Brand Management: Importance, Strategies, and Hierarchy

Brand
Management
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Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Importance of branding as a marketing tool, analysing components that helps to have
successful brand strategy, evaluating how brand is managed successfully over time using
theories and models................................................................................................................3
TASK 2 .........................................................................................................................................8
Critically analyse brand portfolio management and brand portfolio management illustrating
brand hierarchy of brand using appropriate theories, models and frameworks.....................8
TASK 3..........................................................................................................................................10
Critically evaluate different techniques of brand extension and brand leverage to expand brand
over time in both domestic and international market and evaluate collaborative partnership10
TASK 4 .......................................................................................................................................12
Critically evaluate techniques to measure brand value, brand awareness, market share,
consumer attitudes and purchasing intent. Evaluate brand equity and audit and brand tracking
techniques.............................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES .............................................................................................................................15
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INTRODUCTION
Brand management is considered as a process which is used by a company in order to
identify core value of a particular brand as well as reflecting that among the targeted audiences.
In this brand can be identified as a person, product, corporate and service. It is also defined as
analysing and planning related to perceived value of brand at potential and targeted marketplace.
For developing as well as maintaining effective brand management company need to create
proper relationship with potential and targeted customers so that they get attracted to products as
well as get encouraged to buy it (Balmer and Chen, 2017). There are several elements of brands
such as packaging, prices, logo, designing and many more.
Organisation selected for respective report is Next Plc, whose founder is Joseph
Hepworth and he found it in 1864. The head office of respective firm is located at England,
United Kingdom. They are operating in retail sector with more than 500 store around the world.
The main aim of developing this report is to understand about significance of branding method
as a marketing technique with its several components that may used for managing and
developing effective brand equity. Moreover, report will also include several strategies related to
management of equity, portfolios as well as brand hierarchy. It will also determined different
national and international partnership and collaboration of respective form as well as it will also
include techniques that are used to measures and manage company's brand value.
TASK 1
Importance of branding as a marketing tool, analysing components that helps to have successful
brand strategy, evaluating how brand is managed successfully over time using theories and
models
Brand
Brand is considered as term, design, name, logo, image and several other features that
help a person in identifying seller's or specific company's products and services (So and et. al.,
2018). Brand is used for various activities related to marketing, business recognition and
advertisement.
Importance of Branding
There are several benefits gain by a company if they develop as well as maintain
effective branding activities. In respect of Next Plc, importance that they gain through branding
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are it increase business identity, develop value of customers, enhance sales, create brand
differentiation. Along with this it will also help respective retail company in developing
awareness about their products among potential as well as targeted customers.
Brand Equity
Brand equity is considered as commercial value in respect of potential customers
perception that related to particular brand name of a specific products or services (Zhang, 2015).
This is generally used in marketing industry in order to describe value of well known brand.
Their is specific stage which a company may adopt in order to develop and grow brand equity,
explanation of those stages in respect of Next Plc are given below:- Outlined how you want to be detected- According to this company need to develop
products and services according to requirement, preference, experience and taste of
customers. In respect of Next Plc they need to understand likeness of customers and then
design products accordingly. Organise business based on promise- According to this stage company management
need to develop their brand accordingly which they shown or promise to market. In
respect of Next Plc they promise to deliver quality and stylish fashion wear, so they need
to develop products accordingly. Communicate promise- At this phase company need to develop strategies in order to
fulfil promise of customers (Abrahams, 2016). In respect of Next Plc, they need to come
up with stylish and fashionable products in order fulfil promise which they communicate.
 Be consistent- In respect of this stage, company need to develop products and services
according to need and demand of targeted and potential users. In respect of respective
clothing retail store they need to design more attractive, fashionable and stylish clothings
in order to build brand image as well as value at marketplace.
Role of Marketing Department
At every company marketing department is essential because they play numbers of
important role through that firm can develop brand image in the mind of targeted and potential
customers. In respect of Next Plc, there are several role are played by marketing department that
help in creating brand equity, from which are some role are mentioned below:- Awareness- Through marketing department, Next Plc able to develop awareness in the
mind of customers related to their products in effective and successful manner. In order
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