Brand Management and Marketing Studies
Added on 2020-07-23
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Brand Management
Table of ContentsINTRODUCTION ..........................................................................................................................1SECTION 1......................................................................................................................................1P1. Importance of branding as a marketing concept or technique..............................................1M1. Brands are handled or managed successfully by using CBBE Model................................3P2. Components of brand scheme for succeeding and building the brand equity......................4M2 Apply appropriate examples within an organization............................................................6D1 Critical evaluation of knowing branding within a business .................................................7SECTION 2......................................................................................................................................7TASK 2............................................................................................................................................7P3 Various strategies of brand equity, portfolio management and brand hierarchy...................7M3 Critical evaluation of brand equity using effective frameworks........................................10TASK 3..........................................................................................................................................10P4 Brands are managed of handled collaboratively at a global and domestic level.................10M4 Critical evaluation of following various tools ...................................................................11TASK 4..........................................................................................................................................11P5 Various types of tools and techniques for managing and measuring brand value...............11M5 Critically evaluation of techniques and tools for measuring brand value..........................13CONCLUSION ............................................................................................................................13REFERENCES................................................................................................................................1.........................................................................................................................................................2
INTRODUCTION A brand is a concept, services or product that is publicly famed from other concept,services or products so that it can be usually marketed and easily communicated. Brandmanagement is the process of developing a long lasting connection or a relationship between abusiness's product and perception of the client for the motive of creating segregation amongrivalry and making loyalty among audience (Ashworth and Kavaratzis, 2010). It is a marketingfunction that uses special or effective tools in order to maximise the product’s perceived value. Itis also identified as an essential activity of improving, upholding and retaining a business imageso that the brand is related with positive results. This project is based on different two brand in same industry such as TOYOTA andHONDA. This assignment shown regarding the essential of branding as a marketing technique.Different elements of brand strategies in order to building brand equity systematically, it is alsoanalysed in this report. Various strategies of portfolio management, brand hierarchy alsodetermined in this study. Strategies of brand extension which is also determined in this project inan effective and efficient manner. Various kinds of techniques are used by the both organisationsin order to measuring their brand value, it is also described in this assignment. SECTION 1P1. Importance of branding as a marketing concept or techniqueBrand: A brand is a symbol, design, name and term that differentiate an enterprise andgoods from its competitor in the eyes or mind of the audience. It is an important and useful termfor the business towards achievement of predetermined goals and objectives essentially. Branding: It is known as an effective process and activity of developing a unique name,image, logo, symbol and collection of some of these for a particular commodity in the mind ofconsumer's which distinguish it from challenger's products (Brodie and et. al., 2013). Brand Equity: It is identified as an amount of worth or valuable in intangible andtangible assets that an image adds to a service or products. It is a set of brand liability and assetsassociated to a brand, its symbol, design, name and term that subtract & add from the core valueof services and products to an enterprise and to customers. Importance of branding as a tool of marketing1
It is essential and significant for TOYOTA and HONDA towards achievement of longterm goals and objectives. It will help them in order to attract a large number of customers aboutbusiness products and services. Effective and unique brand image highly engage clients topurchase more commodity. It delivers complete valuable information to customers and developtrustworthiness and reliability of company effectively. There is some more significance ofbranding as a technique which are describe as below: Build client loyalty: TOYOTA and HONDA; both are famous and popular brand in thisindustry and across the globe. Those business are largest automotive manufactures in all over theworld. They provide different variety and design in cars which is essential for the enterprise toattract million number of customers (Buil, De Chernatony and Martínez, 2013). In order to makelong lasting relationship and loyalty, such organisations provide effective quality at affordableprice to the clients. Generates turnovers and sales: Unique brand is an essential and significant part ofcompany’s success and development. Better branding position in marketplace and customer'smind help the industry to increase their sales and turnover in limited time period. TOYOTA andHONDA are famous and well known organisation in all over the world. In this, main motive ofsuch business is to provide quality products or services and gain maximum revenues. Introduce new products and services: Branding is an effective process of developinglong-lasting relationship with customers. Better image of the company in marketplace, companyeasily introduce their new car products to the clients. HONDA and TOYOTA conceive their allcars products very different (Christiaans, 2012). They introduce their new car such as LexusLS430 and many others. It is also important for the organisation to accomplish predeterminedgoals and objectives. Difference between product and brandThere are some points which are describe both brand and product and different in the mind ofcustomer's and marketplace. Some difference are determined as below: Basis Product Brand Meaning Product is identifies as aneffective items which isavailable in the marketplacefor the company to producedThe market is inundated withlarge number of name,products, sign, symbol, logo,person and services. 2
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