1.0 Introduction
While brands and branding are not new concepts, organisations are progressively considering branding as an essential strategy to enable them to enhance their competitive advantage in the contemporary business environment (Baumgarth & O’Reilly, 2014). The concept of brands and branding is not limited to marketing tangible products but also entails intangibles. Subsequently, brands and branding have been widely applied in marketing services. In particular, the concept of brands and branding is now widely applied in marketing entertainment products such as films (O’Reilly & Kerrigan, 2011).
The growth in relevance of brands and branding is largely influenced by their ability to allow a business to increase its probability of attaining a differentiated advantage. Sayre and King (2010) assert that branding is intended to build a product’s image. Griffin (2002) is of the view that corporate branding is critical in increasing an organisation’s capacity to add value and hence, its reputation. Additionally, the implementation of effective brands and branding can safeguard a firm against market challenges. However, attaining this outcome requires that the management of an organisation integrate effective branding decisions.
As a brand manager for the Oen Production brand, I am committed to ensuring that the brand is successful in the film industry. Guaranteeing optimal brand placement is one of how Oen Production can realise a high competitive edge in the film industry. In a bid to maintain the heritage that the James Bond brand has attained in the film industry, the brand is in the process of producing a new James Bond film, which is projected to debut in 2019. As the brand manager of Oen Production, I intend to ensure that Oen Production, which has been the principal producer of the James Bond films in the UK, continues to be part of the Bond brandscape. The success of the James Bond brand will be greatly impacted by how One Production undertakes marketing of the film. Thus, Oen’s Production success is largely pegged on how the organisation implements its branding strategy. Integrating the branding strategy will go a long way in creating a strong brandscape. Rahman and Cherrier (2010) have defined brandscape as a phenomenon where people’s daily life is extensively shaped by brands (Rahman & Cherrier, 2010). A collaborative approach between the James Bond brand and Eon Productions would greatly benefit both the James Bond brand and Eon Productions. Oen Production would significantly improve the placement othe f the James Bond brand by enhancing the visibility of the brand in the film industry (Tapan, 2004; Marchand & Henning-Thurau, 2015).
1.1 Aim and scope
This report is intended to detail the reasons why Oen Production should consider the new James Bond Film as a suitable brand for placement and tie-in. In my role as the brand manager, I intend to persuade Oen Production to consider the new film for production. The report provides an analysis of the external environment in which the rationale of Oen being part of the Bond brandscape is explained. The report further details how the co-branding opportunity would be beneficial to both brands. Finally, the report explains the brand placement strategy that Oen Production should consider applying.
2.0 External environment analysis
The success of Oen Production in the contemporary entertainment industry is dependent on the extent to which the firm’s management team understands the prevailing market situation. Gaining such an understanding is essential in ensuring that the firm makes the right and competitive decisions. A report released by MarketLine (2016) emphasizes that the UK media industry comprises diverse components, amongst them the film production. The UK media industry is characterized by both large and small enterprises that collectively ensure that the industry remains very competitive. A report by MarketLine (2016) affirms that the UK media industry is characterized by moderate supplier power. As the suppliers of entertainment products in the entertainment industry, the production companies are obliged to ensure that they provide customers’ films/movies whose content is of high quality.
To achieve the intended level of competitiveness, production companies must ensure that the quality of entertainment provided for placement is high. One of the metrics that determines the quality of content is the size of viewership (MarketLine, 2016). Production companies should therefore be concerned about the quality of content that they air. Well-established production companies tend to have considerably higher supplier power compared to newly established production firms. Oen Production has attained considerable supplier power in the film production industry. In spite of its past success, agreeing to place the new James Bond film will have a remarkable benefit to Oen Production. The James Bond brand is a household name that is renowned on a global scale (Taylor 2017). The James Bond brand has been one of the most successful brands in the global entertainment industry. Its success is underlined by the fact that it has been a household brand for over 50 years. This indicates that the brand has optimally entrenched the concept of playability. According to Kerrigan (2010), playability, which entails the degree to which a film is accepted by the target audience, constitutes one of the critical unique selling propositions in the film industry. Consequently, there is a high probability that Oen Production would gain remarkably from improved brand recognition.
Available evidence shows that the James Bond brand has, over the years, proved to be one of the most successful brands in the film industry. The James Bond brand is considered one of the most enduring franchises (Joanna 2005). Judging from past performances of James Bond’s films, it is relatively difficult for the brand to become saturated (Taylor & Nichol,,s 2010). Its success has been significantly enhanced by its capacity to blend in with current affairs. This aspect might make the intended new release attractive to the target audience because of its relevance to contemporary issues such as terrorism and climate change (Taylor 2013). According to Taylor (2017), the James Bond Brand has been characterized by fresh consistency over the past 5 decades. This success is underlined by the fact that the brand’s success has been anchored on continued brand renovation. The James Bond brand has been kept consistent and updated, hence adding freshness. One of the branding strategies that the James Bond film adopts in enhancing the freshness of the film entails the inclusion of Oscar Award winners. For example, Skyfall, which is one of the most successful James Bond films, featured four Oscar Award winners, viz. Judi Dench, Ralph Fiennes, Sam Mendes, and Javier Bardem. The film generated over $ 1 billion in sales (Taylor 2017). Additionally, the James Bond brand takes into account current affairs and events (Taylor 2017). Thus, the James Bond brand has successfully been able to establish a balance between freshness and consistency.
Integration of celebrities in the James Bond brand will play a remarkable role in enhancing the acceptance of films produced by Eon Productions. For example, the inclusion of celebrities in the film will improve the marketability of the James Bond brand. According to O’Reilly and Kerrigan (2011), marketability entails the degree to which a brand is attractive to the target audience. One of the strategies for improving he marketability of a film entails the inclusion of renowned characters, such as celebrities, in the film. The fact that the James Bond brand takes into account celebrities means that the followers of the celebrities will largely accept the film because of their experience relating to the James Bond brand. The overall impact is that Oen Production will gain extensive acceptance amongst diverse entertainment fanatics. Films constitute an important platform for undertaking brand extension. Moreover, films create a perfect opportunity for other retail sectors. For example, films can provide a perfect opportunity for celebrity endorsement of brands (O’Reilly & Kerrigan, 2011). Considering the fact that the James Bond brand has consistently been concerned with leveraging the concept of playability, as evidenced by the progressive brand innovation, there is a high probability that Oen Production will benefit remarkably from James Bond film brand placement.
3.0 Co-branding opportunity
Eon Production Limited has an upper hand in the production of the James Bond film. Since its inception in 1961, Oen Production has attained a competitive edge with regard to the production of the James Bond films (Stringer 2013). Over the years, Oen Production has gained optimal control and merchandising rights over current and future James Bond films (LinkedIn 2017). Nevertheless, Oen Production is facing intense competition from other production companies such as Amazon and Netflix. Subsequently, Oen Production must ensure that the new James Bond film is optimally placed in the market in order to improve its visibility to the target audience.
Fostering brand partnership between Oen Production and the James Bond brand will be beneficial to the two brands. First, Oen Production has the capacity to enhance the visibility of the James Bond film to the target audience because of its knowledge and expertise in the media industry. This strength is underlined by the fact that Oen Production has been responsible for the marketing of James Bond films over the years. Thus, the James Bond brand will continue to benefit from improved market awareness. O’Reilly and Kerrigan (2011) argue that an effective brand alliance is central to the development of a strong perceived sense of quality of a product or service. In this case, a continued brand alliance between Oen and James Bond films is likely to signal that the quality of the new film to be released will not only be high but also address the entertainment needs of James Bond film fans. Thus, a brand alliance between Oen and James Bond will result in improved brand equity for the two brands.
The fact that Oen Production has been in operation in the film production industry for decades, coupled with the fact that the production house has been renowned for producing James Bond films, means that continued co-branding will result in maintenance of Oen’s brand reputation. Thus, Oen Production will benefit from the spillover effect inherent in the James Bond brand. Consequently, there is a high likelihood that customers will increasingly consider entertainment products from Oen Production in purchasing entertainment products. The two brands will further benefit from the degree of fit between the James Bond brand and Oen Production. Additionally, the two brands rank among the strongest brands in the entertainment industry. The fit between the two brands is also enhanced by the fact that they are in the same industry, viz., the entertainment industry. The James Bond brand will benefit from Oen’s capacity to integrate both visual and audio placement in creating market awareness of the new film.
The James Bond brand has been renowned for effective plot connection, which improves the appeal of the story to the audience. This means that the likelihood of the James Bond brand generating high returns in terms of sales revenue is considerably high. Oen Production will remarkably enhance the visibility of the new film because it has adequate production technology to optimally create awareness of the film using visual and audio technology. Tapan (2004) asserts that optimal aural placement generates superior brand recall. Additionally, a collaborative approach between Oen Production and the James Bond brand will translate into improved brand effect. The capacity of Oen Production to incorporate both audio and visual placement strategies in creating awareness of the new film will translate into improved brand effect. Wang and He (2014) define brand affect as the ability of a brand to elicit positive emotions amongst the target audience. Improved brand recall will further translate into improved business opportunities for Oen Production.
In summary, a partnership between the two would result in considerable improvement in the reputation. This aspect underlines the appropriateness of co-branding (Hao et al. 2013). A co-branding agreement between Oen Production and the James Bond brand would be remarkably beneficial to both brands. Co-branding results in the transfer of positive associations between the brand partners (Zickermann 2015). Through co-branding, the new film will benefit from improved market penetration. Hao et al. (2013) emphasize that if the right partner is found, then there is a high probability of improved new product introduction. Thus, the new film will be accessed by a sizeable number of the target audience. On the other hand, there is a high probability of films produced by Oen Production experiencing increased viewership. This will thus result in improved competitiveness for Oen Production in the film industry.
4.0 Placement strategies
The product placement strategy adopted by a firm has a remarkable influence on the extent of brand awareness created, which can be assessed by examining the extent of brand recall (Lehu 2009). Therefore, it is imperative for a firm intending to apply product placement to employ the most appropriate strategy. Oen Production should consider leveraging the content of the James Bond brand to successfully support its brand. To achieve this goal, Oen Production should employ the visual placement strategy, which involves placing a brand on the screen within the background or setting of a particular program. Under this strategy, Oen Production should ensure that its name is strategically mentioned in creating awareness about the new James Bond film. Oen Production should ensure that it creates adequate mention of its brand as a production house for commercial purposes, despite though advertisement will purposely be aimed at creating awareness of the new film. Through this approach, Oen Production will succeed in undertaking an indirect product placement. For example, Oen Production should ensure that its logo prominently features at the beginning of the advertisement (Okazaki 2011).
The brand will be placed in diverse market communication platforms, amongst them print media such as entertainment magazines, and broadcast media, namely, television. To improve the extent of brand awareness, Oen Production should incorporate the use of social media. In doing so, the firm should design short clips to be posted on its diverse social media accounts, such as Facebook, YouTube, and Twitter. Employing these technologies will significantly enhance brand placement because of the probability of such a form of advertisement reaching a large portion of the target audience. By employing these brand placement strategies, Oen Production will remarkably improve the effectiveness with which it creates market awareness of the new James Bond film.
5.0 Conclusion and Recommendation
The new James Bond film, projected to be released in 201,9, presents an opportunity that Oen Production should consider for placement. Owing to the past performance of the James Bond films with regard to capacity to generate sales, there is a high probability that the new film will attract a sizeable viewership globally. A continued brand alliance between the James Bond brand and Oen Production will be highly beneficial to Oen Production through improved acceptability of entertainment products produced by Oen Production. Conversely, the James Bond brand will benefit from improved market penetration and hence the likelihood of generating return on investment because of the high quality of James Bond films. Thus, a brand alliance will be beneficial to the two brands. Nevertheless, to achieve these benefits, Oen Production must ensure that an appropriate brand placement strategy is employed. Therefore, Oen Production should consider employing a visual placement strategy. Additionally, the firm should consider entrenching diverse market communication mediums such as social, print, and broadcast mediums in order to create an adequate level of market awareness.
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