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Brand Management and Importance of Branding

   

Added on  2020-07-22

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Brand Management
Brand Management and Importance of Branding_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Branding and importance of branding.....................................................................................12. Organization develop and grow brand equity.........................................................................23. Suggestions for brand extended, rain-forced and revitalized..................................................3TASK 2............................................................................................................................................41. House of brands.......................................................................................................................4TASK 3............................................................................................................................................51. Brand leverage........................................................................................................................52. Strength and weakness of M&S organization.........................................................................53. Collaboration and partnership.................................................................................................6TASK 4............................................................................................................................................71. Brand value.............................................................................................................................72. Brand awareness......................................................................................................................73. Consumer attitude...................................................................................................................84. Purchasing intent.....................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................1
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INTRODUCTIONBrand management is an important function of marketing that utilises techniques toenhance the perceived value of brand or product line. It is important for organisations to developa good relationship with the target markets. The present report will determine branding conceptand its importance for Marks and Spencer, a leading business firm in UK. It will also discussvarious elements of branding such as brand portfolio, brand hierarchy, brand leverage etc. Thereport will also include internal analysis to identify strengths and weaknesses of the company. TASK 11. Branding and importance of brandingBrand is a name, term, symbol and design that differentiate an organization or productfrom its rivals in the eyes of customer. The brand is used in business, marketing and advertisingfor improving the current environment. Branding aim to differentiate presence to attract andretain loyal customer. It is a process of giving a meaning to specific companies, products orservices by creating and shaping a brand in consumers' minds. It is a strategy designed bycompanies to help people to quickly identify their products and organization. It will be help themto give particular reasons to choose Marks and Spencer organisation, products out of the manycompetitors in market. This will focus on increase the value of organisation and provideemployee motivation. They give proper direction to achieve objective and acquire new customerin easy way. In today's market scenario, the uniqueness, name and services fulfilling thecustomer expectations and keeping their needs in mind to recognize the product is a necessity forany company. Importance of branding : Generate increase revenue and market share :Organisation can leverage the power ofbrand in many ways, such as co-branding, geographical market, market segmentation andimprove new distribution. All such factors will help to increase revenue and marketshare. Increase existence distribution of loyalty : Independent distributors are in money makingbusiness. For them brand loyalty always comes second.Branding improve recognition : Brand logo play a most important role for customer anddirect impact on consumer mind. Organisation put the time and efforts to improve currentenvironment as well as some future changes. 1
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2. Organisation develop and grow brand equityBrand equity : In the branding phenomenon, a word that articulates the overall analysisof the brand or the company which is used for the recognition of the product in the market so theword formed was Brand equity. It demonstrates the brand name and value in the competitivemarket.Brand equity is a positive form can help organisation in many ways. It is a marketingterm, which is helping to describe brand at market and value is determined by the level ofconsumer preparation about the brand. Marks and Spencer organisation can charge more for aproduct with a great deal of brand equity (Dinnie, 2015). In this context, brand equity can betransferred to line extension products related to the brand that include the brand name, so abusiness can make more money from the brand. There are some important points about brandequity are as follows : Awareness among people about the product.Creates the loyalty to the customers about company. To measure the brand efficiency and efforts required.To know the performance of the product into different market.It can help to boot organisation share market. Brand equity develop and grow as a result of consumer experience about the brand. It will bebased on some process is to be used and following steps are as follows : Develop and grow strategies Awareness : The brand will focus on target audience, with the help of promotionalactivity and different way to get aware about the brand. This will be important partorganisation to focus on awareness of the brand (Hanna and Rowley, 2013). It will helpto increase the number of customer and profitability level. For example : M&S conductsvarious promotional and marketing activities in the market to spread awareness abouttheir products in the market and attract more customers.Formalization : Marks & Spencer do have written rules, procedures, principles and codeof conduct. They govern the organization overall activities Marks & Spencer hasstandard code of conduct and written rules to run its business. Goal : Marks & Spencer has its own written goal with its objectives, missions, visionsand targets. What organization is today and will be in future by incorporatingenvironmental scenarios.2
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