Essay on Brand Management - Audi and Hyundai
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Added on 2020-07-22
Essay on Brand Management - Audi and Hyundai
Added on 2020-07-22
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BRANDMANAGEMENT
INTRODUCTIONBrand-management is characterized as a process where analysis is done about howbrand is perceived in the market. One of the main factor that is considered while managing brandis to develop relationship with customers in an effective manner. Various tangible as well asintangible objects are being covered in this so that this process is done in an effective manner.The factors that are included in tangible elements are appearance, packaging and price whereasin tangible factor customer's experience is counted(Kapferer, 2017). If companies will be able tomanage their brand effectively in the market then it will hep the in gaining large amount ofmarket share which will help them in increasing the profits of the company as well. In this,various types of tools and techniques are being used by the marketing managers so as to placethe product of company in the minds of the customer. The organisations which is referred here isAudi and Hyundai. These companies are very famous in automotive sector and is having a goodbrand image as well. This report will discuss about various elements that are required to preparea successful brand along with schemes of managing portfolio. It will also discuss abouttechniques that are used by companies for popularising themselves in the market. SECTION 1P1. Significance of branding as a marketing tool and the way it emerged ina business practiceBRAND : Explanation of brand- Brand can be stated as a concept or a figure which isbeing provided to the certain products and services so that identificationcan be created. This can be in the form of design, symbol, features, termand many more. The main motive behind this kind of concept is to givenunique place within market (Allman and et. al., 2016). Number of customers are being attracted if the image of the brand iseffective and appealing. There are some certain strategies which are beingformulated and being used by the company in order to enhance the salesalong with maximum satisfaction of customers. Two companies like Audi and Hyundai mainly deals in automotivesectors since many years. Audi which is the part of Volkswagen company is1
highly famous across the world. At initial stages Audi gained the marketshare and made its own image through quality goods and services. Differentiate between brand and product/logo :BrandProductThis is something which is beingutilised to differentiate one productfrom another. Due to possession of unique features, itbecomes difficult to copy them. This is creation of customers Two types which are Tangible andIntangible form. This can be stated as which is alreadypresent within the market for selling upthe purpose. This is highly copied. Creation of Manufactures. Intangible asset. Importance of branding : It is highly essential for every kind of company to have the productsbranding in order to avail the benefits. They are like: There is perception of customers that new products which are being launched within thesame brand like if Audi who are coming with the new series of car and they do not needany kind of advertisement. This will provide assistance in building up the loyalty among the customers and willcreate long term relations (Annie Jin, 2012). Helps in creating up of image of the products within the market. ROLE OF BRANDING AS A MARKETING TOOLBuild consumer loyalty: If the institution has effective and appealing brand image, itwill create loyal customers and thus will improve profit ratios. Generate sales/profit : With the help of branding within the companies for gaining moremarket share for selling out goods and services. This in turn will help in creating morebamount of profits. Secure premium pricing : The products which are being sold along with brandingcomes along with high level of prices. This is done due to high quality products and costof the brand value. 2
Build awareness : Creating awareness among the customers by the help of brandingregarding the goods and services which are being provided. This is being executed by themarketing team of the company. This is all done to enhance the services for making theproducts sell. BRAND EQUITY: This can be stated as entire worth of the brand as a abstracted assets. This isbeing traced from the fidelity of customers, large recognisance along with the market share of thebrand (Balmer, Liao and Wang, 2010). From the point of view of marketers, it can b stated asone of the essential elements which highly aid in accelerative the worth of the company withinthe market. There are number of factors which are being utilised for evaluation of brand equitylike Acknowledgement of logo by the consumers, changing market share, margin of profits ofthe company and many more. SOURCES OF BRAND EQUITY : Brand Consciousness: This is being done as the initial step for structuring up the equityprocess. By this, consumers are being made alert about the products which is highly existin the market. Brand Associations: This is something which the consumers think and thus associate itwith the brand. This may be in the form of voice, language, experience and many more. Perceived Quality: As compared to the competitor's goods and services, if the quality ishigh in nature, then it will help in gaining much more market. ELEMENTS OF A STRONG BRAND : DESIGN AND BUILD: The designing of the company logo is to provide assistance to thecustomers for recalling the brand and if the positive image is being established then moreamount of customers can be added (Baumgarth, 2010). LOGO: This can be stated as effective symbol of determination which is highly present inevery brand and through that they will be recognised within the marketplace. RECOGNISED: Brand image can be determined by its popularity among the customersand marketplace along with the sales ratio. QUALITY: In order to raise the goodwill bar, high quality products and services shouldbe provided to the customers in order to give out the maximum satisfaction. P2 Key components of successful brand strategyHOW ARE BRANDS DEVELOPED AND MANAGE OVER TIME: 3
This can be stated as one of the issues which are being faced by the managers of Audiand Hyundai in order to keep up the brand image according to the current trends which aretaking place within the market. There is high need of conduction of research so that the actualposition and demand of the market (Bergkvist and Bech-Larsen, 2010). In the case of Audi, mainfocus should be on adopting the latest technology by the managers so that customers can havepositive mindset for the company and that too for long period of time. Therefore, it is highlyessential for the companies to have the brand management over the time so that various kinds ofmarketing programmes by which they can expand the brand knowledge for not getting confusedamong the brands. BRAND REINFORCEMENT: This may be called as unitary method of the process which isbeing conducted by the companies who have utilised by the services for making customers comeand visit again. The main aim of the this kind of issues and they are: Purpose of Product, its core benefits which are being provided. Dealing with the issues for making the brand superior within the market and thusdevising it more strong and approving. BRAND REINFORCEMENT STRATEGY: There are number of strategies which are beingutilised by the brand managers and they are described below: BRAND AWARENESS: In this type of factor, the main focus of the company is onmaking customers get attract towards the product and services. This kind of strategy isbeing utilised by the Audi and Hyundai which have the better and appealing marketquality so they do not have much need of creating the brand awareness as the customersknow about it already. BRAND IMAGE : This is a concept which is being created within the market along withthe mind set of customers (Braun, Kavaratzis and Zenker, 2013). This is being attainedby the company for giving out the services in order to generate the loyalty factors for thecompany. BRAND REVITALISATION STRATEGY :There are number of factors which are being involved along with several strategies whichare being highly utilised by the company in order to revitalise the brand and they are describedbelow: 4
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