Report on Brand Management of BMW company
Added on 2020-06-05
16 Pages5339 Words36 Views
BrandManagement
Table of ContentsINTRODUCTION...........................................................................................................................3SECTION 1......................................................................................................................................3P1. Explain the importance of branding as a marketing tool and how it is emerged in businesspractice...................................................................................................................................3SECTION 2......................................................................................................................................5P2. Important components of successful brand strategies and managing brand equity.........5P3. Analyse different strategies of portfolio management, brand hierarchy and brand equitymanagement............................................................................................................................7P4. Evaluation of brands that are managed collaboratively in partnership............................9P5 Tools and techniques for evaluation and management of brand value...........................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONBrand management is a concept which helps in shaping the picture of product, service ofparticular company in minds of customers. Basically, it helps in establishing conducive andhealthy relationship between organisation and their customers. Brand management can be doneto create awareness among market area. Every institution aims to build high revenues andmaximum market share. For this they want to establish loyal brand image in customer's image. Itis categorised in two parts: tangible and intangible brand. Tangible brand involves somethingwhich can be touch, feel by the buyers which involves features, designs, appearance, packagingetc whereas Intangible brand involves experience, knowledge about that particular brand inminds of customers. This project focuses on BMW company which is based on motorcycle andauto-mobile manufacturing. Its head quarter is situated in Bavaria. It is founded on 1916, 101years ago. It is well known brand in automotive industry. Assignment will throw light onimportance of brand management and different type of marketing tools available for anybusiness entity. It also include various kinds of elements to manage brand equity, portfolio andhierarchy. This also measure the cooperation and partnership for both on the grounds of nationaland international basis. SECTION 1P1. Importance of branding as a marketing tool and the way it has emerged in business practiceBranding is basically a procedure of presenting company's goods and services in front ofpublic in the market place (Barrow, 2011). Good branding should be the aim of every companyas it helps in building strong relationship with their prospective buyers. Branding is consideredimportant tool of marketing as it concentrates on establishing strong brand image in front ofpeople for longer period of time. Major number of people are pulled towards that organisation'sproducts that have high brand value and is famous for rendering good quality of services. Brandrefers to the product image of a particular company. Brand of any company uses variouselements as a part of it that involves logo, name, packaging, labelling, colour combination etc.Brand helps people to differentiate products of one producer from other one. Brands can resultedin establishing positive and negative picture of goods in front of people. It is observed thatpeople react differently towards the brands (Rosenbaum, 2015). Branding concentrates on the
particular needs and wants of people. It is duty of company to analyse customer's perceptions andattitudes towards particular goods and services. The reaction towards it can be different andunique. Brand possess huge impact on every business entity which is discussed below:Establishing trust and confidence:It is human nature that people get attached towardsparticular brand which they find perfect and full filling their requirements in many ways. It isindispensable for every institution to survive in competitive world it have to set up such brandimage that helps in earning huge profits. Branding is known as that tool which contributes highrevenues if it is properly made otherwise it may also bring losses in other case. It is known as effective advertising element: Advertisement refers to show casing thecompany's products in front of customers in such a manner so that it get fixed in people's mind.This process is adopted which intended to supply information regarding any product, goods orservices for which any company exists. BMW is directing on forming unique and effectiveadvertisement for their buyers and that is why they enables to gain more interest for prospectivebuyers. BMW concentrates especially to higher section of society. They also make use of wellfamed faces to advertise their brand. This also helps in focusing the customers interest. Creation of fresh customers:This is the basic aim of creating more customers towardsattracting new people. The share of market increases from time to time. They select variousinnovative techniques and methods to engross interest of many consumers towards theirproducts. This helps in creation of demands among people that leads to generation of sales that isdirectly linked in attaining huge profits. There are number of ways of advertising procedures byvarious media like print media, electronic media etc. this covers mass number of people andprovide generation of demands among them (Kelley, 2015). Workers get attracted:It is obvious that well established or reputed company helps inattracting prospective employees towards them. As they find it as best opportunity for themworking in reputed organisation who is already enjoying huge market share. Today is the worldof innovation and modern technology hence, it helps in recruiting most knowledgeable andtalented candidates. BMW has strong brand image and that is why most talented individuals areworking in this organisation. It is very common that Products and brand get mixed up but they are two distinctconcepts. They are different from each other on various aspects. It is mentioned below:ProductsBrand
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