Essay on Brand Management of Coca-Cola
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Added on 2020-06-04
Essay on Brand Management of Coca-Cola
Added on 2020-06-04
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Brand Management
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance and significance of branding as a marketing technique......................................1M1 Brands are managed successfully over the time of using models and concepts...................3P2 Key components of brand strategy for managing and building brand equity........................4M2 Apply validated and appropriate examples within an enterprise..........................................6D1 Critical evaluation of understanding branding within an organisation ................................6TASK 2............................................................................................................................................6P3 Different strategies of brand equity, portfolio management and brand hierarchy.................6M3 Critical analysis brand equity using accurate frameworks ..................................................9D2 Critical evaluation ..............................................................................................................10TASK 3..........................................................................................................................................10P4 Brands are managed collaboratively and in partnership both at a global and domestic level...................................................................................................................................................10...................................................................................................................................................11M4 Critical evaluation of using various tools used to extend brands and leverages................12D3 Critical evaluation ..............................................................................................................12TASK 4..........................................................................................................................................12P5 Various types of tools for managing and measuring brand value .......................................12M5 Critically evaluation of techniques and tools for measuring brand value..........................15D4 Critical evaluation...............................................................................................................15CONCLUSION ............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTION Brand refers to a term, name, sign, design and symbol which are supposed to identify theservices or goods of individual and group of sellers. Brand-management is identified as a tool ofmarketing that deals with planning and analysis of target customers, brand image, perception andpositioning. For this, business organisation should keep better image among the clients in aneffective and efficient manner (Abrahams, 2016). It is also identified as a process of enhancing,upholding and keeping a trade name so that the reputation of the company is connected withpositive outputs. This involves different number of essential aspects such as customersatisfaction, cost, competition and in-store presentation. This report is based on Coca-Cola which is the biggest-selling and most popular softdrink in history. Main aim and objective of this organisation is to provide quality beveragesamong customers. This project describes about importance of branding and key components ofbrand strategy for building brand equity. Different strategies of brand equity, portfoliomanagement and brand hierarchy are also shown in this project. Along with that, ways will beconsidered in which brands are being managed collaboratively, it is includes in this study.Various types of tools or techniques for managing and measuring brand value which is alsodetermine in this study. TASK 1P1 Importance and significance of branding as a marketing techniqueBranding: It is defined as a process of creating a unique image and name for a product inthe minds of customers. (Dessart, Veloutsou and Morgan-Thomas, 2015). In simple words,branding is refers to marketing practices which make effective design, symbol or name thatdifferentiates and identifies a product from other goods. Brand Equity: It is very essential and important part of the company success and development.Coca-cola is a famous brand in all over the world. This creates mental structures and assistsconsumers to organise their skills and knowledge regarding services and products of companyRole and Importance of branding in building a brand: There are some significance ofthe branding for the each and every organisation to create a better name and image for a businessproducts in the consumer's mind. Those importance are describe as below: Deliver all necessary messages to customers clearly 1
Create business credibility Connect the clients to the products and services It is also very helpful in order to motivate buyers. There are also various importance and significance of branding as a tool of marketing are asbelow: Branding makes trust: It is identified as a process or activity which helps in creatingstrong and long term trust among clients (Dinnie, 2015). Person like to buy effective and qualityproducts in front of organisation, so in this role of its to fulfil basic demands and needs ofcustomers for making the trust within the company. Coca-Cola gives innovative and uniqueproducts which attract large number of clients for long duration. Branding support advertising or promotion: For making a famous brand, it is essentialfor the business to do promotion for particular products. This activity assists Coca-Cola in orderto introduce their all products and services to the customers. It can be used for making betterimage of company and attract million customers towards them. Branding enhances recognition: One of the main element of Brand is to refers its“Logo” as it attract million customers instantly (Kelley, Sheehan and Jugenheimer, 2015). Forexample: Respective firm precede its own brand strategy which assists in building long termrelation with customers. Their innovation contains diet coke, no sugar & calories and classicproducts. They are advertising their all ranges with various features which affect the clients andmake them to purchase their beverages. Brand gives stable asset: There are various ascertain when technologies might occurrence,goods might let down but if the business entity is having better image of brand which help themto reduce entire changes in an easy way. Company has been offering their all services andproducts to customers for long period in comparison to its competitors who have state usually for20 to 30 years.There are different modifications when clients become confused between the product andbrand. Through both are not same, but there are various conditions when person view brand asbusiness's product. Some differences are as below: Brand Product It is often made by trust and belief of clients. It is usually created by the enterprise in afactory. 2
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