Brand Management Assignment Solution (pdf)
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Added on 2020-11-23
Brand Management Assignment Solution (pdf)
Added on 2020-11-23
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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Building and managing brands...............................................................................................1TASK 2............................................................................................................................................5Brand Portfolio and Hierarchy Management.........................................................................51. Analyse the organisation’s brand portfolio strategy...........................................................52.Hierarchical management of brands in Coca- Cola.............................................................53. Analyse strategies for managing equity of brands.............................................................6TASK 3............................................................................................................................................7Brand extension and leverage ................................................................................................71. Strengths of the brand that can be leveraged......................................................................82. Weaknesses that may need attention providing some possible suggestions......................83. Collaborative and partnership agreements.........................................................................9Task 4 ............................................................................................................................................10Measuring and managing brand value..................................................................................10CONCLUSION..............................................................................................................................12REFERERNCES............................................................................................................................13
INTRODUCTIONBrand management is the effective process of maintaining and improving the image ofthe brand in market by considering important aspects like cost, customer satisfaction andcompetition (Ashworth and Kavaratzis, 2010). It is an effective marketing tool which is used foranalysing the company's actual position in context to number of targeted customers and image ofbrand and adopt certain strategies for effective management of brands. Proper brandmanagement of the company provides positive and effective outcomes which helps in highersales of particular products, enables company to earn higher profits. Chosen organisation in theTask 1 is optimum impressions ltd which is a private limited advertising company which isconducting business all over UK. Brand which is selected for evaluation is the Coca- Colacompany. It is carbonated soft drink company which has many drinks under the same brandname such as Thums-up, Pepsi, Sprite Maaza, kinley and may more. The project will discussabout the brand equity and the stages of building a successful brand. It will also determineorganisation portfolio strategy and hierarchy management along with the brand extension andleverage of brand within the respective organisation. It also discusses about the varioustechniques for measuring and managing brand value in order to create a good image in themarket.TASK 1Building and managing brandsIntroductionOptimum Impression Ltd. Is a private limited advertising company is doing business in allover UK and got launched in front of United Kingdom's market in middle of 2003. An articlehas been prepared by marketing manager of Optimum Impression Ltd. Which will aid indeveloping a whole new marketing brochure of the company.Brand is a unique shaped design or a symbol that helps a company to carry a different identityin front of its competitors. Brand name can create loyalty, trust and faith among the customersdepending upon how its advertised and promoted. Value of the brand is described by brandequity (Brodie and et. al., 2013). Brand equity generally refers to the premium that a companygenerates from its products with a recognizable name in market. It also helps the company tomake products with superior quality and reliability which enables them for high success and1
growth. Stages of building a successful brandBrand is a power for companies as with the help of successful brand it increases the sales ofproducts and also enhances good image in the market. Determine target audience- When building the brand, optimum impressions shouldidentify their target audience and makes the mission which meets the customerrequirements in the best possible manner. They should also categorise the audience onthe basis of demography, age, interest and behaviour which would help them to targetsegments effectively (6 Simple Steps For A Successful Brand Building Process. 2018).Define brand mission- Mission statement of the brand defines the purpose of itsexistence. Before building the trust of customers on the brand, respective companiesshould define the purpose of its existing and value it provides to the consumer. Research Competition- When successfully building the brand optimum impressionsshould analyse the number of competitors in the market and the offerings they cangiving to customers (Balmer and Chen, 2017). It makes the company to provideproducts and services different from their competitors and makes the product betterthan the others.Create value propositions- Companies always focus on making their brand unique andvaluable to the customers. As there is lot of competition in the market companies needto add value in their brand to stand out from the market.Determine brand guidelines- Brand guidelines helps to determine its characteristics andset specific rules of the company on how to properly interact with its customers.Developing the guidelines for the optimum impressions helps to set a definite pattern oflogo and tag lines which properly structures the brand tone and makes their businessmore recognizable.Market the brand- Last step for companies is to market their brand in front ofcustomers. Marketing of the brand should be done with the use of various channels suchas email, web and also advertise their brand on social media pages in order to make thecustomers aware about the product and stand apart from its competitors (BuilDe,Chernatony and Martínez, 2013).Role of marketing department in creating brand equity2
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