Brand management assignment PDF - Samsung
Added on 2021-01-02
19 Pages5583 Words189 Views
Brand Management
INTRODUCTION A brand is a company product image or value in the market through which it isrecognised. It helps people in recognising products and services that is provided by companies inthe market. Also, products can be distinguished on basis of brand. This report will describeimportance of branding, what strategies are developed by companies in promoting their brand. Inaddition, it will show how brand extension strategies are used to expand brand at global level. Atlast tools for evaluating brand awareness and valuation is discussed as well. For present report organisation taken is Samsung. It belongs to technological sector andoperates at global level. LO 1P 1 Importance of branding as marketing tool and in business practice Introduction- Company makes many efforts in order to establish their brand and attracting largenumber of people. Moreover, they have to maintain brand image in the market to survive forlong term (Arai, Ko and Ross, 2014). It is done by conducting marketing campaigns, providingoffers, etc. through this, brand equity is developed. Every product or service is recognised undera brand name. It consists of unique symbol, logo or image through which it is identified. Intoday’s competitive business world, it is very essential for companies to differentiate theirproducts from others. Also, they have to communicate it to people about what they are offeringand how it will help in fulfilling their needs. MAIN BODYBrand equity refers to value that is generated from market from a product or brand. itdescribes overall value of company in industry (Wear and et.al., 2016). Also, it helps in findingout position in different markets. It is related to goodwill of company as well as perception ofcustomers towards its products and services. Brand equity is developed by using CBBE model.1
Figure 1: CBBE model(Source: Hitesh Bhasin, 2018)Brand identity- the first step where awareness of brand is generated in the market. Here,company introduce themselves in the market. It is done by describing “who you are”. Also,target market is identified on basis of customer needs (Robson, 2016). Brand meaning- Here, brand is communicated to people. this is done by considering severalfactors such as reliability, efficiency, etc. company tries to communicate the importance of brandin their life. Brand response- now, customers make judgement about product quality, cost, etc. with thisfeeling is developed to buy product (CBBE model, 2018). They start thinking about features,cost, etc. of products of that brand. 2
Brand resonance – It is related to relationship of customer with brand. Here, behaviour andattitude of customers is determined with brand. They consider various factors like price,customer service, etc. The importance of branding is as follows :-To company – companies are identified from its brand image in the market. A highly recognisedorganisation will enjoy a competitive advantage in industry. It will also enable customers toidentify brand by seeing its logo or symbol. Moreover, popular brand will not have to advertiseor market their products. Customers will automatically get attracted towards it. a strong brandingwill help in increasing customer loyalty (Sood and et. al., 2016). It will be easy for company toenter in new market. Samsung is known for its advanced and high quality products. They havebeen successful in creating a distinct image through variety of products.To customers- A strong and popular brand makes it easy for customers to identify it. theyrecognise it by seeing logo. Also, they are already aware about quality, price, customers service,etc. of company. Thus, it helps in decision making. Besides this, they know worth of brandedproducts. Therefore, mouth publicity of brand is done. Samsung is a very popular brand inelectronics sector. Their products are sold through effective brand image. Brand equity is created by marketing department through various campaigns, advertising,etc. the more effective marketing will be more it will generate brand equity. It helps people inidentifying the brand easily and purchasing goods and services. Conclusion- it is concluded that branding is very important for company as it generated marketvalue. Through this, awareness is created in industry about products and services. the importanceof branding to company is they do not have to invest large amount in marketing as customereasily recognise it. for customers branding helps them to identify goods by seeing logo. It helpsthem in easy decision making. P 2 Components of brand strategy for building and managing brand A brand is developed by analysing various strategies and following a systematic process.Also, it is very necessary to manage brand so that it value and equity does not decrease.Managing brand means to rise its value by maintaining its efficiency and reputation. There aremany ways through which it can be done. But it depends on target market, brand equity, etc. Brand reinforcement is way through which brand is managed. In these customers areinvolved and feedback is taken. It helps in determining their taste and preference. Furthermore,3
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