Brand Management: Importance, Strategies, and Collaborative Approach

Brand management.

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Importance of branding...............................................................................................................3
Key components for successful brand strategy...........................................................................6
TASK 2............................................................................................................................................7
Strategies for portfolio management...........................................................................................7
TASK 3............................................................................................................................................9
Collaborative brand management...............................................................................................9
TASK 4..........................................................................................................................................11
Techniques for managing brand value......................................................................................11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Brand management refers to managing the positioning of branding which reflect the
integrity of the business which helps in gaining longer term profits. The management is mainly
undertaken by the marketing department regarding adapting the techniques and procedure
regarding enhancing the sales in the business (Tronvoll and et.al., 2019). As customer retention
can be undertaken through building the strong image regarding the services which the company
is offerings and also maintaining loyalty regarding providing the quality services. Thus, it is
examined that brand carry the powerful tool to distract the customer interest towards the business
and also engaged the interest of employees regarding carrying innovative ideas and implement
them in their working strategies. Present report is based upon the IKEA which was founded by
Ingvar kamprad in 1943. Due to carrying the renowned brand image in market, they are located
in around 313 places and also deal in products related to the furnitures or other unique home
services. At present, they are engaged with around 2,11,000 employees carrying the business of
IKEA at global level.
This report will cover the matters related to analysing the importance of the branding as
marketing tool in which the key components is discussed regarding managing the successful
branding strategy. It also carries with choosing the corporate brand regarding applying the
theories, models and framework to undertake the brand procedure in right manner. Further it
covers the matter related to different techniques of brand extension and brand level to expand the
business both at national and international market. At last, it includes the techniques to measure
the brand value, brand awareness and brand tracking attributes for the organization.
TASK 1
Building and managing brand “Brand is power”
By------,
Importance of branding.
Overview of brand:
A brand is the way a company and organization is perceived by those who experiences
this. This is the symbol, name, mark and logo which is used by companies for differentiate their
products and services at market places. This is very important and effective for managing
success of company. For example: Optimum impression Ltd is an active company which is

incorporated on 6th august 2003 with registered offices located in Leeds. The company marked
Blue and Yellow name on logo with C circle to differentiate their products and services from
market. This logo is gives positive impression on customers to providing better services and
attracting them.
Brand pyramid:
This is the tools which is help to build brand image at market place by attracting
customers towards the company. This includes five stages which are help to build brand
effectiveness.
Features and attributes is refers with name and design of product. Functional benefits is
provided clarity around the customer's problem by using kinds of products and benefits with
this product. Emotional benefits are refers with customers needs and feelings with this product
after using product and services of company. Brand or product personae is introduce benefits
of particular product to customer and product development to customer in order to reinforce
core values of products. Brand idea is the essences and main reason for customers to purchase.
The brand essences of company is to create a better life for the many of the people.
Advantage of branding:
Branding is created various advantages for company to build higher customer base as
well as maintaining brand at market place. The major advantages of branding are discussed are
Illustration 1: Brand pyramid
(Source: Build a Brand Pyramid, 2018)