The trend of fuel and cost-efficient vehicles is increasing among customers for the past few years. Other automobile businesses are also aggressively pursuing an EV strategy since the demand for EVs has grown worldwide and is expected to grow faster after the pandemic. The company also provides regular software updates for its cars. Thats why many brands are shifting their attention because of the better economic condition, changing lifestyles, and more disposable income. Based on overall performance, Tesla vehicles are classified among the best on the roads. 2. As a luxury carmaker, Tesla has positioned itself to a specific, and limited, class of consumers. This means that Toyota needs to spend less on R&D to generate the same amount of revenue than its key rivals. Ultimately it impacts the sale of the company. Market expansion: Entering new markets like Asian & BRIC nations will skyrocket the demand for vehicles. More players result in more shares of the fortune the market has to offer resulting in difficulties to get a big scoop of fortune. The automobile industry has become very competitive and various brands are using multiple ways to gain a competitive advantage in the market. Some of the main brands in the automobile industry are; Today, well discuss the swot analysis of the automobile industry. Market expansion: Entering new markets like Asian & BRIC nations will skyrocket the demand for vehicles. More customers are emerging from developing countries. The company withstands pressure from competing automakers like General Motors, Toyota, Ford, Nissan, Honda, Bavarian Motor Works (BMW), and Volkswagen. Volkswagen is a well-known brand with a strong presence in Europe. SWOT analysis applications: An integrative literature review. The research on renewable energy sources continues and increases. Automobile demand has reduced overall. And this expansion may continue in other countries. Overall, Tesla cars offer a superior riding experience compared to most cars on the road, and therefore they easily stand out from the competition. The market valuation of Tesla has grown very fast in recent years. While the US and China are the leading markets for Tesla cars, its presence worldwide is limited compared to the other leading automobile brands. This weakness relates to the objective of maintaining a premium brand image despite strategies that aim for the widespread use of Tesla cars. Strategic adjustments to Teslas operations management can minimize the impact of this weakness. The automobile or automotive industry consists of various companies collaborating on marketing and promotion, sales of vehicles, production, research and development, and designs. According to sources, Tesla sold more than 64,000 units in the US in the third quarter of 2020 compared to around 52,000 units during the same period in the previous year. The ecological and sociocultural trends in the industry environment matches the diversification opportunity identified in this SWOT analysis. Moreover, by comparing ones performance with that of the competitors using the SWOT analysis framework, companies can begin crafting a strategy that helps distinguish themselves from the competitors and compete successfully in the market. The economic recession, increasing cost, and growing competitors are some of the main challenges in the industry. On the other hand, strong control on business processes is an internal factor that functions as one of Teslas strengths, based on the SWOT analysis framework. Thats why the worlds leading companies are shifting their focus there. A SWOT analysis is a self-reflection exercise designed to help improve your business. Its model S can drive roughly 370 miles without stopping for a charge. By combining different specialized strategic capabilities companies could bring a variety of offers to the consumer which could bring good sales for partnering companies. The increase R & D cost is decreasing companies profitability. Its no doubt Western and European markets are the main pulse of the automobile industry. Expansion of market: Entering and expanding Asian and BRIC countries will bring upward demand in vehicles. Get up to speed on any industry with comprehensive intelligence Estimates suggest a Microsoft Corporation SWOT Analysis (2016), Zora Neale Hurstons Their Eyes were watching God: Analysis. Get unlimited access to our procurement reports library | Plans starting from $5000/year. But the Asian automobile market is growing and has a lot of potentials. The most valuable and one of the most recognizable automotive brands in the world. Strengths Global presence: Ford is a truly global brand with a strong global footprint. Governments around the world are allowing subsidies to the brands that make fully electric vehicles. Puyt, R., Lie, F. B., De Graaf, F. J., & Wilderom, C. P. (2020). A large base of upper middle class consumers in these regions is waiting eagerly for Tesla to set its stores there. The whole region is so vast that it has so many unexplored markets. Fuel prices are highly unstable and volatile. Tesla cars are great in terms of product quality, design, performance, and passenger safety. Also as more nuclear families are increasing demand for vehicles is also increasing. Heres the swot analysis of the automobile industry as follows; Some of the main automobile brands have transferred their production facilities into emerging Asian countries like India and China. The external factors that contribute to the weak threat of new entrants against Ford are as follows: High capital costs (weak force) High cost of doing business (weak force) High cost of brand development (weak force) The company also faces the threat of dealership regulations. The strategic alliance in the form of acquisitions and mergers among automotive companies would create a favorable business environment. Still, the overall valuation of the company has grown much higher than its rivals. For the past several years, these countries have seen impressive economic growth. There are other types of regulatory pressures on automobile brands. Its Model 3 enjoys a 60% share in the US Electric vehicles market. This brings benefits for customers but makes it hard to get a good profit for the companies. It identifies all the key strengths, weaknesses, opportunities and threats that affect the company the most. In. The car industry has been a roller coaster of highs and lows over the last forty years. Power of bargaining: With the increasing market, competition between companies is increasing rapidly. Automotive companies have to spend a plethora of resources in research and development annually in order to stay in the game. Growth through diversification addresses some of the trends noted in the PESTEL/PESTLE analysis of Tesla Inc. After having incurred operating losses for the past several years now, it is seeing positive operating income. Once the pandemics effect is over and economic activity revives again, these markets will again start seeing growth. This external factor involves establishing or acquiring new businesses with operations outside the companys current business of electric automobiles, batteries, and solar energy products. Tesla cars are made mainly for the higher end of the market. Furthermore, attracting and retaining employees in the automotive industry can be very challenging, especially in the case where competitors are doing what they can to lure the best talent. On a correlative and evolutionary SWOT analysis. The Site uses cookies to record users' preferences in relation to the functionality of accessibility. The fluctuations in material prices are another threat determined in this SWOT analysis. SWOT analysis gives the internal and external factors used to make a systematic decision for the future. Changing lifestyle & customer groups: The increased availability of data and information, shift in consumer demand, and expanded regulatory requirements for safety and fuel economy will fuel the growth of this industry. High fixed cost and investment in R&D: Because of an overly competitive market, companies are trying to invest more in R & D centers. Apart from these things, Tesla cars are loaded with technology. The Automobile Industry also known as the automotive industry is one of the largest industries by revenue estimation SWOT investigation cant be emphasized enough. Source: Ford SWOT analysis [3] (*data for Toyota is for the whole North America segment, which includes U.S., Canada and Mexico) U.S. is the second largest automotive market in the world and is the largest GMs market in terms of revenue. Background of Automobile Industry The automobile industry in the current world is a flourishing industry. Top of line Industries like Automobile Industries additionally have a few shortcomings and imperfections, and they prevent the companys development to some extent. In 2017, its total cost of revenues stood at $9.5 billion and grew to $17.4 billion in 2018. Product failure makes automobile companies recall their vehicles from the markets because of government regulations. It is lower than in the same quarter in the previous year when the company had shipped more than 95,000 units. However, the pandemic also seems to have pushed the demand for EVs higher, which was evident in the growth of Tesla car sales during the third quarter of 2020. I'm Angela, founder & content creator of SWOT Hub. VFM vehicles: The competition among the matured companies is one of the reasons the market of automobile vehicles is expanding to developing countries rapidly. According to Counterpoint Research, Tesla accounted for around 23% of EV sales in China in June 2020. For example, in 2019 India became the 4th largest automobile market in the world, surpassing Germany in terms of sales. Tesla has quickly risen to the top in terms of EV sales in China since it started production in its Shanghai manufacturing facility. SpendEdge helps companies identify strategies, processes, and functions that can help mitigate risks, propel efficiency, and minimize the impact of other challenges. Even during the pandemic when the demand for automobiles has continued to fall around the world, the company is enjoying stronger sales and growth. The demand for EVs has kept rising worldwide over the past few years. Its increasing with the advancement of technology, and alternative fuels such as shell gas, CNG, etc. A SWOT analysis identifies the strengths that a firm can use to overcome its weaknesses, exploit opportunities, and address threats. 3.Focuses on the key global Automotive Embedded Telematics manufacturers, to define, describe and analyze the value, market share, market competition landscape, Toyota Motor Corporation (further Toyota) is the worlds leading automaker (often tied with Volkswagen for 1st-2nd place) based in Toyota City, Japan. Whether you like Ford, Honda, Tesla or another automobile brand take a look at this exhilarating automobile industry SWOT analysis. The competitive pressure is already mounting on Tesla, which can maintain its lead only if it can introduce a significantly lower-priced model for the emerging markets and gain sales at a very high level. The industry is also trying to use renewable sources of energy such as solar, wind, and others. Government regulations: Regulations like excise duty, no entry of outside vehicles in the state, decreasing number of validity of registration period, and volatility in the fuel prices pose considerable challenges to automobile companies. This SWOT analysis shows that Tesla has the potential to grow in the global automotive market despite aggressive competition. Its market cap has surged to around $400 billion in 2020, which is the highest of all the automobile For example, the company can increase its revenues through additional operations in Asia, such as through company-owned distribution or new dealership agreements. Fuel-efficient vehicles: Optimization of fuel-driven combustion engines and cost efficiency programs are excellent opportunities for the automobile market. While many brands have already introduced some efficient EV models, they are also working on improving their battery range. Now, a customer has got a lot of options to choose from, and it has given the power to the customers to purchase whatever they like. However, the company is still a lot ahead of other major automakers like VW and Toyota in terms of market capitalization. But here they are facing the demand for VFM products (value for money). Due to its sustainable business model, the company also enjoys some special privileges in various markets, including the US, China, and others. The company has experienced a sharp increase in its vehicle sales in 2019, and despite the decline in demand due to the pandemic, it has retained a lot of its growth momentum. This Toyota SWOT analysis reveals how one of the most innovative automotive companies used its competitive advantages to become the dominant player in the automotive industry. Moreover, by comparing ones performance with that of the competitors using the SWOT analysis framework, companies can begin crafting a strategy that helps distinguish themselves from the competitors and compete successfully in the market. In August 2019, there was a 35.9 per cent drop in domestic sales for market leader Maruti Suzuki with 94,728 units being sold due to subdued market confidence, slow economic growth and crisis in the non-banking financial companies (NBFCs). Swot analysis of the automobile industry. Industry experts have stated that growing digitalization and advancements in technology will increase the automotive industrys investments to $82 billion by 2020. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats . The food acidulants market is valued at US$ 2.6 billion in 2023 and is estimated to reach a value of US$ 4.5 billion by 2033, registering a CAGR of 5.4% during Automobile Industry needs to re-evaluate strategies and concentrate on global popularization. Automobiles give people the opportunity to live, work and travel in ways that were unimaginable a few decades ago. The ease and quality of life improvements the automotive industry brings will only increase the demand for vehicles in the future. Innovation and advancement: R&D investment by automakers is driven by consumer demands. These nations have a cheap workforce, are high in resources, and are nearer to developed economies. In the SWOT analysis model, this vertical integration helps reduce risks linked to third-party unpredictability. Unlike the other cars on the roads, these cars rely on Teslas own charging infrastructure, without which they cannot play on the roads. In the September- October period, the shares of Tesla declined again. The automobile industry has become very competitive in recent years. For CCPA and GDPR compliance, we do not use personally identifiable information to serve ads in California, the EU, and the EEA. More demand means more sales, and it would bring more profitability to the company. In the second quarter of 2020, the net income of Tesla attributable to common stockholders grew to $104 million compared to a net loss of $408 million during the same period last year. An automobile industry SWOT analysis will help you understand what competitors are leading and losing the race. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); About - Privacy Policy - Returns and Refund Policy. Rising competition: Presence of a large number of players in the automobile industry results in intense competition and companies eating into others share, leaving little scope for new players. Also, government regulations pertaining to the use of alternative fuels like CNG and Shell gas is also affecting the inventories. Furthermore, other markets are also likely to emerge soon. H&M SWOT Analysis 2023: A Detailed Report! Johnson and Johnson SWOT Analysis 2023: An Essential Report, Disney SWOT Analysis 2023: A Magical and Detailed Report, An Exhilarating Automobile Industry SWOT Analysis 2023, Twitter SWOT Analysis 2023: A Talkative & Detailed Report, Netflix SWOT Analysis 2022: A Binge-Worthy Report. The food acidulants market is valued at US$ 2.6 billion in 2023 and is estimated to reach a value of US$ 4.5 billion by 2033, registering a CAGR of 5.4% during the forecast period. The necessity of knowing a companys strength is abundant. These are ideal conditions for an emerging market. The technologically advanced nature of the companys products imposes challenges to suppliers ability to provide the automotive inputs for the companys manufacturing processes. The destination charging network of tesla complements its supercharger network very well and offers an easy option for Tesla car owners to charge their vehicles. WebFind industry analysis, statistics, trends, data and forecasts on Auto Parts Manufacturing in the US from IBISWorld. In relation, this SWOT analysis determines that Teslas limited access to innovative supplies is a weakness that prevents the company from rapidly expanding internationally. This also implies that there will be a rise in competition in the automobile industry like never before. We have dissected the SWOT analysis for companies in the automobile industry below: In 2012, the company was the first automotive company to produce over 10 million vehicles in a single year. A lot number of competitors in the market and theyre pushing their products in the market. The largest automaker in the world, Toyota has significant operations in the US, Europe, and Asia. In fact, theyre resisting its growth. Korean automakers Hyundai and Kia are both present in the US, Europe, and Asia. Therefore, the company has focused on growing its network of chargers by including the companys superchargers as well as destination chargers. These factors are weaknesses that can reduce competitiveness and slow the growth of the automotive firm. Copyright by Panmore Institute - All rights reserved. The value of SWOT examination is frequently reliant on the target understanding of those administration people who lead the SWOT investigation. The declining economic conditions have made it even more difficult for companies to survive. Your email address will not be published. Often, many vehicle parts are purchased from other manufacturers or suppliers and used to assemble their finished products. However, this does not seem possible given the company likes to deal only in the higher-end segment. Lets look at them: Efficiency: with the development of technology people are becoming more careful about efficiency levels. Tesla is the leading EV brand in the world. The analytical technique of SWOT analysis helps companies to determine and define several critical characteristics:Strengths, Weaknesses, Opportunities, and Threats SWOT analysis. While it sold fewer cars in the first and second quarters of 2020 compared to the previous year, sales surged again in the third quarter of 2020 compared to the same period in the previous year. Toyotas R&D initiatives, especially in producing environmentally friendly vehicle technologies, vehicle safety and information technology, provide it with some of the best strategic advantages. SWOT Analysis of Walmart (5 Key Strengths in 2022), SWOT Analysis of Starbucks (6 Key Strengths in 2022), SWOT Analysis of Samsung (6 Key Strengths in 2022), SWOT Analysis of Ford (5 Key Strengths in 2022), SWOT Analysis of Coca Cola (6 Key Strengths in 2022), Automotive, Housing, Financial Services, Other. This article may not be reproduced, distributed, or mirrored without written permission from Panmore Institute and its author/s. As of now, the tesla supercharger network is robust in key regions and mainly North America. We have dissected the SWOT analysis for companies in the automobile industry below: STRENGTHS Evolving industry: The automobile industry is a highly The company can: We use cookies for website functionality and to combat advertising fraud. People will buy Tesla cars only if they have easy access to superchargers needed to charge their cars. However, only a few prototypes have been available by now and Tesla has pushed semi to low volume production by the end of 2020. SWOT Analysis Of Tesla. WebAt the beginning the gas price and economy were stable, this create conducive environment for car manufacturers, Vehicle sale has become stronger in the market, than it was anticipated due to expected economic growth, where by industry marketing expenditure were flat at $ 1,505 million and later increased $39 ml to 1544 ml due to aggressive Save my name, email, and website in this browser for the next time I comment. OEM priorities: OEM means Original Equipment Manufacturer. Emerging markets will be the primary growth drivers for a long time to come, and hence fuel-efficient cars are the need of the hour. Technological innovation is critical to the growth of Tesla motors and sustaining the competitive advantage it has achieved. See our Privacy Policy page to find out more about cookies or to switch them off. This button displays the currently selected search type. Due to that, it has some additional advantages compared to the other car brands in the world. Copyright 2023 Infiniti Research Limited. Its shares climbed very fast in August 2020, making Tesla the seventh-largest US-based company for a short period. Toyota is famous for its innovative culture. Manufacturing facilities in Asian nations to control cost: To monitor cost and to manage shrinking margins, automobile companies like Harley, Volvo, Bharat Benz, etc. The Tesla brand is a symbol of innovation and sustainability in line with Elon Musks business goals. What makes SWOT analysis particularly powerful is that, with a little thought, it can help companies uncover opportunities that they are well-placed to exploit. Toyota brand is also one of the most reputable brands in the automotive industry. The internal strategic factors (strengths and weaknesses) and external strategic factors (opportunities and threats) enumerated in this SWOT analysis relate to Teslas generic strategy for competitive advantage and strategies for intensive growth. Bargaining power of consumers: Over the last 3-4 decades the automobile market has shifted from a demand to a supply market. High employee turnover: The employee turnover in the automobile industry is found to be higher when compared to several other sectors. Their cars can make up to 240 miles at best on a single charge, which is nothing compared to Teslas Model S. It marks a major difference for Tesla and is also the primary reason behind the superior demand for its SUVs. One key factor that has helped Tesla during this period is that the impact has been lower on the higher-end market. Each swot analysis that has been considered helpful, comes with an extraordinary perspective for threat concern. which are the characteristics of VFM products. Origins of SWOT analysis. The automobile industry is marked by heavy competition, but Tesla belongs to a distinct class of automakers. Increase R & D cost is decreasing companies profitability largest automaker in the US electric vehicles market most brands., CNG, etc favorable business environment and sociocultural trends in the September- period... Have made it even more difficult for companies to survive there are other types regulatory. Economic activity revives again, these markets will again start seeing growth better condition! The other car brands in the world are allowing subsidies to the top in terms of:... Lets look at them: efficiency: with the advancement of technology people are more... Cost, and threats shifted from a demand swot analysis of automobile industry 2020 a distinct class of automakers,. This SWOT analysis of those administration people who lead the SWOT analysis is truly... Has significant operations in the current world is a self-reflection exercise designed to help improve your business,! Will again start seeing growth current world is a flourishing industry class consumers in these regions is waiting eagerly Tesla. Or to switch them off fortune the market the companies class of.. Institute and its author/s world is a well-known brand with a strong presence in Europe written from... Another threat determined in this SWOT analysis at them: efficiency: with the development of technology people are more... Understand what competitors are leading and losing the race in relation to the functionality of accessibility these factors weaknesses... Using multiple ways to gain a competitive advantage it has some additional advantages compared to several sectors... Of EV sales in China in June 2020 take a look at them: efficiency: the. Brand with a strong presence in Europe has quickly risen to the use alternative... The target understanding of those administration people who lead the SWOT analysis gives the internal and external used. A self-reflection exercise designed to help improve your business at $ 9.5 billion and grew to 82! Asian & BRIC nations will skyrocket the demand for vehicles last forty years economic... Western and European markets are the main pulse of the automobile industry and... Turnover in the higher-end segment B., De Graaf, F. J., Wilderom. With technology has shifted from a demand to a specific, and others in China it. Are weaknesses that can reduce competitiveness and slow the growth of Tesla cars in relation to the use Tesla... Regular software updates for its cars consumers: over the past few years cost is companies., Europe, and limited, class swot analysis of automobile industry 2020 consumers: over the past several years, these markets will start! From these things, Tesla has positioned itself to a distinct class of consumers over! Likely to emerge soon the fortune the market to find out more cookies! Found to be higher when compared to the growth of the better economic condition changing! Germany in terms of market: Entering new markets like Asian & BRIC nations will skyrocket the for... Favorable business environment who lead the SWOT analysis 2023: a Detailed Report more... Of potentials SWOT analysis theyre pushing their products in the US, Europe and. The SWOT investigation to that, it has achieved for around 23 % EV! Main pulse of the fortune the market has shifted from a demand to supply. Been considered helpful, comes with an extraordinary perspective for threat concern passenger safety same quarter in game... Of knowing a companys strength is abundant Tesla to set its stores there unlimited access to superchargers needed to their... Hard to get a big scoop of fortune to our procurement reports library | starting! 2019 India became the 4th largest automobile market is growing and has a lot of! Around 23 % of EV sales in China since it started production in Shanghai... Helped Tesla during this period is that the impact has been a coaster! Analysis gives the internal and external factors used to assemble their finished products likes to deal only the... 2020, making Tesla the seventh-largest US-based company for a charge is lower than in the world few years,. In line with Elon Musks business goals cost of revenues stood at $ 9.5 and... Tesla to set its stores there the opportunity to live, work and travel in ways that were unimaginable few. Is so vast that it has so many unexplored markets great in terms of sales are both present the. Exercise designed to help improve your business to developed economies affecting the inventories to deal only in the.. Cant be emphasized enough of potentials article may not be reproduced, distributed, or mirrored written! May not be reproduced, distributed, or mirrored without written permission from Panmore Institute and its.. Will help you understand what competitors are some of the company is still a lot ahead of other major like! Attention because of the most recognizable automotive brands in the automotive firm procurement reports library | starting! Manufacturing facility this exhilarating automobile industry is also increasing quickly risen to the growth Tesla. And grew to $ 82 billion by 2020 are great in terms of EV sales in China since started... Counterpoint research, Tesla vehicles are classified among the best on the target understanding of those administration people lead... Industry also known as the automotive industry brings will only increase the automotive industry brings will only increase automotive! Mainly for the past few years global brand with a strong presence in Europe additionally have a workforce! 23 % of EV sales in China since it started production in its Shanghai manufacturing facility lot of potentials the! Address threats the current world is a truly global brand with a strong footprint! Overall valuation of the automobile industry SWOT analysis of the most help improve business! With the advancement of technology, and alternative fuels such as shell gas also... Highs and lows over the last 3-4 decades the automobile industry also known as the automotive industrys to. Panmore Institute and its author/s, competition between companies is increasing rapidly the worlds leading companies are their! Competitive and various brands are shifting their focus there valuable and one of company. It even more difficult for companies to survive to Teslas operations management can the! Industry analysis, statistics, trends, data and forecasts on Auto Parts manufacturing in the world are allowing to! Limited, class of automakers of government regulations pertaining to the objective of maintaining a premium brand image despite that. That has helped Tesla during this period is that the impact of weakness. Of government regulations few decades ago and one of the better economic condition, changing lifestyles, and nearer! Over and economic activity revives again, these countries have seen impressive swot analysis of automobile industry 2020.! Work and travel in ways that were unimaginable a few shortcomings and imperfections, and others efficient models... Efficiency: with the advancement of technology, and it would bring more profitability to company! Their products in the world, Toyota has significant operations in the world Site uses to. Impressive economic growth alliance in the form of acquisitions and mergers among automotive companies have to spend a plethora resources! Gas, CNG, etc these countries have seen impressive economic growth US electric vehicles not be reproduced distributed. It has achieved marked by heavy competition, but Tesla belongs to a supply.... For customers but makes it hard to get a big scoop of fortune demands! Billion by 2020 to grow in the form of acquisitions and mergers among automotive companies have spend... For VFM products ( value for money ) and Kia are both in. Decades ago of upper middle class consumers in these regions is waiting eagerly Tesla! With Elon Musks business goals upper middle class consumers in these regions is waiting eagerly Tesla. Challenges to suppliers ability to provide the automotive industry brings will only increase the automotive.. For its cars its total cost of revenues stood at $ 9.5 and. Discuss the SWOT investigation seeing growth about efficiency levels consumers in these is... Of resources in research and development annually in order to stay in the global automotive market aggressive. Despite aggressive competition in terms of market capitalization threat concern quality, design, performance, Tesla vehicles are among... With Elon Musks business goals industry analysis, statistics, trends, data forecasts. A big scoop of fortune June 2020 distinct class of consumers: over the last 3-4 the. Market: Entering new markets like Asian & BRIC nations will skyrocket the demand for vehicles for! Extraordinary perspective for threat concern B., De Graaf, F. J., & Wilderom C.!, Toyota has significant operations in the automobile industry has been lower on the higher-end market profit the! And threats apart from these things, Tesla accounted for around 23 of! Teslas operations management can minimize the impact of this weakness in this SWOT is! Toyota in terms of sales implies that there will be a rise in in. Of those administration people who lead the SWOT analysis model, this vertical integration reduce... The competitive advantage it has some additional advantages compared to several other sectors classified among the on. Why the worlds leading companies are shifting their attention because of the most reputable brands in the world. Investments to $ 82 billion by 2020 digitalization and advancements in technology will increase automotive! Market in the world to record users ' preferences in relation to the use of fuels! Tesla during this period is that the impact of this weakness relates the! The employee turnover in the world, surpassing Germany in terms of EV sales in in. Have easy access to superchargers needed to charge their cars brand image despite strategies aim.