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Brand Management In Marketing

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Added on  2021-01-01

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BRAND MANAGEMENT |Successful INTRODUCTION 1 TASK 12 Key components of successful brand strategy for building and managing brand equity3 TASK 21 Various strategies of portfolio management, brand hierarchy and brand equity management1 TASK 36 Evaluation of brand extension and leverage6 TASK 48 Techniques used for managing and measuring brand awareness by Nestle8 CONCLUSION 11 REFERENCES 13 INTRODUCTION Brand management is important concept in marketing, it analyse, plan and manage that how a brand is perceiving in the market. Brand management

Brand Management In Marketing

   Added on 2021-01-01

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BRAND MANAGEMENT
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Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1...........................................................................................................................................2Key components of successful brand strategy for building and managing brand equity.......3TASK 2...........................................................................................................................................1Various strategies of portfolio management, brand hierarchy and brand equity management1TASK 3...........................................................................................................................................6Evaluation of brand extension and leverage...........................................................................6TASK 4...........................................................................................................................................8Techniques used for managing and measuring brand awareness by Nestle...........................8CONCLUSION.............................................................................................................................11REFERENCES.............................................................................................................................13
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INTRODUCTIONBrand management is important concept in marketing, it analyse, plan and manage thathow a brand is perceiving in the market. It has tangible and intangible elements, where tangibleelement include the product itself as well as its packaging, price, etc. Intangible element isrelationship of consumer with the brand and the experience of clients shared with brand. Brandmanagement study of Optimum Impression Ltd., which is an advertising organisation located inUK will explain the importance of branding and will analyse how brand equity can be manage byusing brand strategy. The study will also cover various strategies of brand portfolio managementas well as brand hierarchy and brand equity management. How brand manage collaboration andpartnership at global and domestic level will also be analysed. Lastly different techniques willevaluate used for managing brand value in the organisation.1
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TASK 1Overview of brand and brand equity “BRAND” is an expression of core functions of any product or service. It inhibits logo,punchline, relative tags lines and other elements to increase its value in the market. OptimumImpression Ltd an advertising organization is a well known body in field of advertisement.Optimum Impression Ltd has built its brand and brand equity by following specific steps andanalysis:“Brand equity” is the result of product's expressed commitments and the value itreceives from customers. It is that positive feedback which provide sustainable features to thebrand. Stages of Building a successful brandDetermine core strengths of the brand Deliver it suitable tag lines, logo and symbolsAdd some distinctive features to your brand Determine target AudienceAnalyse sustainability of brand Regular monitoring and brand auditingThe role of marketing department in creating brand equityMarketing department facilitates brand equity by promoting organization's goals,collaborating with different functional areas, reaches to potential customers and retain loyal one.It plans, organize various strategic marketing functions to deliver desired needs of brand. It isresponsible to manage different digital platform and SEO to enhance online portals of brand.Branding enhances brand's quality in market and among the customers. It involvesexecution of all the marketing principles to provide brand a name, distinctive identity andquality features (Çifci and et.al., 2016). Branding is an effective marketing tool as it positivelyincrease its brand equity. It increases the credibility of product in market and providessignificant image to the brand. It helps to attract and retain customers. Successful strategy for strengthen brand equityBrand equity can be increased by applying and understanding “Keller's Customer basedbrand equity Model”. It clearly defines some important elements to ponder while enhancingbrand equity. Keller's CBBE model has four scales namely- Identity, Meaning, Response and2
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Relationships(Keller, 2016). IDENTITY- To define brand core identity and what it will deliver. Brand identity needs to beclear, authentic and relatable with the product/services. This will deliver brand a specificunderstanding of different situation that arises during the act of purchase. Optimum Impression Ltd has an identity of creating emotive, jovial and convivialadvertisement. It has clear influential logo and tag line to generate trust and responsivenessamong its clients. MEANING- This stage includes brand imagery and performance. It depends highly on theanalysis of customers' needs. With significant identity, it is necessary for a brand to providewhat it promised to deliver. Optimum Impression Ltd is conscious enough during the need analysis of customers andmaintains to provide quality services. Organization provide services as its brand name anddeliver utmost satisfactory services to the clients.3Illustration 1: Keller's CBBE Model[Source: Keller's Brand Equity Model, 2018]
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RESPONSE- Responses of customers for brand is the most considerable element that need tobe analysed by every manager(Keller, 2016). These are reciprocation of what we presented andwhat they expected. By responses brand can be enhanced and evaluated.Engaging and active participations in digital feedback campaign has provided OptimumImpressions a great tool to evaluate its clients and customers.RELATIONSHIPS- Relationships within the organizations and external bodies influenceorganization's image, credibility of services provided by employees increases. Hence, managerswith related organizational staff must enhance employee engagement and customer engagementmeasures(Keller, 2016). Optimum Impression Ltd. has successfully generated brand equity by targeting touch points ofthe customers. The customer engagement policies, commitments and quality services raises itsstandards among its customers. Along with this, the organization can have long term impact onits customers by CONSISTENCY, LOYALTY, QUALITY and hence establishing strong bondwith the customers.The application of mentioned model is highly fruitful in determining the needs of the customersand brand as well. Advantages of model are:It provides sufficient guidelines to organizations for improve communication.It sensitizes the company regarding different customers' needs.It focuses on each and every possible aspect related to customers' buying behaviour.Disadvantages of model are:It also consists of some elements that are not adequately necessary for industrialmarketing.It does not suggest any solutions with respect to the responses of the customers.Benefits of branding for a businessBranding is utmost important process for every business. It has variant of advantages. For every business branding creates a channel of productivity. For instance, Optimumimpression Ltd. may undergo for the assessments of its services and customers andconduct branding accordingly.4
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