Introduction
Branding is one of the most essential aspects of modern business environment. Consumers link the majority of products with a logo, statement, color or a given shape. Branding enables the consumers to indentify the product through that sign or symbol. It is based on creating a unique feeling among the customers and it helps them identify a given product. Brands create an identity which is one of a kind and this urges customers to develop a loyalty towards that product (Aaker, 2002).
Organizations use brand as a means of differentiating their products from other companies and ensuing that they develop a strong long-lasting relationship with their clients. Personal branding, on the other hand, entails the creation of a unique attribute that separates you from other people which covers creating and communicating aspects.
Branding does not only apply to operations but also to individuals, countries, cities and even individuals. Most celebrities and successful professionals around the world have created a brand image for themselves which makes people know who they are and what they offer (De Chernatony & McDonald, 2001).
Tiger Wood’s brand
The brand chosen for the current paper is Tiger Woods who is one of the most successful golfers in the world. He brought excitement and charm to the golfing game. As one of the top players, a mention of the golf sport triggers one to think of Tiger Woods. He is the world number one golfer having won many professional tournaments in his golfing career.
Tiger Woods has been named the PGA player of the year with a ten times record and has also many PGA titles and trophies such as PGA tour money leader and PGA tour Player of the year. Woods has won 79 PGA tournaments and has 14 major titles. He is ranked second best all time golfers after Jack Nicklaus who won 18 major titles.
The successful wins that Tiger Woods enjoyed have made him get sponsorship from companies. Nike is one of the companies that sponsors this famous player. In addition to all the wins, Woods have amassed certain wealth from the titles and the sponsorship he gets from companies. All these successful wins make him a brand to reckon with in the golfing sport. He has also done some charitable work to assist other players.
SWOT analysis of Tiger Woods’ brands
Most brands can be evaluated using the a Strength, Weaknesses, Opportunities, and Threats (SWOT) analysis. In the business milieu, SWOT analysis assists managers to evaluate the company’s strategic position in relation to their competitors. The tool can also be used to assess the strategic position of personal brands.
In SWOT analysis, strength and weaknesses represent the internal forces that strengthen or weaken the brand while opportunities and threats represent the external forces that affect the brand positively and negatively. The SWOT matrix for Tiger Woods brand is shown in figure 1 given below:
Strengths
Generally one of the main strengths of Tiger Woods’ brand is his talent and successive wins in the golfing industry. This has made his name known to most of the people around the world. It could be called an internal strength that is based on talents that Woods have gained for the golfing sport. Unlike other business brands which have many strengths based on quality, technology and cost, Tiger Woods’ brand is based only on his successful golfing career. The fact that he has won many titles makes his name globally popular.
Weaknesses
One of the main weaknesses of the famous player’s brand is the scandal that he faced. Before the scandal, Tiger Woods was known to be a polite family man. The scandal ruined his name and nearly destroyed his family. It also affected Tiger Woods’ brand with many fans considering him a tainted player.
This case resulted in the fact that the player lost many contracts and sponsorship. Tiger Woods’ brand’s managers are currently working on improving his reputation. Another weakness affecting most sportsmen is age. As they become old, they lose their skills. The brand name erodes and is replaced by the current world champions.
Opportunities
These are the external factors promoting the development of Tiger Woods’ brand. As the golfing sport gains popularity across the globe, the player is gaining more fans and becoming more popular.
This strengthens his brand image. In addition, more and more companies are also willing to work with the celebrity. As these companies advertise using pictures of Tiger Woods, they make his brand even more popular. A successful career in the future is also an opportunity for his brand to develop. If he becomes the best all time golf player in the world, Tiger Woods’ brand will be strengthened even more.
Threats
There are many external negative forces that may affect Tiger Woods’ brand. Incase another golfer defeats Tiger Woods successively, his brand image will be affected and weakened. The brand will also loose popularity if other sportsmen outside the golf sport show more success in the sport branch. This will make fans switch from golf to other sportsmen in football, rugby, basketball, and athletics.
Summary
For Tiger Woods’ brand to grow, the brand manager must work on improving the weaknesses that he is facing. To deal with the threats, the brand manager should effectively market Tiger Woods’ brand and the golf sport in general. The strengths and opportunities should also be exploited towards the enhancement of the brand.
References
Aaker, D. A. (2002). Building strong brands. London, England: Simon & Schuster.
De Chernatony, L., & McDonald, M. (2001). Creating powerful brands in consumer, service and industrial markets (2nd edition ed.). Oxford, England: Butterworth‐ Heinemann.
Tiger Woods’ picture 1 (2013). Web.