Christakis, Anastasia Tess; 969075613; email@example.com ;416-930-6031
Lindsay, Andrea Lauren; 500478930; firstname.lastname@example.org ; 647-985-6795
Poirier, Yann; 500545833; email@example.com ; 647-883-6031
Wong, Bibiana; 500485318; firstname.lastname@example.org
CMKT 510 410 - Fall 2014
An important initial step in determining how a brand will evolve is to assess and understand the current status of the corporate identity. A brand audit is concerned with the behavioral and psychological nature of brand equity: It’s the examination of the brand’s current position in the industry compared to its competitors and the examination of its effectiveness, brand strategy, positioning and consumer views. In this report, we will be getting to the core of what the brand is and what it should be by measuring the perceptions of corporate executives and other key stakeholders. The main objective of this audit is to show where the brand currently stands, additionally we will look at the awareness and relevance of the services offered by the brand and whether it is being recognized for what it is. After the audit is complete, we will be able to determine if this brand’s market share will be increasing, decreasing or remain stable. It will also show what the brand’s strengths, weaknesses, opportunities are and how much people know and like the brand.
Our focus is on beautyBOUTIQUE locations in the Greater Toronto Area specifically the services offered such as beauty experts to provide professional advice, makeup artists, fragrance testing stations, and play stations to touch and feel cosmetics, as well as the experiential qualities of the retail store, like their design and look. To help us in our audit, we worked with a contact directly within the Shoppers Drug Mart Company. We also employed a qualitative research approach through Shopper Drug Mart’s confidential brand audit strategy, one-on-one interviews, online surveys, SWOT analysis and other secondary research. Through interviews with internal and external stakeholders, we are able to capture the brand goals, perceived brand values, and intended brand experience. This understanding of the actual customer experience with the brand will help to guide the process of brand development.
Shoppers Drug Mart was founded in 1962 by Toronto pharmacist, Murray Koffler. His belief is that it could be possible to build a nationwide drugstore company that would offer the benefit of a large and wide corporation without compromising on the same personalized service a small local pharmacist could offer. His realization through the Associate Concept provided individual pharmacists the opportunity to create a brand umbrella under which independent businesses, private practices and cooperative services could exist with full support of a corporate entity. Exceptional service, value and trust are now synonymous of the brand Shoppers Drug Mart thanks to the continued affirmation of this vision.
The format of the store has evolved over the past 50 years as a result of market growth, acquisition, consumer feedback and the constant goal of offering great services, products and relationship. The company has grown to over 1,200 retail drugstores across the country under the brand Shoppers Drug Mart and Pharmaprix in Quebec, offering a wide range of products and services. “Sales for the company in 2013 were $11.06 billion compared to 10.8 billion in 2012, an increase of 2.6%. Net earnings were $602 million in 2013 compared to $606 million in 2012”. (Shoppers Drug Mart Corp.) Just recently, Loblaw Companies Limited acquired Shoppers Drug Mart Corporation for $12.4 billion in cash and stock.
The beautyBOUTIQUE was a store concept first introduced in 2003 starting with a few store realignments and has grown to a presence of over 300 in Shoppers Drug Mart/Pharmaprix stores