Brand Management Assignment (Solved)

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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1...........................................................................................................................................3TASK 2............................................................................................................................................61. Analyse organisation brand portfolio management................................................................62. Hierarchy management of brands...........................................................................................73. Different strategies used for managing equity of brands........................................................8TASK 3............................................................................................................................................91. Strengths of the brand.............................................................................................................92. Weakness that may need attention providing some possible suggestions............................103. Collaborative and partnership agreements............................................................................12TASK 4..........................................................................................................................................121. Measuring and managing brand value.................................................................................12CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................17
INTRODUCTIONBrand management is a process and function of marketing in which different types oftechniques are used to improve the perceived value which customers gets from the product thatcompany is providing. Main aim of brand management is to improve goodwill of company in themind of customers or create a favourable image so as to improve sales and revenue of company(Abrahams, 2016).For this report, McDonald's and Optimum impressions Ltd is taken forconsiderations.It is one of the largest fast food company in the world and has more than 37thousands stores all over world. Different types of components which helps company to buildsuccessful strategy will be discussed with the help of brand equity model. Concept of portfoliomanagement will be explained with functional examples. Methods used by company to leverageand extend their brand in different markets will be elaborated with functional example. Toolswhich is used by the organisation to manage their value of brands will be explained.TASK 1Brand Is PowerBrand is a combination of symbol, logo, name or any sentence used by company so as todifferentiate their products they have been offering from other competitors. One more termwhich is connected to brand is brand equity; which refers to extra money which could be chargedby company due to positive goodwill of organisation and their products in the market. Like ifany customer listens or see I am loving it then they will recognize the brand McDonald's as itstheir tag line which is widely famous. There are three components on which brand equity isbased on which are; consumer's perception from the brand, its effect on the customer whichcould be positive and negative and at last value which is perceived by them(Barrow and Mosley,2011). Optimum impressions Ltd marketing department's crucial work is to handle brand andscan the environment and find out perceive value customers is getting from their product andhow it could be improved so as to increase profitability over time. There are different types ofbenefits to branding as company can charge premium pricing for their product, company canlaunch different types of products and chances of getting success is high, enhanced credibility ofbrands which leads to improve in sales and profitability.Brand and its goodwill plays an important part in the success of any organisation in anyindustry. For instance, company like McDonald's charged premium pricing for their products due
to their high brand image in the market. Due to this most of the competitors set their prices lowerso to attract more customers. Most of the organisation generally use Keller brand equity modelso as to create a favourable image of organisation in the mind of customers.First phase of equity model i.e., states that company should increase their brandawareness so to sell their product in the market as if people does not recognize their productsthen they would not buy it by considering it a inferior brand over other. For instance,McDonald's invest heavily in promotion activities so that people of UK would be aware abouttheir brand. After this, company enters into a new stage which is divided into two phase, inwhich first is performance of the product(Buil, De Chernatony and Martinez, 2013). Companyshould make their products reliable and durable so that maximum value of money whichcustomers have paid for the products would be achieve. Other part is imagery which depicts thatproducts which a company offers should meet their psychological needs so that they would feelproud when using their product. Best example of this is McDonald's product, as they providesbest quality of food with delicious mixture of vegetables which other competitors does notprovide. After these two phases, customers is in the position of buying company's product due toeffective marketing activities implemented by the company to increase awareness in the market.Once the product has been bought by customers then expectations of it comes along with that.Next phase is made up of judgements and feelings in which judgement is based on the features ofproducts i.e., quality, credibility, considerations and superiority. If customer is satisfied from theabove mentioned factors then they will feel positive towards their brand which creates a positiveimpact on the brand performance. For instanceMcDonald'scustomer does not prefer to go andvisit any other fast food companies.(Burmann and König, 2011). Word of mouth marketingplays an important role in this. At this phase customers are fully satisfied by the product theyhave bought. In this model, resonance is the last stage which focuses on the relationship betweencompany and customer. This phase is attained by few companies in which customers areconnected with a brand on social and psychological level. Customers love to recommends thoseproduct which they are using to other customer resulting in indirect improvement in sales ofcompany. For example, once aMcDonald'suser will always be atheiruser as customer won'tlike to change their brands it satisfying all the needs and wants. Optimum impressions Ltd canuse this technique to improve their performance over time. Role of marketing department startedat the time of launching a brand in the market, they have to create an attractive logo, make an
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