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Brand Management Assignment Solution

   

Added on  2020-09-08

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Brand Management

Table of ContentsINTRODUCTION...........................................................................................................................3SECTION 1......................................................................................................................................3P1 Importance of branding as a marketing tool and the way it has emerged in businesspractice........................................................................................................................................3P2 Key components of a successful brand image building and managing brand equity............5SECTION 2......................................................................................................................................7P3 Different strategies of portfolio management, brand hierarchy and equity management......7P4 Management of brands in collaboratively and in partnership..............................................10P5 Different types of techniques for measuring and managing brand value............................11CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONBrand management is considered as the activity and process of planning and analysinghow a brand of organisation is perceived in a trade. The major component of brand managementis developing effective relationship among the market and target audiences. This administrationprocedure is a process of intangible and tangible elements in which some of them fall undercosting, packaging, physical appearance of a services and product. On the other side, theintangible components of an organisation undertakes the experience of consumer after using theproducts which helps in creating brand image of an enterprise (Annie Jin, 2012). This process isparamount for a business organisation as it aid in attracting wide market area along with vastrange of market share along with share. Hence, this overall give upliftment to businessorganisation. The purpose of this report is relayed on the popular brand i.e. Coco-Cola which is abeverage enterprise based on America, creator, retailer and non-alcoholic drink producingcompany. This project will analyse the significance the marketing tools and brand managementin order to meet the organisational requirements. SECTION 1P1 Importance of branding as a marketing tool and the way it has emerged in business practiceIn order to understand the importance of brand management, it is required to identify theconcept and need of brand. A brand can be consider as a concept, service, products which ispublicly eliminated from other services, products and concepts so which this can be easilyinteracted and often marketed. Establishment of brand is process or conception which hasbecome more essential to manage by large and small organisation. This is endowing services andproducts with the brand power (Balmer, Liao and Wang, 2010). This provide meaning to theproducts through giving and support it with the label of specific organisation through creating adifferent and unique recognition of enterprise in the market. Though, the procedure is not helpingfor organisation but also consumer as well through offering best and effective services. It aid the consumer in searching the commodities of their preferences and choicesmanufactured according to their demands and interests. Thus, it can be state that brand symbol iseverything and anything which leaves a mental logo or pictures in the minds of clients as theidentity of organisation. Though the brand management is very crucial and important aspects oforganisation as this aid in meeting the services and products of organisation, Coca-cola has used3

this approach for enhancing the organisation position. As per the definition of Association ofAmerican Marketing, brand refer to the term, sign, symbol, design or name which is also knownas the combination of these interning to services and good identification for one to another groupof trader as well as distinguishes them from another sellers. Coca-Cola considering the need ofbrand management, use the term of brand equality as the major components for buildingperception and creating value among the consumer. The term Brand equity defines to thepremium value which a firm operates from a service with a reputed name, while compared to thegeneric equivalent. Through the helps of this process, the organisation have been able to expandtheir product line as ell as meet the level of success (Baumgarth, 2010). Hence, one of the leading benefits of this process is to offer the opportunities to venturetop eliminate the manufacture form of commodities in the existing trade. Moreover, Brandmanagement has its own significance as the marketing tools which can be understood from thebelow points: Brand render Competitive Edge: This is required for each and every firm to find out thesum of entire available resource for creating a better competition in the whole industryfor meeting the determined objectives and aims of Coca-cola. For this, the company haveapplied new strategy called 'One brand' for meeting the target audience within thespecific time period. Brand support the constant and Stable asset: The major assistance that the process ofbrand management provide is meeting the long and short term objectives of organisationthrough helping enterprise and stakeholder in accepting and meeting the modification.Trademark of one of best sustainable resources which can help Coca-Cola in corporateworld from past 120 years and more. Economical Value Support: An organisation is differentiated on two different type ofresources i.e. intangible and tangible resources. Coca-cola has more than $67 million andmore worth according to report which has examined that the company owns more than54% of stocks value in whole market. Thus, this process also helps in increasing thebrand image of enterprise in effective way. This can be observed that there is a vast different between a product and brand whichpeople get fuss about while come to their basic concept. Here is the basic concept between ofthem mentioned under: 4

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