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Brand Management Assignment Solved

Added on - 04 Oct 2020

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BRAND MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explain the importance of branding as a marketing tool and why and how it has emergedin business practice.....................................................................................................................1P2 Key components of a successful brand strategy for managing and building brand equity....3TASK 2...........................................................................................................................................5P3 Different strategies of portfolio management, brand hierarchy and brand equitymanagement................................................................................................................................5TASK 3............................................................................................................................................7P4 How brands are managed collaboratively and in partnership at domestic and global level. .7TASK 4..........................................................................................................................................10P5 Different types of techniques for evaluating and managing brand value............................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONBrand management importance in terms of increasing business value in the markettowards customers is discussed in this report. Importance of marketing as a marketing tool andhow it emerged business practice is also assessed. Key components of brand strategy to buildand manage a successful brand equity is also explained in this report. Different strategies forportfolio management of Apple and Google to manage the brand hierarchy and equity is alsodiscussed very well in this report. Collaboration between two brands for effective partnership atboth domestic and international level will be discussed in the report. Finally, the techniques tomeasure the brand value and strategies to manage them is will also covered in this reproteffectively.TASK 1P1 Explain the importance of branding as a marketing tool and why and how it has emerged inbusiness practiceDEFINITION OF BRANDBrand is a design, term, name, symbol or a feature which helps in identifying the serviceand products of seller and also differentiating from others effectively. Trademark is the legalterm for any brand. It also leaves a mental picture of products and services offered by the selleror firm (Aaker,2010). The brand is also a set of expectations and memories for a customer,which helps him to make a decision for the product and services that he should choose overanother effectively and efficiently.IMPORTANCE OF BRANDINGBranding is important for Apple. It is a technology firm which leads towards innovationwithin its products and services as well as software platforms. Apple sells mobile phones,computers, laptops, headphones and many electronic devices which are useful for customerseffectively. Further, Google is also the largest internet service provider with estimated revenue of141,703 $m (Aaker and Joachimsthaler, 2012). Google is also a technology firm which collectand organise the world's information and data and make it universal, useful and accessible forcustomers. Google also provide electronic devices such as mobiles, tablets, computers andlaptops for the customers effectively. Branding is very crucial for both organisations in order toexpand their markets. A brand considered eight basic blocks such as name, logo, colour,messaging, sound of the brand, position, packaging and the experience of brand effectively.1
Branding is also important for marketing that helps Apple and Goggle to increase their marketshares effectively.Remembering:It is very difficult to remember a firm with its name that brand helpsApple and Google to ensure their customers about thir thinking for recognising thebusiness. . An effective brand image helps organisations to remember their business andactivities towards customers in the market.Increase customer loyalty:Loyal customers demand for quality products and services inwhich they can trust effectively (Abrahams, 2016x). This is a fact that customers build astrong bond with brand identities. Happy customers will tell their friends and family touse the products and services of Apple and Google brands efficiently.Increase Reputation:An effective brand help organisations to increase their reputationin market towards customers effectively. Customers remember brand image and name todescribe someone about the firm that a brand with qualities will help them to expresstheir views and loyalty.Differentiate:Branding helps Apple and Google to differentiate their products andservices from each other effectively and efficiently. In respect to this, both firms aresimilar towards their products and services that an effective brand image and name helpsthem to create their different values and images towards customers in the market.Perceived value:It is all about the way customers perceive brand and what they thinkabout the brand has a significant impact upon business that weather they are interest to dobusiness with Apple or Google or not (Abrahams, 2016). Brand identity work helpsorganisations to enhance their perceived value by looking more professional andeffective.Good branding creates meaning:Marketing is everywhere which is assessed withadvertisements across multiple channels. Thus, an effective branding of organisationshelps them to express their purpose, initiatives and meaning towards customers in themarket effectively. Marketing is winning the hearts and minds of customers witheffective services and products that a good brand can help Apple and Google to create amessaging platform for their customers to clear communication, values and meaningeffectively and efficiently.2
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