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Brand Management INTRODUCTION

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Added on  2020-07-22

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Brand Management INTRODUCTION 1 Section 11 P1 Importance of branding as marketing tool and its management in business practices1 P2 Key components for managing successful brand strategy for managing equity3 Section 6 P3 Analysis of various strategies related with portfolio management, brand hierarchy and brand equity management6 P4 Management of brand collaboratively and in partnership both at domestic and international level9 P5 Various techniques for measuring and managing brand values by applying suitable example 10 CONCLUSION 12 REFERENCES 13 INTRODUCTION Brand management is

Brand Management INTRODUCTION

   Added on 2020-07-22

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Brand Management INTRODUCTION_1
Table of ContentsINTRODUCTION...........................................................................................................................1Section 1...........................................................................................................................................1P1 Importance of branding as marketing tool and its management in business practices.....1P2 Key components for managing successful brand strategy for managing equity...............3Section2............................................................................................................................................6P3 Analysis of various strategies related with portfolio management, brand hierarchy andbrand equity management.......................................................................................................6P4 Management of brand collaboratively and in partnership both at domestic and internationallevel........................................................................................................................................9P5 Various techniques for measuring and managing brand values by applying suitableexample.................................................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONBrand management is a process of supervising and maintaining an image of goods andservices which usually offer by an association. It is important to manage and maintain suitableand reputed position at market place by business organisation in order to gain competitiveadvantage (Ashworth and Kavaratzis, 2010). Brand management is consider as one of anbeneficial tool to maintain and manage such consent in an appropriate manner. This project isbased on brand management by taking example of two famous and popular brands of 2017which are Audi and Ford. Both of these are famous automotive section organisation and havegood market position as well. This context will lead to evaluate about management and buildingof brand over period of time. Moreover, management of brand portfolio is essential and it shouldbe extended over time at international and domestic market world. Although, there will severaltools and techniques lead to get manage for measuring and managing brand value over time. Section 1P1 Importance of branding as marketing tool and its management in business practicesBrand is consider as such sign, symbols and unique image of a company which support inmake goods and services differentiate from competitors and enables in order to manage image infront of customers of a company (Brodie and et. al., 2013). It is important for an organisation tomanage appropriate brand management strategy in the keen competitive world so that better andeffective gain could be promoted. Branding aims with a significant thing in which association lead to differentiate theirpresence at market place so that it lead to enables an organisation to attracts and retain customerloyalty as well. Ford and Audit both these organisations are keen rivalry of each other andproduce high quality vehicles as well. Audi is consider as a luxury brand at market place wherethey manufacture only quality based products which are high in amount as well. Thus, for thembranding work as a marketing tool in order to which their luxury features of vehicle state suchthings. On the other hand, Ford manufacture vehicles which target all sections of society not onlyrich one, thus their brand image is appropriate in front of their customers. Branding work as an important marketing tool through which association become able toenhance their sales in target market as well as create reputation (Buil, De Chernatony andMartínez, 2013). Although, for this context, a strong branding always made positive impact onbusiness which concerns as overall marketing tool (6 Reasons Why a Strong Brand is Important1
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for Your Small Business, 2015). Hence, importance of branding as marketing tool stated asfollow for Ford and Audi:Improve recognition: An effective branding always support in improve recognition of acompany through which association become able to increase their sales (Christiaans,2012). For this context, management need to made more focus on their logo and symbol.Although, AUDI have four circles which differentiate them from others. This is helpful inorder to manage their sales and increase brand value as a luxury products.Branding creates trust: Another important measure of branding is to create trust betweenvarious customers of a company. Thus, it is important to maintain credibility of acompany products between customers. Luxury appearance of Audi support in creatingtrust between various users of a company so that better and effective management couldbe promoted. Support in advertising:It is important to manage and create brand in keen competitiveworld through advertising. It is essential to manage and use effective advertisement toolfor managing and creating brand values. Like Audi never advertise their products moreand more on television where as Ford promote their products rapidly by using variousoffers and techniques. Creates financial values:A major thing which support by branding is to create financialvalues of a company (Dempsey and Gruver, 2012). At any cost an effective brandassociation lead to manage fund for a company whenever they need rather than any IPO.Ford and Audi both have good brand image and support in creates financial value of acompany. Generates more customers: A major objective of any company is to generate and createan appropriate customer base. Thus, a good brand value support in generate and createmore and more customers for a company so that better and effective gain get promoted.Although, AUDI and Ford have a good brand image of a company so that they becomeable to generate more and more customers. Along with all these things, it is important for an association to clearly differentiate betweenproducts and brand of a company so that effective understanding and its use in business practicescould be manage. A major differentiate between products and brand are stated as follow (Brandor Product – What Is the Difference?, 2018):2
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