Report on Importance of Branding in Marketing
Added on 2020-06-06
16 Pages4615 Words25 Views
BRAND MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P1 Importance of branding as a marketing tool......................................................................1P2 Key components of successful brand strategy to build and manage the brand equity......2SECTION 2......................................................................................................................................4P3 Strategies for managing brand portfolio, hierarchy and equity.........................................4P4 Brand management with collaboration and in partnership at domestic and internationallevel........................................................................................................................................8P5 Different techniques used to determine and manage the brand value.............................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONThe brand management in terms of equity and value is important for the firm to increaseprofitability and production. The report will cover branding importance as a marketing tool andkey components of successful brand strategy. Different strategies for brand portfoliomanagement and brand equity and hierarchy will be discussed in this report. Brand managementwith collaboration and in partnership assessed with various techniques to manage the brand valuewill be discussed in this report. SECTION 1P1 Importance of branding as a marketing toolDEFINITION OF BRANDBrand can be described as a name, symbol or design which is used by any firm in order tomake identity of their products and services in the market towards the consumers. Brand willalso help businesses to make a difference in their products and services over another. Brand willalso help customers to recognise the particular product offered by them. This will also helpconsumers to purchase a product in the market over another as they have the memory of brand intheir minds (Simoes, Singh and Perin, 2015).For an example, Coca-Cola campaign was their 2012 Super Bowl commercial. Coke isalways very forward thinking about how to create a brand that can relate to their audience. Theircommercials pictured two polar bears: one rooting for the New York Giants, and the otherrooting for the New England Patriots. BRAND IMPORTANCEBranding has its own importance in the firm that it helps to differentiate the products andservices offered by business as compared to others in the market towards customers effectively.Branding also help businesses to improve their image in the market towards the customers whichwill help them to increase the profitability as well as revenues (Cavender and Kincade, 2014).This will also help to expand business operational activities correspondingly and effectively. Remembering: Customers in the market usually does not remember the name of productor service that it is difficult for them to remember the name. In respect to this, brandingwill help customers to recognise the name of products and services.Increase reputation: Brand image also increase the reputation of organisation in themarket towards customers by providing quality and effective products and services. In1
addition to this, happy customers tell others about the brand quality and effectivenesswhich will help business to enhance its reputation among others in the market.Differentiate: Branding also help businesses to differentiate their products and servicesfrom others in the same market. It will help customers to choose the products overanother by remembering the brand name, logo or feature effectively. Branding make strong emotional connection: Emotional connection is a strong andpowerful energy which helps businesses towards their effective decision makingeffectively. This is a bond which helps businesses towards their operational activities.Target customers can be identified by emotional connection (Hollebeek and Chen, 2014).Branding creates meaning: Branding is associated with advertisement and multiplechannels. Thus, it can be said that branding will help businesses towards demonstratingtheir meaning, purpose and initiatives in the market towards customers effectively. Thiswill also help them to create message for customers that the communication processbetween them will be effective and efficient.Branding is also important in terms of business practices that it helps to advertiseparticular products and services offered by them. This will help to increase the profitability andproduction which leads organisation towards accomplishing desired objectives and goals.For an example, Apple did not use traditional methods to become a company with someof the most loyal users. Instead, they used emotion to connect with their customers. Apple'sdesign was focused on making a person's life easier through its products. The brand is mainlyfocused upon customer requirements and connection to become a representative for themeffectively.P2 Key components of successful brand strategy to build and manage the brand equityIMPORTANCE OF BRAND STRATEGYBranding strategy is crucial for the businesses in order to evaluate and determine therequirements and demands of customers in the market. This will also help them to manage theirbusiness operational activities in the market. Customers preferences and perceptions is alsoidentified by the branding strategies in order to provide quality and effective products to them inthe market (Naidoo and Abratt, 2018).BRAND MANAGEMENT OVER TIME2
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