool Bank Refrigerators and Deep Freezers". Main reasons behind launching of this technology are acute power shortage, foreseeable increase in load shedding and high electricity bills. Waves Cool Bank technology facilitates not only the consumers but also the country in its need to economize scarce energy resources. The Cool Bank refrigerators and deep freezers consist of double back up system, one stores electricity and other stores cooling. In case of power failure or load shedding, Cool Bank provides internal light and cooling to maintain temperature up to 5 hours. Contrary to Cool Bank, common refrigerators and deep freezers loose their cooling rapidly within 20~30 minutes and food gets spoiled. This is there Unique Selling Proposition (USP) also because in its advertisement or broacher they mention the benefits of it usage when there is no electricity. This advertisement in result compels customer for the purchase of this product. This POD of Waves becomes there Sustainable Competitive Advantage (SCA). They have patented this technology for 2 years. This means no body can copy this technology for 2 years.

Waves can provide this new technology for longer period of time and can gather as much customers as it can. Choosing Points of Difference (PODs) Following consideration should be taken into account while choosing POD. Waves in choosing its POD considered following points: Desirability Criteria It includes the following:

Relevance
The POD of Cool Bank is important and relevant for its target customer. Because of load shedding, people need to have there food fresh, so this technology has become more important for the customers of Waves under these circumstances.

Distinctiveness
This POD is unique and superior to as compared with its competitor that is Dawlance. Customers can not find the same technology in the refrigerators and deep freezers of Dawlance. It has not yet been introduced by Dawlance so it is distinctive and superior.

Believability
Customers find it believable and credible when Waves says that Cool Bank refrigerators and deep freezers maintain cooling temperature for 5 hours when there is no electricity. It has cooling back up system for this.

Deliverability Criteria
It includes the following:

Feasibility
This POD of Cool Bank is very effective and performs at the level expected by the consumers. It saves energy resources not only for customer but also for country as well.

Communicability

Cool Bank Technology maintains cooling for 5 hours when there is no electricity. Other refrigerators and deep freezers like of Dawlance loose their cooling rapidly with in 20-30 minutes and food gets spoiled.

Sustainability
This Cool Bank technology will help customers over a longer period of time. It will come to the expectations of customers.

BRAND MARKETING PROGRAM

Implication of marketing programs is possible through following strategies which Waves use: Product Strategy Pricing Strategy Channel Strategy

Product Strategy
Product strategy is of prime importance because it is considered to be the heart of brand equity. It has the major influence on what consumer experiences with the brand. Waves also know the importance of its product of refrigerators and deep freezers. Waves takes into consideration two points while making product strategy. These are:

Perceived Quality and Value

Perceived Quality can be defined as customers perception of the overall quality or superiority of product or service relative to relevant alternatives and with respect to its intended purpose. General dimensions of product quality which Waves follows are: Performance (The performance level of Waves refrigerators and deep freezers always has been on higher side) Features (Unique features of Waves refrigerators and deep freezers always has inspired its customers. They complement well with the performance) Conformance Quality (Low rate of complaints from customers shows good conformance quality of Waves refrigerators and deep freezers) Reliability (Waves refrigerators and deep freezers are considered to be the most reliable products then Dawlance. last years customer survey report showed these facts)

Durability (Most of the Waves refrigerators and deep freezers designed are long lasting) Serviceability (Waves have the best service department and it is considered to the most efficient among other competitors such as Dawlance) Style and Design (Waves innovative styles and designs always inspired the eyes of customers.)

Brand Intangibles
Waves pay special attention in order to improve product quality through brand intangibles. It does so by providing delivery and installation services to its customer, providing solutions through call centers. This is done in very efficient manner. Total Quality Management (TQM) and Return on Quality (ROQ) Waves always focused on continuous quality improvement. This is done through TQM. The Research and Development department of Waves always focused new technology and try to improve the quality of product through latest technology. Their latest invention has been Cool Bank. ROQ concentrates on the improvement of those attributes with which customer is mostly concerned. As a result of this Waves introduced the Cool Bank.

Relationship Marketing
Retaining customers is the most important aspect for Waves in the product strategy. They know the importance of retaining customers. This relationship building is done through:

Mass Customization
The idea behind is to make the product which fits the customers. Waves is still working on the concept of mass customization. They still havent launched it. They have future plans of launching them. They will be pioneer in doing so.

After Marketing
Waves give instruction manual and user manuals with its refrigerators and deep freezers. This makes it easy for the customer to use the products that are a bit complicated. Pricing Strategy Reasonable prices on Waves refrigerators and deep freezers show that they have good pricing strategy. Following approach is used by Waves in pricing strategy:

Value Pricing It is a mixture of right product, right cost and right price that fully satisfies the customer needs and achieves the profits targets of the firm.
Waves focuses on value pricing, by making quality product with least cost which results in price which fully satisfies the customer needs and achieves firms goals. Waves refrigerators and deep freezers are considered to be most economical as compared with its competitor that is Dawlance. Channel Strategy

Indirect Channels Channel Support

Waves improve its channel support through:

Retail Segmentation
Waves have done retail segmentation by dividing its retailers in different areas of cities. They treat retailers as there customers and works on building good relationship with them. They have different outlets in Rawalpindi and Islamabad. Retailers in return provide information about changes in the need of customers time to time. They have given there refrigerators and deep freezers product to different retail outlets all over the Pakistan.

Cooperative Advertising
Waves do the Cooperative Advertising with its distributors. Distributors promote their product through cable television in local areas. This helps in enhancement of brand awareness for Waves. Direct Channels Waves do not use any direct channel to sell its refrigerators and deep freezers.

INTEGRATING MARKETING COMMUNICATIONS Marketing Communication Options

Following are the marketing communication options:

Advertising Sales Promotion Event Marketing and Sponsorship Personal Selling

Advertising Advertising is paid form of non personal presentation and promotion of ideas, goods or services by an identified sponsor.
Waves have done advertisement through: Television (Waves refrigerators and deep freezers ads on Geo News before 9 o clock news when there are maximum numbers of viewers.) Newspaper (Waves refrigerators and deep freezers ads are published every Sunday in The News, Jang and Ausaf) Radio (Waves refrigerators and deep freezers ads on radio when there are maximum listeners i.e. in the morning when people going to offices.) Online (Waves refrigerators and deep freezers have its own website through which it advertises its products and give information about new product) Place (Waves refrigerators and deep freezers billboards and posters are placed at the busiest place in Rawalpindi and Islamabad.)

Sales Promotion Sales promotion is short term incentives to encourage trial or usage of a product or service.
Waves have offered different sales promotion schemes. One of them is Wedding Gift. In which they offer refrigerator, deep freezer and air conditioner at comparatively low prices.

Event Marketing and Sponsorship

Event marketing is sponsorship of events or activities related to sports, art, entertainment or social causes.
Waves only once sponsored Exhibition at convention center. Other than this they have never done event marketing or sponsorship.

Personal Selling Personal selling involves face to face interaction with one or more prospective purchases for the purpose of making sales.
Waves is currently doing personal selling on its new technology of cool bank in refrigerators and deep freezers.

Integrating Marketing Communication Program

Waves have integrated marketing communication programs in order enhance brand awareness. So that it can easily be recalled and recognized by its customers.

Determining the Optimal Mix

Waves mainly use advertising and personal selling as major marketing tool. Advertisement is used to create awareness and build brand image by offering unique benefits. Where as personal selling is used for demonstration about new technology when product is new and sophisticated.

BRAND STRATEGIES LINE EXTENSION

Waves Refrigerators
Waves Refrigerators are environmental friendly, equipped with genuine compressors and deodorizer, strong wire shelves and crystal clear door racks. Waves refrigerator will be with you for a long time. Its the hardest working and longest lasting household Item that you will probably buy. Once again Waves offers you a comprehensive range of new models, so that you can be sure of a lifetime of service, at prices, which they will always strive to keep more than competitive. Waves have following series of Refrigerators: Direct Cool Series Direct Cool Mini Series

No Frost Series Cool Bank Ice Magica

Direct Cool Mini Series. Mini Refrigerators are extensively used in places such as hotels, offices, houses and student dormitories. These Refrigerators are suitable for refrigerating and conserving foods such as fruits and beverages. It enjoys the advantages of small size, lightweight, high efficiency and low energy consumptions.

Waves Deep Freezers

Being the pioneer in Refrigeration Technology in Pakistan, we have been manufacturing WAVES Freezers for the last 30 years and fulfilling 90% demand of our country. Holding the ISO 9001 certification, WAVES Freezers are undoubtedly the best Freezers in Pakistan and have the excellent reputation. In fact WAVES Freezer is the one that has almost eliminated the concept of foreign freezers in Pakistan. Waves have following series of Deep Freezers: Normal Door Glass Door Sliding Glass Door Triplet Upright Cool Bank

WAVES Triplet
WAVES Triplet is a unique product with three compartments i.e. Ice Box for quick ice making. Deep Freezer for frozen foods. Refrigerator Box keeps vegetables, fruits, milk etc fresh & chilled.

CATEGORY EXTENSION
Refrigerators Deep Freezers Air Conditioners Washing Machines Microwave Ovens Home Appliances.

CONSUMER PERCEPTION ANALYSIS BRAND USAGE ANA

Brand Awareness
Waves customers have strong brand awareness. They can easily identify the waves refrigerators and deep freezers under any condition. Brand Awareness consists of:

Brand Recognition
Waves have built good brand recognition in the minds of customers. They can easily recognize the refrigerators and deep freezers when they go to their outlets.

Brand Recall
Waves also have built strong brand recalling. When ever people think of refrigerators and deep freezers they first recall Waves then any other brand like Dawlance.

Brand Image
Customers have positive image about Waves. These customers have built there image through Past experience by using Waves products previously. Word of mouth by hearing positive suggestions from there friends and family members. Quality of refrigerators and deep freezers it is making. These refrigerators and deep freezers are environment friendly.

Brand Response Brand Relationships BRAND EQUITY

Brand Salience

Waves brand easily be identified under any condition by customers. This is done through brand awareness by which they can easily recognize and recall Waves even in the presence of Dawlance.

Brand Performance
Waves refrigerators and deep freezers are known for their good performance. There performance is measured in terms of: Features Durability, Reliability, and Serviceability Service effectiveness, efficiency and empathy Style and design Price

Waves refrigerators and freezers have unique features, they long lasting, consistent in performance and there after sales service is effective with less time and treat there customer as there clients. New styles and designs of waves are attracting more and more customers from its competitor that is Dawlance. There prices are low as compared to what they are delivering to customers.

Brand Imagery
Customers have positive image about the Waves refrigerators and deep freezers. These two products of Waves are available at the outlets who are authorized dealers of Waves. So they also help in building good image about the brand.

Brand Judgments
Customer makes judgments about the brand on the basis of:

Brand Quality
Waves brand quality is judged by its ease of use, appearance, design and after sales services.

Brand Credibility
Waves built its brand credibility by being competent, innovative and market leader. It has also worked to satisfy its customers. For them customers comes first. For this reason it is liked by most of the people.

Brand Consideration

Waves through its brand awareness have made a good position in the minds of customers. Customers consider Waves when think of purchasing refrigerators and deep freezers.

Brand Superiority
Waves always have been given priority by customers. It has always been at the top in the minds of customers. Also top of the list in evoke set.

Brand Feelings
Customers of Waves always feel good when they purchase there refrigerators and deep freezers. They feel secure for 5 to 10 years that they need not to purchase other refrigerator and deep freezer. They get good social approval from friends and family members.

Brand Resonance
Waves always tried to have long term relationships with there customers. They are achieving this by having good rate of customer retention as compared with Dawlance.