logo

Managing and Managing Brand

17 Pages6035 Words239 Views
   

Added on  2020-07-22

About This Document

BRAND MANAGEMENT INTRODUCTION 1 TASK 11 P1 Importance of branding as a marketing tool and its emergence as a business practice1 P2 Key components of successful business strategy for building and managing brand equity 3 TASK 25 P3 Analysis of different strategies of portfoliomanagement,brand hierarchy and brand equity management5 TASK 37 P4 Management of brand collaboratively and in partnership both at domestic and global level 7 TASK 48 P5 Different types of techniques for measuring and managing brand value8 CONCLUSION 8

Managing and Managing Brand

   Added on 2020-07-22

ShareRelated Documents
BRANDMANAGEMENT
Managing and Managing Brand_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of branding as a marketing tool and its emergence as a business practice.........1P2 Key components of successful business strategy for building and managing brand equity. .3TASK 2............................................................................................................................................5P3 Analysis of different strategies of portfolio management, brand hierarchy and brand equitymanagement ...............................................................................................................................5TASK 3............................................................................................................................................7P4 Management of brand collaboratively and in partnership both at domestic and global level.....................................................................................................................................................7TASK 4............................................................................................................................................8P5 Different types of techniques for measuring and managing brand value..............................8CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
Managing and Managing Brand_2
INTRODUCTIONBrand management is considered as one of the most important activity for everyorganisation. In this, they are required to manage all tangible as well as intangible featurespresent inside a brand at a marketplace. The tangible elements consists of product, price,packaging etc. all these factors are very essential in judging the experience of customers(Ashworth and Kavaratzis, 2010). If the company is able to manage their brand in the market in agood manner them they will be able to make a strong connection with their customers as well asthe customers will become more loyal towards the company. So, marketing department of everycompany is required to have a strong focus on their brand image in market and should try toimprove it in always. The company that has been referred here is Coca-Cola. It is a very famouscompany that is having a market share of more than 40% in UK. They are the biggest retailers ofsoft-drinks all around the world. This report will study about the importance of branding as amarketing tool, factors associated to make effective branding strategies. Also, various strategiesof portfolio management is also considered. Along with this, brand management techniques willalso be discussed in this report. TASK 1P1 Importance of branding as a marketing tool and its emergence as a business practiceBRAND :Definition of brand:Branding can be defined as an effective process in which a product is given a specificname and identify through which they will be identified all around the world. It is alsoconsidered as the most valuable asset for the company as it helps company in making their placein the market. According to Philip Kotler, it is said that if a product is not a brand then it is not acommodity. Role of marketing in Building brand equity : The various elements that helps in making strong brand equity at workplace are as follows:-Brand Awareness :- It is the core requirement for every company to make their brand popular in the market sothat they can accessible to the customers. Coca-Cola is a very big company that us supplying allof its products around the world. They are having a very strong brand awareness in the market as1
Managing and Managing Brand_3
they are being recognised and loved by each and every person whether it is a child or an old man.They have achieved this through their strong advertisement and good taste. Perceived quality: Through this , the company will be able to judge the taste andperceptions of the customers after using the product. Coca-Cola is having a very good taste andthis is the main reason also why people loves it. But they were not aware of people's taste in theinitial bases so they conducted various types of research in which theyb tried to analyse the tasteliked by customers and then later on publicised themselves and gained the customer base. Brand association: It consists of symbol or image that helps the customers inremembering the brand. If the company is very active in the market and interacting with thecustomers on daily bases then they can make their place in customer's mind. This will help thecompany in many ways like they will their brand image as well (Hanna and Rowley, 2011). Benefits for a business using branding as a wider marketing strategy :Branding is very essential for all types of companies whether it is mall , medium or largeas it helps in bringing competitive advantage to the company which is very essential to getsuccess. The benefits can be categorised as:Helps in creating brand image : If the companies will have a good brand image in themarket they they will have more no. of customers and large amount of market share aswell. So, the companies can gather more and more resources from the market which willhelp them in achieving competitive advantage in market and strength to compete with thecustomers as well. Companies like Coca-Cola are having a strong competitive advantagein the market as they are providing good services to its customers. They have achievedthis position after facing long struggle and tough competition in the market. Branding generate new customers – It is believed that value if the company is dividedinto two areas mainly Tangible and Intangible assets (Christiaans, 2012). Brand comesunder intangible assets as they can not touched. It is estimated that brand value of Coca-Cola in market is $67 million. So, brand value plays a very important role in generatingvalue in the economy as the company will enjoy a good market position due to whichthey will earn more profits which will be invested by them in various areas leading todevelopment as a whole. These types of companies generally attract people who areskilled, talented and knowledge so that they can contribute in overall development of2
Managing and Managing Brand_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Report on Brand Management of Coca-Cola
|15
|3568
|30

Brand Management in Business Practice
|13
|5041
|426

Importance of Brand Management (pdf)
|16
|5065
|1023

Report on Brand Management of Coca- Cola
|19
|5609
|55

Brand Management Importance Report
|17
|5373
|26

Brand Management of Coca Cola Doc
|18
|5509
|42