Brand Management of Optimum Impression Ltd & Coca Cola
Added on 2021-01-02
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BRAND MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Introduction............................................................................................................................1Main body...............................................................................................................................3Conclusion..............................................................................................................................6TASK 2............................................................................................................................................7Brand portfolio strategy of Coca-Cola...................................................................................7Hierarchy management of brands...........................................................................................8Strategies used for managing brand equity within the organisation's portfolio...................11TASK 3..........................................................................................................................................12Strengths of the brand that can be leveraged........................................................................12Weaknesses that need attention............................................................................................14Collaborative and partnership agreement linked to the brand..............................................14TASK 4..........................................................................................................................................15Evaluating the techniques utilised by Coca- Cola for measuring as well as managing ......15CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18
INTRODUCTIONBrand management refers to managing the intangible and tangible characteristics ofbrand. In simple words brand management is the analysis and planning on how a brand isperceived in the market. The report will divide in two parts, where the first part will give anoverview about brand and brand equity and analyse how Optimum Impression Ltd. Can buildsuccessful brand by using various stages and models as well as it will cover the role of marketingdepartment in creating brand equity.The study in second part will be base on Coca-Cola, one of the world's largest non-alcoholic beverage company and the leading producer and marketer of soft drinks. The companywas established by Dr. John Stitch Pemberton. The report will analyse organisation's portfolioand hierarchy management strategy and will analyse some strategies to manage brand equity.Strength of the brand will also analyse that can be leveraged and by analysing weaknesses somesuggestion will provide to Coca-Cola for improvement as well as collaborative and partnershipagreements will discuss of the company.Lastly, the report will provide an evaluation of various techniques that is used byorganisation to measure and manage brand value, brand awareness, market share, consumerattitude and purchasing intent.“Brand is Power”TASK 1IntroductionBrand is an important aspect of any organisation, it refers as a name, sign, symbol ordesign used to identify the products or services that increase its value and differentiate thegoods or services from the competitors (Çifci and et.al., 2016). Optimum impression Ltd. is oneof the leading advertising organisations which launched marketing brochure called Brand ispower which outlined various aspects that is equity stages of building successful brand, etc. Brand equity is a set of assets that is linked to symbol and name of brand that adds to thevalue provided by services or products to the organisation. Brand equity also defined as theadded value endowed on services or products which may be reflect as the way consumer feel,1
think and act with the respect to the brand.Benefits of branding for businessBranding is very important aspect of organisational activity. The benefits of brandingare as follow;Branding consist logo that can be recognise by customers. Thus, branding is importantfor Optimum Impression Ltd. to improve recognition and generate new customers (Davis,2017).Branding builds financial value to the business and create trust within customer's mindfor the quality of Optimum Impression Ltd.Stages of building a successful brandBy building public relation and implementing effective communication and marketingstrategy. By developing attractive logo and tag-line that reflect the product as a brand andimplement it on the website, on products, publication, using it in advertising, etc. Furthermore,organisation can develop brands by using brand pyramid that include five stages of building asuccessful brand. The stages include:Identify marketing objective and strategy on the basis of target audience..Develop concepts/tag-line and start visual researchDevelop media strategy and begin with visual material such as; photos, picturesIdentify target audiencedetermine sustainability of brand and continuous monitoring and brand auditing isessential◦In addition to the above, coca -cola company need to organise their business basedon the commitment made by them to customers. An organisation need tocommunicate their promise to people. Firm need to develop consistent as well asclear business policy. The role of marketing department in creating brand equityMarketing department of Optimum Impression Ltd. plays a critical role in creating brandequity (Elliott and et.al., 2015). They assist brand equity by promoting the set goals andobjectives and collaborating with other functional area of the organisation. Marketing programsby the department are focuses on the products, price and distribution channels and theseprograms help Optimum Impression Ltd. to create brand image and building brand awareness.2
Marketing communication is important in establishing level of similarity as well as level ofdifference with competition and make an impression in mind of consumers that develop strongconsumer-based brand equity and build long lasting relationship.Main bodySuccessful strategy for strengthening brand equityBrand equity is the financial value of brand that provide value/capital to products orservices of Optimum Impression Ltd. After building brand and brand equity it is essential forthe organisation to use effective strategy to strengthen their brand equity (Flint, Signori andGolicic, 2016).Aaker's brand equity modelBrand equity can be strengthened by Optimum Impression Ltd. by understanding andimplementing Aaker's Brand Equity Model also called as Five Assets Model. This model isdeveloped by David Aaker. 3
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