This assignment analyzes branding as a crucial marketing process for building a positive market image. It examines various branding strategies used by Apple, highlighting their success. Furthermore, the report delves into the collaborative partnership between Nike and Apple, outlining the methods employed to measure its value.
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BRAND MANAGEMENT
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Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1 : How a brand is built and managed over time..................................................................3 P1 The significance of branding as a marketing tool............................................................3 P2 Important components of a successful brand strategy....................................................6 TASK 2 : Building Brand Hierarchies and Portfolio Management................................................9 P3VariousstrategiesforPortfolioManagement,brandequityandBrandHierarchy management............................................................................................................................9 P4 Partnership and Collaboration among brands at domestic as well as International Level.12 P5 Various types of methods to measure brand value in context of the Apple...................13 CONCLUSION.............................................................................................................................15 REFERENCES.............................................................................................................................16
INTRODUCTION Brand Management is a technique of analysing and planning of the brand perception in the market or industry. Brand Management concentrate on creating a healthy or effective relationship among the customers and target market. This report will analyse and describe the different importance of branding as a marketing instrument along with its usage in organisational activities and the methods to use it. The various of brand strategies used for building brand equity and management will be also described in this report. The report also consist a brief analysis of various strategies of portfolio management, brand hierarchy and brand equity. Furthermore, The study also determine various components and factors that helps a brand for managing collaboration at global and domestic level. Methods of measuring the brand value will also be determined in this report. TASK 1 : How a brand is built and managed over time P1 The significance of branding as a marketing tool What is Brand?- Brand is a concept, service or product that distinguish from other products or service provided by the rivals or competitors in the marketplace. It assists to communicate and market the products in the market. A Brand of an organisation or company is used as a component or feature for the evaluation of a company or business. Branding is considered as a most critical and important element of the marketing process of a service or product. According to the current market situation or conditions each and every product in a market has a lot of competitors or substitutes produced by other companies or organisations. These organisations create a highly competitive market condition and create competitive strategies for gaining more customers. Various marketing association describe brand as a name, term, symbol or design and the combination of those elements developed for identifying the products or services of a group and seller also differentiate them from the services or products of other companies(Lin,2015). Brand Equity of Apple A Brand Equity refers to summing up the branding strategies by showing the nature and number of distinctive as well as common elements of brands across an organisation's products, revealing the expressed in order to brands elements. Brand hierarchy is an important way of graphically displaying an organisation's strategies of branding. Development stages of brand equity according to CBBE model Brand Identity refers to Who you are
Brand meaning refers to What are you Brand Response refers to What are the notions for the brand Brand Resonance refers to a strong relationship Indexing– This system styles take point of interests for making creative administrations and promotion patterns. Efficient Showcase theory– This theory or style states that a business or organisation requires analysing the current market patterns which helps in encouraging organisation to develop a smooth business manner. Active Portfolio Management strategy– With regards to this style the business introduce new ventures composition by which they receive maximum return benefits. In this process financial professional are expecting high rate of return(Maurya and Mishra,2017). Bottom Up Approach– The Bottom up approach states that a business or organisation should focus on their financial or economic development. The management of an organisation analyse the condition inside their business and direct the execution of the organisational activities accordingly. The internal condition should be able achieve organisational goals and objectives. Top down approach –This is an approach business segment the external condition to develop their own methods and techniques which helps to find out new opportunities. This helps in creating a business mark images and draw in maximum various new customers. The Company grasps some portfolio strategies to overhaul the brand picture inside the commercial centre. It is fundamental to sustain the business activities and make new valuable courses of action to get advantage salary. Beside that there is another idea known as Brand pecking order(Mosley,2014). Brand chains of command alludes to a pack sort of different brand procedures. It gathers the brand segments like apple association having unmistakable brands through which they get the best advantage pay. It portrays that what number of different organizations gave by the relationship to attract the customer slant. Like the extent that apple they in like manner give some new methods and programming through which they are most commended mark. Role of Marketing in developing brand equity Evaluation of Brand –Branding helps to identify a target marketplace or area, researches and studies are the next important steps for obtaining logical understanding of different customers and their needs from a specific product or service. The Development of a Brand work according
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to same understanding with relation to the customer's psychology. Each and every business or organisation try to make products and services according to the needs and wants of the customers. This help in achieving customer satisfaction which is very important for a good image in the market and creating a popular brand. An inquiry that creates now is the manner by which promoting is distinctive shape building up a brand. The response to this inquiry is the promoting and marking are not distinctive exercises subterranean insect they unequivocally related. The promoting centre around making an item more requesting or alluring than its rivals or adversaries though marking is a further idea, it centres around building up an item as the principal name that squints into the psyche of the clients when they think about an association or company. Illustration1: Brand Development (Source:Hierarchy Of Brand Development,2012)
Brand objective– Almost every organization or association understand the essentialness of the marking as a promoting apparatus, the different experts and authorities who are spent significant time in creating brands, they work to the accompanying - Building up noteworthiness for the item or administration. Associating with the clients candidly and principal component in to their brain research. Building up an allegiant client base. Branding is very beneficial and important for every organisation or business as it is a part of the most essential function of an organisation which is the promotion of products and service. The Marketing is a function which is practices by every business to promote or market their products to the customers. It involves various elements such as advertising of the products, Branding is a complex process as compared to marketing. The Branding function is performed at an initial level of a business that consist name of the brand, logo or design of the brand etc. A brand name or logo helps to develop an image in the mindsets of customers in the market. A specific brand name or logo helps the customers to identify a particular product or service among the others products or services available or offered by the competitors. There are mainly eight elements in a brand which are as following - 1.Name 2.Colour 3.Slogan or message 4.Sound 5.Logo or icon 6.Look or design 7.Packaging 8.Brand experience What is the Importance of Branding in Marketing ? Each and every business or organisation wants to create a positive image in the mind of the customers within a marketplace. Marketing is generally used to by the organisation to attain his goal, it mainly focuses on separating the products or services from that of the other organisations or competitors(Viktoria and Kenning,2014) Marketing is not enough to develop an image in the mindsets of the customers this introduced branding which can be used in the
marketing function or as a marketing tool for achieving a positive image or perception within the market. The benefits of using Branding as a marketing tool are as mentioned below - Help in achieving customer loyalty – It is known that customers creates a close and strong relationship with the various brand identities. In order to develop trust on a product or service the customers needs high quality and satisfaction. The customers will only recall an organisation or company if they get a high satisfaction by using their products and services or if the organisation has an impressive brand identity, the customers may also suggest their products to their friends and relatives. Helps to increase popularity – The Branding helps to promote and market the products of an organisation or company through various marketing techniques or elements such as advertising,promotionalactivitiesetc.TheBrandinghelpsthecustomerstogain knowledge and understand various products and services by differentiating them from the other substitutes available in the market. Helps to influence customers – The customers get influenced by a brand from attractive design, name or logo. The Branding helps a product or service to attract more and more customers to purchase them. It also causes an increase in sales and profit of the organisation or business. Most of the people anticipate that the branding is similar to positioning but it can be wrong assumption. The positioning can be practised at multiple times at multiple places but branding is a major and beneficial recognition element or factor which is not at all flexible but has a great significance in developing a healthy and positive image in the market to attract more customers. P2 Important components of a successful brand strategy A brand can be strong and what's more weak according to the suitability of its picture methods. A Strong brand insinuates a positive and imperative picture in the market. It basically infers that the brand has an amazingly engaging picture inside the business focus and among the customers however Weak brand is just opposite, it is a brand or association that disregard to achieve extraordinary picture or consideration in the market. Instances of Strong brands are Apple and Nike though weak brands are Nokia and ValuJet. Every business or affiliation needs that at whatever point a customer thinks about acquiring a thing or organization related to their things or organizations, the foremost picture in his or cerebrum should be their picture. Remembering the ultimate objective to achieve this
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every affiliation or association requires an effective and all around sorted out brand esteem. Affiliations or associations make or make distinctive systems for the checking of their things and organization, these strategies are made to achieve the targets of working up a convincing brand remembering the ultimate objective to raise and urge people to use the things and organizations. The checking approaches must be made and completed considering distinctive basic portions or factors that can affect the general stamping or advancing technique of the things. CBBE Model on Apple Source: (CBBE MODEL ON APPLE, 2015) Salience– The organisation needs to spread awareness of their brand in order to let the customers know and get informed about the product or services offered by them. The Brand is recalled and recognised only if it is known by the customers in the market, the branding strategies of an organisation. It is very significant for the organisation to provide relevant and important information of various products or service. The consumers be various curious about new products in the market, Each and every organisation should focus on spreading the awareness of the products they are introducing into the market among people so that they get attracted. Illustration2: CBBE Model
Brand Performance and Brand Imagery: – Apple is a brand that has a great brand performance. The value that the brand attaches to the company happens to be necessary all over the world. In the field of technological and electronic gadget the value that the brand Apple has and the contributions that the brand makes to the company both in terms of revenue and the acclamations received worldwide happens to be quite unsurpassed. Attractive and extraordinary brand affiliations help a client to recover and process critical data with regard to a specific brand. A brand gets an upper hand by giving different complimentary motivations to buy and set up a positive picture or mentality for the brand or items. The brand affiliations alludes to a lavish way of life, superstar underwriting the brand and so forth. Customer Reactions – Customers happen to be the most important element for any type of business or any particular brand on a global scale. In fact we also see that most business operations and functions or the various strategies that are formulated within the company, happens to rest greatly on the issue of customer reactions. This alludes to giving the general population solid motivation to purchase or buy a brand;s item or administration. At the point when quality gets associated with a brand, individuals sees that different items to have a similar high calibre. Marking technique ought to likewise centre around this component with the goal that the general population see the brand as then association needs and required. For instance Apple presented I telephone with an extraordinary and great quality along these lines the general population saw that I cushion will offer a similar quality. Consumer Brand Resonance – Apple is a brand that happens to be global favourite. In fact the term or the name of the brand happens to be a universal favourite. The kind of technology that the brand offers to the global gamut of users happens to be both sophisticated and again ultra modern. The other imperative and primary component of the marking system is to guarantee that the brand is entirely ensured by being stolen or duplicated.TheProtectionofthebrandcomprisecopyrights,licenses,protected innovation, trademarks and built up relationship(Mills, Botha and Campbell,2015). Techniques or Methods for Brand reinforcement and Revitalisation Brand reinforcement is the instrument which urges association to keep up its picture in the market. In this strategy association make new contemplations and progression means to enhance
the association check regard. Every association propel its picture by given new musings and new things in the market. This help method pulls in more new clients and advantage salary. Spread new changes: Due to high contention in the market. Association stands up to strange condition of contention. To defeat these effects association needs to disperse new changes in the market like Apple constantly exhibit new course of action of I-Phones and organizations to attract all the more new customers(Keller,2014). Progression: Development is the key piece of every association to battle with the other focused associations. Headway is the improvement factor through which association get new arrangement's salary it makes condition difficulties and aggressive. Market Segmentation: To keep up the association check regard it is imperative to develop new market division to broaden the business. Like Apple make splendid watches and devices after making iPhones. Market division is the best to keep up its picture durable. It gives more open entryways and advancement. Due to having high competition in the market association needs to get new market plans. 360 Degree Communication: According to this current framework's Apple use their different advertising apparatuses and procedures to expand the productivity and viability prompting the improvement of an amazing or alluring brand picture. TASK 2 : Building Brand Hierarchies and Portfolio Management P3 Various strategies for Portfolio Management, brand equity and Brand Hierarchy management. Portfolio management is the way by which organisation can make their effective and corporate plans in order to sustain in the market with the good brand image. There are several strategies which can implemented by the organisation regarding the portfolio management in order to gain the different advantages. There are different roles and responsibilities that need to conducted by the organisation in order to maintain the good relationship. The key role of the brand portfolio manager is to plan the different activities which helps them to develop their business. Other than that it helps the organisation to attract and retain large number of customers towards the brand. Apple have planned the different activities and operations and implement the different strategies in order to attract and retain more number of customers in order to enhance their profit making ratio. Other than that organisation have produced different innovative products and services by using the different techniques and technology in order to enhance their
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brand image of the venture. Other than that venture have also controlled over their investment so that they can produce innovative products and services at the minimum cost. What is Brand Equity or Hierarchy? House of brands and branded house portfolio model using two brands Nike applications– There are immense number of uses for wellness inside the market. In any case, the brand acknowledgement, Nike is a worldwide brand and a main organization in sports. Along these lines, the Nike preparing and Nike running applications turned into the most well known well-being and wellness applications on the App store. The Nike running application helps in following keeps running of the client and help them to accomplish their targets with respect to running the principal race or making another self record, This application converged as the greatest running group(Christodoulides, Cadogan and Veloutsou,2015). The application centres around spurring the clients to enhance their well-being and be fit. Later Nike recognized that running isn't an agreeable decision for each and everyone. Keeping in mind the end goal to beat this issue they made the Nike preparing club. This club was intended for ladies which gives more than 100 exercises helping the clients to accomplish their wellness objectives and acquire a decent health. I pod Sport unit– Nike effectively accomplished a main positions inside the App store, however after the coordinated effort with the pioneer of computerized industry – Apple, in the year2006itisincreasingnoteworthyachievementandstatures.Nikeproclaimedthe organization design mind Apple in some exceptional undertakings. The chief task presented was the I-pod kit. The I-pod is created and updated to accomplish more imaginative things than simply playing tunes. Th Nike + sensor can be slipped in to any Nike shoe which gives criticism on the sprinters separate, speed, calories consumed the client's iPod earphones. Expansion to this the I-tunes transfers the exercises to nikeplus.com naturally which encourages the client to challenge others and additionally track the advance. Various innovations By Apple are as follows - Emagic: Emagic is the another colossal and appealing programming grasped by the Apple association. In the year 2002 Apple secured $30 million of benefit. This association is known for its music star. The principal inspiration driving Macintosh to grasp this item is to give new strategy and programming to make mechanized sound workstation programming.
Shazam: it is the most eminent and unmistakable music perceiving application which is secured by Apple. This is the best and conspicuous part of apple which perceives the song name with no looking for. No one understands that what next inventive organizations' apple will present, it is known as Brand Popularity. Prime Sense– It is a well known and viable diversion system, Apple acquired 3D sensor organisation the “Prime Sense” in $345. Siri– Apple's one of the greatest creation is Siri, it is an effective software which helps the user to send instant messages and discover headings. It was at first developed by Siri Inc. Beats Electronic– It is also another organisation acquired by Apple, The Beat electronics was embraced by Apple for around $3 billion. It helped Apple to pitch to the retailers and was a most impressive strategy of Apple. P4 Partnership and Collaboration among brands at domestic as well as International Level. Many brands develop effective partnership and collaboration at domestic or global level in order to achieve their business objectives and goals. The partnership between two popular brands, Apple and Nike is one of the best example of collaboration at global or domestic level. Brand Loyalty – The Brand loyalty is the consideration of consumer's attachment with relation to a specific brand with comparison to other rivals or competitors. This comparison is on the basis of price, continual purchase and quality. For achieving the brand loyalty and gain their trust it is important for the organisation to offer high quality services or products to the customers along with high level of satisfaction, cost effectiveness and durability so that the people do not change their perception or choices. The people stay connected to a brand that offers attractive and effective services to the customers. The explanation for achievement of coordinated effort or Collaboration ThecooperationamongstAppleandNikewasanincredibleachievement,thedifferent associationsororganizationscanincreasenoteworthyadvantagesfromdissectingthis coordinated effort. There are numerous reasons of the accomplishment for any cooperation or organization between two gatherings or brands which are as portrayed underneath - Cooperation or association helps in enhancing the brand's picture and furthermore upgradetheshoppermindfulnesswithafurtherreach(Buil,Martínezand Chernatony,2013).
Theproceduresidentifiedwithmarkjointeffortorassociationencourageseach organization to investigate another or new market by joining the other organization that knows about a specific territory or market. Association or Collaboration encourages a brand to help up or re-stimulate a specific brand as they get a help of another brand which is perceived by individuals and has a positive brand picture. The Brand cooperation encourages the organizations to stunningly and successfully increment the estimation of the both the brands. The joint efforts can be extremely profitable concerning the exposure. It helps in making a compelling advancement for the brand associated with the coordinated effort(Ross and Hajjat,2016). Line Extension and Brand Extension 1.Line Extension refers to the concept of adding changes in the existing product of a brand. The Line extension occurs at the time when a company introduce same product in a same brand with a different form, size, flavour size etc. In the context to this report Apple's line extension refers to the launch of I-phone 8 which is a same product with new size and technology. Nike also adopted line extension by introducing new variety of shoes. 2.Brand Extension means the introduction of a competitively new product within a new product category. This product is a complete innovation by a company by which they are trying to enter into new market or product category. Apple implemented brand extension by collaborating with Nike and launching the product – Nike+IPod. This was a successful brand extension. Nike also deals in various products such as T-shirts, sportswear, gym- wear etc. P5 Various types of methods to measure brand value in context of the Apple Brand value refers to the value that the product has in the market. It is considered as one of the most important and beneficial factor for an organisation, which helps in achieving various objectives of the firm, and thus, achieving growth and success. The offerings made by the firm and its quality are of utmost or crucial importance in order to attain a good value of the brand in the market. The product should always have a positive impact in the minds of the customers, in order to achieve attractive and effective image of the organisation in the market. It ensures competitive advantage for the firm in the market as well as customer attraction. A good brand
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value ensures long term returns to the firm, thus, help in further development of the organisation. A venture uses various methods to measure its brand value, which are described as follows: Number of customers: Measuring the number of customers in order to measure the brand value of the firm, can be recognised as one of the best, effective and efficient method to determine the value of the brand in the market. The number of customers that are wiling to buy the products of the cited organisation, i.e. Apple, defines or measures the amount of profits earned and thereby, measuring the brand value. Feedback from the customers: Customers and their feedbacks are crucially important for an organisation. Their satisfaction as well as the feedback provided defines a lot about the value of its brand in the market. I-phones provided by apple enjoys a well reputed position in the market, as the customers are highly satisfied with the products and services provided by the mentioned brand. The reviews collected on its offerings from the customers were generated positively, thus, measuring a valued brand position over its customers in the market. Low employee retrenchment: Employees are one of the essential resources for an organisation.Employeeretrenchmentreferstoemployeeretention.Employeesare willing to work with an organisation who holds a good image of its brand in the market. The personnels working at Apple are highly satisfied, which indicates the high value of the brand in the market(Apostolopoulou,2015). Online traffic: The online portals created by the cited organisation can define a lot about its brand value in the market. The online traffic generated on the portals or websites of the organisation shows the number of people having access to the websites and also the offerings made by the firm, thus, depicting its brand value in the market. Quality of goods and services provided: In order to enjoy good brand image, the firm needs to satisfy its customers. The customers can be satisfied only through providing good quality goods and services to its customers. The goods and services provided by Apple enjoy a privilege in the market, thus, enhancing their brand value.
CONCLUSION The above report concluded that brand management is a most important technique performed by various organisation in order to achieve success and gain positive popularity in a marketplace. The Branding is a most important part of the marketing process within a business or organisation which helps them to develop a positive image in the market or industry. The report also described various strategies of branding with context to Apple. Furthermore, the report explained the partnership or collaboration among the two big brands Nike and Apple, along with the methods to measure the value.
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