Brand Management of Audi and Ford : Report
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Added on 2020-06-03
Brand Management of Audi and Ford : Report
Added on 2020-06-03
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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P1 Importance of branding as a marketing tool and how it has emerged in business practice...1P2 Key components of successful market strategy for building and managing brand equity....3SECTION 2......................................................................................................................................5P3 Different strategies of portfolio management, brand hierarchy and brand equitymanagement................................................................................................................................5P4 Brands are managed collaboratively and in partnership both at domestic and global level..8P5 Different types of techniques for measuring and managing brand value..............................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONBrand management is considered as an effective procedure which need to be conduct byeach and every kind of organisation. With assistance of this, firm will easily analyse theirposition as well as performance at market (Ashworth and Kavaratzis, 2015). It is must forassociation to develop and maintain healthy relations with clients. As a result, they will be ableto keep up brand position at marketplace effectually. It has been examined that brand will eithertangible or intangible factor. Present report is based on Audi and Ford and they both areoperating their business in automotive sector. They are having an adequate brand image whichwill help them to take benefits from rivals. It has been evaluated that an effective brand of firmwill work as a marketing tool for them. This report is going to describe about some factors whichare associated with successful brand strategy. It is required for an enterprise to formulate properstrategy or policy for business as this will help them to survive at market. To examine brandvalue certain kinds of tools as well as techniques will be utilized by affiliation, for instance:qualitative, quantitative and comparative.SECTION 1P1 Importance of branding as a marketing tool and how it has emerged in business practiceBrand is like a symbol which help to make them distinctive from others. This assist tomake an appropriate image in the minds of clients (Brodie and et. al., 2013). It is must for eachfirm to manage their brand at marketplace so that they will easily compete with theircompetitors. Fundamental aim of an enterprise is to improve their goodwill so that they will beable to gain attention of numerous individuals. It helps them to survive at market for longerduration. Sometime, some organisations need to do some struggle for this. In this assignment,Audi and Ford is selected and they both are competitors of each others as they are developingqualitative items and much famous across the world. Audi is known for their uniqueness and highly engineered cars. Designs of cars is muchattractive which help to gain attention of many individuals; therefore, value of goods are muchhigh as comparison to another brand. Whereas, Ford is producing qualitative items forindividuals. They are selling cars to middle as well as higher class of persons. Which help themin improvisation of revenues and market share (Buil, De Chernatony and Martínez, 2013).If brand of organisation is much effective then this will help to enhance their sales as wellas production. It works as a marketing tool for them which assist to increase customer base. As a1
result, they will be able to gain higher revenues and this help them to expand businessoperations. Henceforth, there are some significance related to this, discussed as beneath:Improve recognition: If brand is much efficient and they are performing at marketplaceappropriately. Then, this will aid them to develop an adequate image at market whichsupport company to enhance their sales (Christiaans, 2012). In context of Audi, peoplewill remember them by attractive symbol and this is having four circles. Similarly, Audiis also has their own symbol which is easily recognisable by individuals.Brand helps in creating trust: If brand is liked by customer then, they will easily gaintheir trust as well as loyalty. For above stated aim, it is required for them to provide itemsand services as per their requirements as well as needs. Therefore, they will makethemselves satisfied in an appropriate manner. Brand supports in advertising: To manage brand in an adequate manner, company willtake assistance of advertisement. But if they set up at marketplace in an effective waythen, it is not must for them always to do advertisement (Dempsey and Gruver, 2012). Incontext of Audi and Ford, they are well established automotive firms and there is norequirement to advertise their goods and services (6 Reasons Why a Strong Brand isImportant for Your Small Business, 2018).Helps in creating financial value: This kind of element need to be considered byorganisation. If position of brand is much adequate at marketplace then, they will easilyacquire financial assistance from other institutions like bank, shareholders and manyothers. In relation of Audi and Ford, brand image of both affiliation is much effective;therefore, if they need financial help then this will easily get by them (Esch and et. al.,2014).Henceforth, above mentioned each element is much required. Instead of this, it has beenevaluated that there are several distinction amongst brand as well as product of enterprise. Thiswill be defined as below:ProductsBrandThis is fundamentally developed byorganisations so that they will sell it to clientsto fulfil their requirement.This will be developed as per the perceptionsas well as expectations of clients. It isconsidered as an umbrella which is havinggoods under them.2
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