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............................................................................................................................................7
Critically analyse brand portfolio management and brand portfolio management illustrating
brand hierarchy of brand using appropriate theories, models and frameworks.....................7
TASK 3............................................................................................................................................9
Critically evaluate different techniques of brand extension and brand leverage to expand brand
over time in both domestic and international market and evaluate collaborative partnership9
TASK 4..........................................................................................................................................11
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.............................................................................................................................11
CONCLUSION..............................................................................................................................14
REFERENCES .............................................................................................................................15
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INTRODUCTION
Brand management is defined as procedure to identify core value of specific brand and
reflecting those among targeted consumers (Abrahams, 2016). Brand can be product, person,
service and corporate. This is referred as planning and analysis to perceive value of brand at
marketplace. It is important to develop relationship with consumers so that products can be sold
to them in an effective and efficient manner. Elements of brand are look, packaging, designing,
price and so on. The organisation chosen for given assignment is Next Plc which was founded in
1964 at Leeds, United Kingdom. It is British multinational organisation dealing in footwear,
home, clothing products. It has more than 500 stores in different locations to provide consumers
with highly quality goods and services. The aim of report is to discuss about significant of
branding as marketing tool along with their key components for managing as well as building
brand equity. It has also covered various strategies for management of portfolio, equity
management and brand hierarchy. Brand has to be managed in both national and international
level with help of partnership and collaboration. The techniques are used to measure as well as
manage brand values.
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
It is defined as design, term, name, symbol and other features which helps in
identification of seller's product and services from others (Anagnostopoulos and et. al., 2018).
These are used in marketing, advertising, business for recognition.
Importance of Branding
Branding is very important for organisations, consumers and intermediaries as it helps in
creating awareness among users regarding products and services. In context of Next Plc,
branding providing advantages in terms of control and maintenance along with reinforcing brand
by supporting business and their goals. This provides consumers awareness about business and
their products. Branding should be done in innovative and effective way for positive outcomes.
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Brand Equity
This is defined as value premium that is generated by company through product with help
of recognizable name whenever it is compared to generic equivalent (Balmer and Chen, 2017).
The organisation has to create brand equity of their products and services by making it more
memorable, recognizable, high quality, reliability. Next Plc develop as well as grow brand equity
by following stages which are as follows:
Defined how you want to be perceived- The respective organisation has to build brand
in consumer's mind successfully. This includes preferences, taste, experience of customers which
is related to products. Such step help business to know about likeness of their product by users.
Respective organisation has to manufacture products as per their consumer's requirements.
Organise business based on promise- This stage is related to building brand on basis of
promise made by business. The respective organisation has to fulfils their consumers promise in
best possible manner.
Communicate promise- In this stage, organisation has to make strategies according to
promise which they have made with their consumers. The colour, design, text is provided to
goods as per communication made with their users in best possible manner.
Be consistent- According to this stage, business has to remain consistent and keeps on
manufacturing according to need and demand of consumers. They should not violate promises
they have made with users. This assist business to develop relationship and build brand value in
mind of consumers.
Role of Marketing Department
Marketing Department is very important for business which plays several roles and
responsibilities in creation of brand equity in consumer's mind. Next Plc is large organisation
which has to play role in order to create brand equity which is mentioned below:
Awareness- The marketing department of Next Plc has to play different role in order to
create awareness among consumers regarding products and services in an effective and efficient
manner (Beck, 2016). They uses channel in order to promote goods and services and build
awareness among users.
Differentiation- It is very important for Next Plc to produce differentiate and unique
products from competitors. Here, marketing department has to focus on promoting as well as
producing different goods and services.
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