Assignment on The Importance Of Branding
Added on 2020-10-04
17 Pages5148 Words93 Views
Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1 .....................................................................................................................................1P1. Importance of branding as a marketing tool and ways of emerging in business practice.....1P.2 Key components of successful brand strategy ....................................................................4LO3..................................................................................................................................................6P.3. Various strategies of portfolio management,brand hierarchy and equity management .....6P4 Management of brands in partnership both at domestic and global level..............................8P5 Techniques for measuring and managing brand value over time........................................10CONCLUSION..............................................................................................................................11REFERENCES ............................................................................................................................13
INTRODUCTIONBrand management is the process of improving and maintaining the brand in terms ofsign, term, logo and symbol. Through this, firm can maintain competitive edge on others. It helpsin promoting and marketing the brand in market (Gromark and Melin, 2011). This is done tocapture more customers and to increase the market share. Thus, firm can generate trust andconfidence among all users. Through it, organization can maintain a positive image in the mindsof customers. Through this, company can increase their market share. It also results in expansionand widening of the business. In this project there are two companies named as Audi andHyundai that are popular automotive companies. They are operated globally and enjoyed a goodbrand image. Report discusses about the importance of branding as a marketing tool and reasonsas well as methods of emerging it in business practice. Project discusses about the keycomponents of successful brand strategy for building the brand equity and various strategies ofportfolio management along with brand hierarchy and brand equity management. Reportexplains about the methods of managing brands collaboratively and in partnership at national andglobal level. Further, report also discusses about various techniques for measuring and managingthe brand values through various examples.SECTION 1 P1. Importance of branding as a marketing tool and ways of emerging in business practiceDefinition of brand – It is a sign, term, logo and symbol which creates a unique identityof the brand. This is done to differentiate it from other products and to increase the profits andmarket share.Audi and Hyundai are two automotive companies that are providing high quality productswith recent features and thus, maintains a strong image in the minds of customers. Audi hasincreased the market share due to parent company but now, it has maintained its own reputationthrough superior goods and services.There are differences in between the products and brands. They are: BrandProductThey are the items which differentiatefrom other products.They are having unique and distinctThey are items which are alreadypresent in market for the purpose ofselling. They can be copied by the
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