Bacardi Brand Analysis
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Individual Brand Analysis Srinivas Rao March 30, 2009
BACARDI SWOT ANALYSIS Strengths Strong brand recognition • Multiple Product Lines • Distribution Channels
Opportunities Non-alcoholic Bacardi Branded Beverages • Bacardi Branded Food Items
•
•
Weaknesses • Heavily driven by consumer preference • Difficult to predict tastes/ preferences • Only associated with Rum
Threats Intense competition Limited Brand Loyalty • Strict Advertising Regulations • •
AGENDA •
SWOT
•
DEMOGRAPHICS
•
PSYCOGRAPHICS/CHARACTER PROFILES
•
MODELS FOR MOLDING ATTITUDE
•
Q&A
DEMOGRAPHICS •
Skews towards a younger demographic
•
Age Groups 21-24, 25-34 represent largest target demographic
•
Consumption is highest among people who make over 75k annually
•
African American, Whites, and Hispanics have the largest consumption of rum on a percentage basis Source: Mintel Reports, Premium Alcohol Consumption
PSYCOGRAPHICS •
Active Lifestyles
•
Most classify themselves as casual social drinkers
•
Generally tend to stick to one type of drink/have a preferred drink of choice
•
Have strong preference for certain distilled spirits
•
Will try new drinks promoted by a sponsor or recommended by a friend
•
Source: Mintel Reports, Premium Alcohol Consumption
CHARACTER PROFILES
Jane Doe Age Group: 21-24 Character Traits: Recent College graduate, hoping to get a promotion at her job, considered attractive by most men. Doesn’t have trouble getting into any night club Lifestyle: active, goes out 3-4 nights a week, you’ll likely find her at a night club with 4 friends on most weekends. Alcohol Consumption Habits: Drinks daily, but sticks to Bacardi Breezers during the week, but will be drinking a mojito on the weekend. If her friends suggest a new drink she’ll give it a try
John Smith Age Group: 25-34 Character Traits: graduated from college 3-4 years ago. Was the president of his fraternity in and acquired a taste for Bacardi there. Works in finance and is considering returning to get an MBA Lifestyle: active, goes out every weekend. Likely to be with one friend and sometimes will get bottle service Alcohol Consumption Habits: Drinks daily and tends to drink on the heavier side. You’re likely to find him drinking Bacardi 151 because he prefers a stronger drink, wants to hook up with Jane
THREE COMPONENT MODEL FOR ATTITUDE MOLDING Think Do
Cognitive
Do
BACARDI/DIET COKE
Feel Think Do
Conative BACARDI EVENTS
Feel
Affective BACARDI TV COMMERCIALS
Think Feel
COGNITIVE MOLDING EXAMPLE
AFFECTIVE MOLDING EXAMPLE
CONATIVE MOLDING
Level of Involvement: Advertising Effectiveness •
Bacardi Consumers have a relatively low level of involvement with its products (mainly a leisure product)
•
Peripheral route is most effective in reaching the consumer
•
ELM: Elaboration Likelihood Method
•
Low levels of elaboration about the product make peripheral route the most effective mechanism to reach the target audience
QUESTIONS?
BACARDI SWOT ANALYSIS Strengths Strong brand recognition • Multiple Product Lines • Distribution Channels
Opportunities Non-alcoholic Bacardi Branded Beverages • Bacardi Branded Food Items
•
•
Weaknesses • Heavily driven by consumer preference • Difficult to predict tastes/ preferences • Only associated with Rum
Threats Intense competition Limited Brand Loyalty • Strict Advertising Regulations • •
AGENDA •
SWOT
•
DEMOGRAPHICS
•
PSYCOGRAPHICS/CHARACTER PROFILES
•
MODELS FOR MOLDING ATTITUDE
•
Q&A
DEMOGRAPHICS •
Skews towards a younger demographic
•
Age Groups 21-24, 25-34 represent largest target demographic
•
Consumption is highest among people who make over 75k annually
•
African American, Whites, and Hispanics have the largest consumption of rum on a percentage basis Source: Mintel Reports, Premium Alcohol Consumption
PSYCOGRAPHICS •
Active Lifestyles
•
Most classify themselves as casual social drinkers
•
Generally tend to stick to one type of drink/have a preferred drink of choice
•
Have strong preference for certain distilled spirits
•
Will try new drinks promoted by a sponsor or recommended by a friend
•
Source: Mintel Reports, Premium Alcohol Consumption
CHARACTER PROFILES
Jane Doe Age Group: 21-24 Character Traits: Recent College graduate, hoping to get a promotion at her job, considered attractive by most men. Doesn’t have trouble getting into any night club Lifestyle: active, goes out 3-4 nights a week, you’ll likely find her at a night club with 4 friends on most weekends. Alcohol Consumption Habits: Drinks daily, but sticks to Bacardi Breezers during the week, but will be drinking a mojito on the weekend. If her friends suggest a new drink she’ll give it a try
John Smith Age Group: 25-34 Character Traits: graduated from college 3-4 years ago. Was the president of his fraternity in and acquired a taste for Bacardi there. Works in finance and is considering returning to get an MBA Lifestyle: active, goes out every weekend. Likely to be with one friend and sometimes will get bottle service Alcohol Consumption Habits: Drinks daily and tends to drink on the heavier side. You’re likely to find him drinking Bacardi 151 because he prefers a stronger drink, wants to hook up with Jane
THREE COMPONENT MODEL FOR ATTITUDE MOLDING Think Do
Cognitive
Do
BACARDI/DIET COKE
Feel Think Do
Conative BACARDI EVENTS
Feel
Affective BACARDI TV COMMERCIALS
Think Feel
COGNITIVE MOLDING EXAMPLE
AFFECTIVE MOLDING EXAMPLE
CONATIVE MOLDING
Level of Involvement: Advertising Effectiveness •
Bacardi Consumers have a relatively low level of involvement with its products (mainly a leisure product)
•
Peripheral route is most effective in reaching the consumer
•
ELM: Elaboration Likelihood Method
•
Low levels of elaboration about the product make peripheral route the most effective mechanism to reach the target audience
QUESTIONS?
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