Brand Management | Assignment Solution

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BRAND MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Importance of Branding as marketing tool and how has it emerged in practices of business.....................................................................................................................................................1P2 Analyse the key components of a successful brand strategy for building and managingbrand equity................................................................................................................................3P3 Analyse different strategies of portfolio management, brand hierarchy and brand equitymanagement...............................................................................................................................4P4 How brands expands their business at domestic level and global levels...............................7P5Difference type of techniques for measuring and managing brand value of Nestle...............8Conclusion.....................................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONBrand management can be defined as an application of different marketing techniquestowards a particular product, product line or brand. It also a process of creating the brand valueand sustaining the brand image in the market.Having a effective brand management it helps inbuilding a loyal and satisfied customers. Its also marketing the techniques in order to increasethe brand value of its products in a product line. In this report we take Nestle as an organisation,Nestle is the Swiss multinational company of food and drinks. Nestle is ranked as one of theworlds largest company in food section. There are various varieties of its product line like waterbottles, baby foods, chocolates, medical foods etc. in this report we will discuss about theimportance of branding and its components for successful branding. This report will also shedthe light on the strategies for brand equity and the brand hierarchy. This report also discusesabout the techniques for measuring the brand value of an organisation. And how brands aresuccessfully over time using application of theories models and concepts, portfolio managementbrand hierarchies and brand equity , use of different techniques used to leverage and extendbrands.P1 Importance of Branding as marketing tool and how has it emerged in practices of businessNestle is the world famous brand. It was founded in 1866 by Henri Nestle , it was startedas a milk company 152 years ago and in 1879 it merged with milk chocolate company namelyDaniel Peter. Total number of employees working in Nestle is 323,000.Its brand name has greatimportance all-over the world and has served as a marketing tool for Nestle. Branding hasincreased the value of the company, its has given the employees a sense of direction as well asmotivation and has helped to carry out its business smoothly(Jugenheimer, Sheehan and Kelley,2015). This company has produced many variety of products. And company is growing day byday in developed and developing both the countries.Branding can serve as marketing tool because of following reasons:1) Creates Customers Preferences :Branding helps in creating the customers preferencestowards the particular product as there are variety of products already available in the marketwill would create the confusion but branding will help in differentiating the products of Nestlefrom other products available in the market. Preference of customer should be always priority for1
the company. Because company can not run without the modification in products and thefeedback of customers.2) It Supports in Advertising:It helps in the advertising of a product. Its logos, packaging,punch lines etc helps in the advertising of a product(Urde ., 2016). Branding can be helpful tosupport advertisement of product because many channels are there which are coming ibn use forthe branding of big companies like Nestle.3) Competitive Advantage:Branding helps in keep the new competition away from it. Thesegment that it has target helps in keeping the competition away from its products within thatmarket segment.4) Attracting New Customers:branding helps in attracting new customers due to word ofmouth marketing like the suggestions from the friends, family , colleagues etc. branding helps toattract customers by the launch of new products so they can know about thye new products andtheir specialities.5) Recognition:Branding helps in recognition of its products and separates it products fromother substitutes available in the market, so it can serve as marketing tool as customers find iteasy to recall the product by its name, logo, and the brand value that exists in the market.Branding help to product to become famous among people .6) Emotions:Branding helps in making the purchases on the basis of emotions as compared tothe logic that they should use while purchasing a product. So this also plays a vital role inmarketing of a product. It is a basic human nature towards any brand .Branding has emerged in the business practices in following ways:Branding helps in generating the future business and well established brand can helpincreasing the business value.It has developed the sense of professionalism among the employees of Nestle andemployees also feel proud and satisfied while working in the organisation.A well established branding strategies has helped the company in building the trust withits customers, clients and also with its consumers.Branding will have the impact on the long term growth and profitability of thebusiness(Elliott and et.al., 2015).Brand building helps a brand to become a global brand through excellent branding andits implementation.2
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