Originally from Italy, Ferrero Rocher is loved by people around the world. It is a chocolate and hazelnut confectionary that is manufactured by Ferrero SpA. It was introduced in 1982 and is now one of the world’s most famous chocolates and favorite treat for millions of people around the globe. The company focuses on the production of chocolate so that the quality and taste is maintained and is universal. Moreover, special attention is given to its unique packaging which is its identity.
In order to identify the position of Ferrero Rocher in terms of brand equity, we look at various aspects:
Brand Awareness
The percentage of brand awareness for Ferrero Rocher is extremely high. While it is not easy to compete in global competition with millions of brands, Ferrero Rocher has been able to develop its own brand identity and expand to other countries so that awareness is increased. The company gained billions of dollars through the sales of their products. Though many other similar chocolates and confectionaries were introduced, the classic Ferrero Rocher’s fame just keeps on increasing.
Brand Loyalty
The extent of brand loyalty that people feel towards Ferrero Rocher can be explained by the fact that this chocolate brand has been in the market for decades now and people still love buying the same classic chocolate that is their signature product. Customers have been buying it for generations as presents for their loved ones and this tradition is passed on to generations. The customer base just keeps on increasing and once a person has tried this chocolate, they just become loyal to the brand. So, most of their target market around the world are also their loyal market.
Brand Image
Ferrero Rocher has been excellent in terms of marketing their brand and maintaining their image around the world. Their image around the world is of an exquisite branded chocolate which is of premium quality and taste and meant for a certain target market and not for everyone, specifically because of its price which is justified through its quality. However, Ferrero Rocher has been intelligent enough to target different markets through different image. For instance, in India they market their chocolate as a part of their traditional festivals, after they identified that sweets are an important part of their festivals. Ladoo, being the most famous sweet, they marketed themselves as the new Ladoo. In this way, they are able to target the customers by relating their products to the customer’s culture.
Brand Elements
The packaging of Ferrero Rocher required a lot of effort and the company has made a point to keep it in order to keep it as their brand identity. The famous round golden packaging as well as the box of chocolates has become their signature style which is also copied by a lot of different brands now. But their packaging and their logo are the elements which remain intact and are identified by customers around the world which adds up to their brand equity.
References
Ferrero Rocher unwraps new brand identity. (2015, October 12). Retrieved February 23, 2018, from http://www.afaqs.com/news/story/45873_Ferrero-Rocher-unwraps-new-brand-identity
Ferrero Rocher: The new laddo? – ET BrandEquity. Retrieved February 23, 2018, from www.ETBrandEquity.com. (2017, October 17). https://brandequity.economictimes.indiatimes.com/news/business-of-brands/the-new-laddo/61125898
Rocher®, F. Ferrero’s Story. Retrieved February 23, 2018, from http://www.ferrerorocherusa.com/history-story.php