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MINI brand has existed for 60 years because it could offer people exactly what they needed in a particular period. The company quickly orientated and created a subcompact economy car that immediately conquered its market. In addition, the company still produces high-quality vehicles that are actively purchased by consumers who know what the company is famous for and how profitable and convenient it is to have an economical car.
MINI has a high brand equity, as customers have been acquiring what the company creates for many years. High brand equity means that customers are willing to pay large sums of money for the purchase of a particular product of the company (Algharabat et al., 2020). MINI company was created a long time ago and still exists, and it is clear that people buy company cars, preferring them to all numerous competitors. It follows from this that the company has a high equity.
The most accurate brand positioning strategy has recently been based on advantages. This is because the company created a car that was not only economical but also stylish in appearance. Cooperation with the designer of Formula 1, Cooper, made the car attractive, comfortable, and intelligent, enticing many consumers who wanted to buy this car (Kukkamalla & Bikfalvi, 2021). Due to the advantages of this car model over others, it has become the driving force for attracting buyers.
BMW leads its MINI brand in the right direction as they create cars necessary for a particular segment of consumers. In modern times, there is active urbanization of large cities, characterized by expanding towns and districts, which significantly increases the distance from one point to another. The MINI company creates fuel-efficient cars that allow to save gasoline and thus fuel costs (Stakem, 2017). There are more and more cars, and the number of parking spaces is minimal. The compactness of the MINI allows one to park in many places that larger models of cars could not afford. That is, the MINI branding itself speaks of mini-expenses, mini-sizes and reasonable prices for vehicles.
References
Algharabat, R., Rana, N., Alalwan, A., Baabdullah, A., & Gupta, A. (2020). Investigating the antecedents of customer brand engagement and consumer-based brand equity in social media.Journal of Retailing and Consumer Services, 53(1), 101767.
Kukkamalla, P., & Bikfalvi, A. (2021). Collaborative partnerships in the automotive industry: Key motives and resource integration strategy.International Journal of Business Innovation and Research, 10(1), 1-22.
Stakem, M. (2017).A brand romance. Creating Results: Strategic Marketing.
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