Brand Equity Management Strategies PDF
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Added on 2021-02-21
Brand Equity Management Strategies PDF
Added on 2021-02-21
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Brand Management1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Introduction..................................................................................................................................3Main Body...................................................................................................................................4Conclusion...................................................................................................................................6TASK 2............................................................................................................................................6P3 Different portfolio management, brand hierarchy and brand equity management strategies.6TASK 3............................................................................................................................................8P4 Brands are managed collaboratively and in partnership for domestic and global level.........8TASK 4..........................................................................................................................................11P5 Various types of techniques for measuring and managing brand value...............................11CONCLUSION..............................................................................................................................14REFEENCES.................................................................................................................................15.......................................................................................................................................................162
INTRODUCTIONBrand management is defined as analysis and planning in order to perceive brand frommarket place (Annie Jin, 2012). There are different aspects of brand management such asconsumer satisfaction, cost, in store presentation, competition. This is referred as proper analysisand planning about brand that is perceived in market. For increasing brand value it is veryimportant for organisation to create relationship with their target consumers. The element ofbrand includes packaging, designing, price and others. The assigned report is supported on twodifferent organisation named as Optimum Impression Ltd and Marks and Spencer (M&S).According to scenario given first task is on Optimum Impression Ltd and remaining on M&Swhich is retailer industry established in 1884 at London United Kingdom which deals in food,clothing, home appliances. The aim of report is to discuss about significant of branding asmarketing tool along with elements for making brand strategy successful in order to build andmanage brand equity. The various strategies of brand hierarchy, portfolio management andequity management have discussed. It also highlights brand management at domestic and globalstage along with techniques for measurement of brand values.TASK 1IntroductionBrand is defined as any design, name, term, feature that differentiate firm and theirgoods from other organisation (Buil, De Chernatony and Martínez, 2013). This is used in variousfields such as advertising, business and marketing. This is assisting consumer at crowd andmarket by standing value and benefits of products. The name of brand is trademark thatdetermine firm which is called brand name.Brand Equity is outlined as premium value that organisation is generating throughproduct having renowned name which is generic and different from others. This is created bymaking products memorable, reliability, recognizable, superior quality. Different stages formaking brand successful which are used by Optimum Impression Ltd are described. First stageis defining how you want to be perceived, where organisation build brand values in consumer’sminds. This includes preferences, taste, experiences of consumers for products. This can helprespective organisation to know about products liked by their consumers or not andmanufacturing accordingly for their users. Second stage is Organise business based on promise,3
where enterprise build brand that is based on promise they have made with their consumer. Thefirm set strategies and plan in order to fulfil promises of consumers. Respective organisationmanages business for satisfying their users need and manufacture accordingly. Third stage isCommunicate promise, where strategies are made as per promise they made with theirconsumers. Optimum Impression Ltd focuses on design, colour and text of products and fulfilsrequirement of consumers by following their promise in order to build brand value in consumersmind. Last stage is Be consistent, where organisation produces as per requirement of consumers.In case of Optimum Impression Ltd, it also works on consistent in order to build brand value,create relationship with users and produce accordingly.Marketing Department is defined as that department which helps in buildingrelationship with their consumers in an effective and efficient manner (Cavender and Kincade,2014). This also assists in creating brand equity in consumer’s mind. The different roles playedby Optimum Impression Ltd for brand equity are described. First is Awareness, where respectiveorganisation uses different channels in order to create product awareness in consumer’s mind andpromote goods for increasing sales. Second is Differentiation, where brand need to be unique,different and innovative from their competitors. It is responsibility of marketing department topromote differentiated products. Third is Value, where Optimum Impression Ltd needs to playan effective role in creation of values for their consumers as they are ready to pay for high andquality valued products. Nowadays, consumer pays for value rather than quantity or otherfeatures. Fourth is Accessibility, where products and goods should be available for each andevery consumer in order to increase brand image in consumer’s mind. Therefore, respectiveorganisation needs to make easily access of products for their users.Main BodyOptimum Impression Ltd is using different strategy for their brand equity, reinforcement,extension and revitalisation. After analysis of each of them help business to make proper planand strategies so that goal and objectives can be achieved.It is very important to make brandrenowned in market so that maximum profits can be gain. It is using Keller Customer BasedBrand Equity (CBBE) model which is given below:The respective organisation uses Strategy in order to Strengthen Brand Equity. Thefirst strategy is quality products and services, where Optimum Impression Ltd needs to focus ondelivering high quality goods and services in order to increase brand equity in consumer’s mind4
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