Brand Management Assignment: Nike & Adidas
Added on 2020-06-06
17 Pages5454 Words318 Views
Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P1 Explaining the importance of branding as a marketing tool and how it emerged in businesspractice........................................................................................................................................1P2 Analysing the key components of a successful brand strategy. ............................................3M1 .............................................................................................................................................5M2 ..............................................................................................................................................6SECTION 2......................................................................................................................................6P3 analysing the different strategies of portfolio management, brand hierarchy and brandequity management. ...................................................................................................................6M3 ..............................................................................................................................................9P4 Evaluate the brands are collaboratively and in partnership both at a domestic and globallevel. ...........................................................................................................................................9M4.............................................................................................................................................10P5 Different types of techniques for measuring and managing brand value with examples. . .11M5.............................................................................................................................................12CONCLUSION .............................................................................................................................12REFERENCES .............................................................................................................................13
INTRODUCTIONBrand management is the analysis of planning to enhance the company reputation andbuild new image in the market. Developing good image with the customers, suppliers, investors,government, distributors. This helps company to make brand strong and competitive in themarket. Besides, the customers play a main role for the enhancement of company’s brand image.Present report is based on brand management of two popular brands Nike and Adidas. Thisreport will explain about the brand, brand importance and what is brand value and brand equity.Furthermore, it will discuss about key elements of a strong brand and how brand manage overthe time. What challenges company has to face in developing a brand image in the market.Besides, Nike and Adidas is the most two popular brands in the world which provides the bestquality of sports shoes. Brand main component is product quality further it will discuss in thereport. SECTION 1P1 Explaining the importance of branding as a marketing tool and how it emerged in businesspractice.Brand is the company identity which includes symbol, logo, word or elements whichhelps company to distinguish their products and services. It makes company effective andpopular among other companies (Du Preez and Bendixen, 2015). Besides this, element whichprovides legal protection to the brand is trademark. Brand defines the company services and theirprime qualities. It is the company more valuable assets through which customers knows thecompany awareness in the competitive market. Just like Nike and Adidas is the most popularsports shoes brand. These two brands are getting fan following by providing prime quality ofproduct and services. Nike is the American multinational company which is popular for theirprime designs, development, manufacturing and sales of footwear, apparel, equipment,accessories and services. Besides this, Adidas is the second most popular brands' ion footwearthey also provide variety of designs and manufacturing shoes, clothing and accessories. Productand services of the company decides whether they get popular or not (Klingebiel, and Rammer,2014). Both the brands have higher opportunity and growth in term of expansion. Branding is themost essential tool for the company products. Due to having competition in the market, topbrands need to invent new services or product in order to sustain its own brand value in the1
market. Branding is the tool which spread company awareness and promotes the services orproducts as well (Bendixen, 2017). Effective brand strategy of the company gives higher profit revenue. Moreover, brand strategygives major edge and enhances competitive market. Brand equity is a marketing term that describes the brand value of the company.Moreover, it determines the customer interest, perception and experience with the company.Brand equity is the tool to measure the actual value of the company product and services.Besides this, brand equity helps Nike and Adidas to determine the current needs and wants of thecustomers in order to meet that needs and get customer satisfaction. To make effective companybrand value (Fisher and Vallaster, 2010). For that, company needs to adopt some latesttechnologies, ideas, innovation and creativity in designs and their products. This process attractscustomer towards the company product and services. If company constantly under delivers anddisappoints the people so in that condition, customers avoid those brands and switch to otherbrands. To make positive brand equity, company needs to consider some key points such asmake sure that quality of the product should be prime, customer services of the brand should beattentive and effective as per the needs of customers. Along with that, it is also very importantfor the big brands to maintain their present situation as long in the market. Moreover, brandequity develops by developing the brand awareness, recognition, preference and loyalty.Branding is the important tool in the marketing which helps organisation to take newpromotional techniques and innovative ideas (Ginder and Byun, 2015). It is the most crucialmarketing process of any product and services. In this process, company invests huge amount offund through which number of customers get to know about the new product and services of thecompany, this makes brand strong and effective in the market. The main objective of thebranding to establish the credibility for the products, create interest and connect customers withthe company emotionally, create loyal customers base. This overall target of the branding givesmaximum profit margin to the company. Branding add values in the business practises by givennew customers attraction and higher sales. Branding helps business to grow the reputation amongcompetitors and customers (Kao and Lin, 2016.). Branding helps company to make new higherinvestments through which they invest on other activities to enhance the company performance.New investments give more leverage to the industry. Besides this, branding helps organisationto win the customer loyalty and trust. Through which company makes new product and services.2
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