Brand Management Task 26 P3 Key components of successful brand management strategies and hierarchy management

Brand Management

Table of Contents
INTRODUCTION...........................................................................................................................1
SECTION 1......................................................................................................................................1
P1. Importance of branding as a marketing tool.........................................................................1
P2 Key components of successful brand strategies and managing brand equity........................3
Task 2...............................................................................................................................................6
P3 Different strategies of portfolio management brand equity and hierarchy management.......6
Task 3...............................................................................................................................................8
P4 Brands are managed collaboratively and in partnership........................................................8
Task 4.............................................................................................................................................10
P5 Different types of techniques for measuring and managing brand values...........................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Brand management is defined as a planning which determines how it will be perceived in
the market. It is essential for developing a strong relationship with target market through brand
management. There are two elements i.e. tangible and intangible. Tangible includes product,
looking, pricing and packaging etc. and intangible elements are the experience of customer
regarding a particular brand. In other words, it is the process of building a positive relationship
and creating better connection in between company's product and consumer perception for the
purpose of generating revenues or profits (Ashworth, 2010). This project report is based on
Mercedes Benz which international company and a division of the Germany company Daimler
AG. This brand deals in luxury vehicles, cars, buses, coaches and Lorries. In this report, there
will be discussion on the importance of branding for effective marketing and some key
components for making successful strategies for the firm. This will also analyse various
strategies as portfolio, hierarchy and equity management. It will define the collaboration of
partnership for both domestic and global level. There are some techniques to measure and
manage the value of brand and its image in an effective manner.
SECTION 1
P1. Importance of branding as a marketing tool
Every successful organisation is based on their market image as well as brand name
which is essential for them to represent the products and services in front of customers. In such
procedure company try to create a good brand image among competitors. Organisation adopts
various strategies, tools and techniques for creating effective goodwill in the market and among
potential customers mind so that better relations can be build. Brands can be included as logo,
symbols, signs, product’s name, designs and packaging, etc. So, these aspects help in
differentiating company's products and services from other competitors. It is makes easy to
customers for understanding the organisational brand through the design and logo.
Brand:- brand generally considered with accumulations regarding emotional and functional
associations and it is totally different from products. Brand is defined as what customers buy and
product concern with what companies make. It can be said that brands make promises regarding
products as how it will satisfy customers needs and wants in effective manner.
1

Brand Equity:
It is defines as the consumer perception regarding particular goods and services as what
they think about the all these. Every firms wants to know that customers attitudes and their
behavioural choice about the brand. Brand management is an effective tool that supports in
increasing the value of company and generating demand among customers. It provides directions
to the employees and motivate them to reach at potential consumers. Every organisation wants to
know customer's perception regarding their products and services as well as represent the
reputations, advertising and logo (Kavaratzis, 2010). Some of companies generally may have to
face several kinds of problems or issues regarding the poor customers satisfaction or slow
services, so it is must be required to promote particular brand by using best strategies in the
market for achieving competitive advantages. There are some importance of branding that help
to organisation in attaining its particular goals and objectives such as:
Brand as a marketing tool:-
Trust can be created: Brand is an effective element that supports in creating trust or faith
among customers as they can buy any product or services of company through their brand value
and create a good relations with them by building trust. People can purchase the best quality of
services and products to satisfy their needs and wants is firm is providing them same things
according to demand so it will helps in building trust as well as relations for the organisation.
Mercedes Benz provides luxury cars with unique features to the people and attract them towards
the best model of car and they always focus on satisfying customers. Therefore, brand helps
them to make better connection with people and support to reach at target audience so that they
can generate higher profits and get more returns as well as market share.
Useful for effective advertising: Advertisements play a vital role in promoting a specific
brand in the market so that every organisation will use effective advertising tools and techniques
to promote their products and services as well as create market awareness among consumers.
Firms generally represent their products and services as well as convey messages to the target
audience through effective advertisements (Bigné, 2012). It is beneficial for getting attention so
that Mercedes Benz will use creative advertising tools such as commercial ads, hoardings and
internet for promoting cars and buses. They provide information to the people regarding specific
features, unique qualities as well as by using advertisements so that they can make decisions
regarding buying its products and services.
2