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Brand Management Assignment Solved - Optimum Impression Ltd

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Added on  2020-10-22

Brand Management Assignment Solved - Optimum Impression Ltd

   Added on 2020-10-22

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BRAND MANAGEMENT
Brand Management Assignment Solved - Optimum Impression Ltd_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................2Article to demonstrate importance of brand and how it is created and managed...................2Introduction............................................................................................................................2Main Body..............................................................................................................................2Conclusion.............................................................................................................................5TASK 2............................................................................................................................................6Brand portfolio strategy - iPhone...........................................................................................6Brand hierarchy management.................................................................................................7Model used for managing the equity of brands......................................................................9TASK 3..........................................................................................................................................11Strength of brand leverage....................................................................................................11Weakness that need attention...............................................................................................11Collaborative and partnership agreement.............................................................................12TASK 4..........................................................................................................................................12Brand value...........................................................................................................................13Brand awareness...................................................................................................................13Market share.........................................................................................................................14Customer attitude..................................................................................................................14Purchase Intent.....................................................................................................................15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................17
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INTRODUCTIONBrand management is the process of maintaining, improving and upholding a brand sothat it associated with positive result. In other words, Brand management is a marketing functionthat increase the perceived value of brand or product line over time by using various techniques.The first task of report will be based on Optimum Impression Ltd. that is an advertisingorganisation. It will analyse in the report that how organisation can build and manage brand overtime by using various techniques and strategies. The study will determine brand portfoliostrategy and hierarchy management of Apple Inc. that is a premium brand as well as strategiesfor managing brand equity will also be evaluated. The report will cover how brand can leverage/extended domestically and internationally over time. Lastly different techniques will beevaluated for measuring and managing brand value.1
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TASK 1Article to demonstrate importance of brand and how it is created and managed2
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Brand is powerIntroductionBrand is an identifying logo, name, mark or symbol that organisation uses to separatetheir services and products from others (Heding, Knudtzen and Bjerre, 2015). Optimumimpression Ltd. Is a popular advertising company and has launched new marketing brochureknown as 'Brand is Power'. Brand name have power to drive market performance of Optimumimpression Ltd. and it contributes to the overall value of business as well as it gives power andstrength to compete. Brand equity is the added value endowed on services and products of that reflected inthe customer feel, think, and respect to the brand. It combined four components perception,image, awareness and loyalty (Keller and Brexendorf, 2017). Brand equity is defined as thelevel to which a brand has achieved consumer understanding, their awareness, loyalty, beliefand advocacy among a target group.Optimum impression Ltd. can build or developed successful brand by these followingsteps wherein in first stage in building a brand is determining target audience and core strengthof the brand. However, after finding target audience it is essential to define mission of brandand deliver it with attractive logo, symbol and tag lines. Lastly, building a successful brand laststage is, analysed sustainability of brand and regular monitoring is necessary. On the other hand, Marketing department plays and important role in creating brandequity. They are responsible for various marketing programs related to distribution channel,products, price and these programs create brand image and build brand awareness and that makethe process easy of creating brand equity.Main BodySuccessful brand strategy for strengthening brand equityOptimum impression Ltd. can strengthen the brand equity by providing quality productsand services to the potential customers. It is important for the organisation to ensure that theybring out products and services into the market are new to the business portfolio (Urde, 2016).Having quality products and services is the first and most essential strategy to strengtheningbrand equity. Creating a consistent brand image and communicate to the consumers helps the3
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