Brand Management: Building and Managing Brand Equity

Brand Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Concept of brand .........................................................................................................................3
Importance of branding as marketing tool...................................................................................4
Brand equity using Aaker’s Brand Equity model .......................................................................4
Key components of a successful brand strategy for building and managing brand equity..........6
Portfolio management, brand hierarchy and brand equity management ....................................7
Importance of branding and how brands are built over time.......................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Brand management refers to the marketing function which utilises the distinct techniques and
approached for enhancing the perceived values of specific product line over the time (Zwerenz,
2019). Efficient brand management allows the businesses to increase their prices over the
product and develop loyal customer base through the better brand association and strong brand
awareness. It outlines the management of tangible and intangible aspects of brand, thus brand
helps the businesses in fostering the similarities among their target segment to target consumers.
Following report will highlight the overview about the brand and include the range of examples
of different organisations. It all discuss the importance of branding as marketing tool, further
discuss the maker's brand equity model and also discuss the key aspects of the successful brand
strategy. It will also cover the different terms about portfolio management, brand hierarchy and
brand equity along with the strategies.
MAIN BODY
Concept of brand
A brand is the product, services which is generally publicly differentiated from other goods and
concepts, main purpose behind its development is to easily communicate with the customers
within the market. Branding is the concepts of developing and propagate the brand name. Its
development encompasses the business vision, objectives, target market information, competitive
analysis, organisational USP it helps in differentiating the organisational image from other
businesses. Brand development involves the specific stages which are as follows:
Determining the target audience:
It is foremost to identify the target people for which the organisation requires to convey
the message (Chernev, 2020). For that it is important to create the content which helps in
attracting the consumer towards it. for an example McDonald company, they have good brand
image therefore they have large customer base, they are consistent and have standard menu,
other restaurant also sells burgers and stuff like McDonald but they prefer to go McDonald
because they know what they expect they will easily get.
Differentiate the product:
Brand are so successful if they are able to develop the gap among themselves and their
rivalries in the mind of target audience. In differentiating the product, it is important to work
against other brands in same market field. For an instance Levi’s and Calvin Klien are in same

field and both have different brand image which separates their products and services as well as
target audience.
Be creative:
Innovative approach always increases the brand status just like Apple company who
believes in creativity that makes them to stand out and compete their intense market. As for the
Apple computer they come up with approach like to ran the ads which are linked to the computer
system this helped the company to increase their sales.
Importance of branding as marketing tool
Branding enables to develop the relationship with the target audience that can eventually guides
in turning them into the potential loyal customer. It is the method which the organisation
proceeds with to make the people to care about it. branding has proved as one of the essential
marketing aspect of the businesses (Raki and Shakur, 2018). Organisation who concentrates on
their branding are more likely to distinguish themselves from their competition and proceed with
the effective marketing. If the brand is right positioned, then it makes the firm to build loyal
consumers and able to acquire the large market share within a short time period. It emerged as
the business practices not only because it makes the remarkable impression over the consumers
but also enables the clients and consumer to know what they need to expect from the firm. Thus
branding communicates the main three critical aspects which are ownership, inspiration and
quality that makes the firm to stand out from the larger audiences. In this modern era, it is
prominent for the businesses to enter the market with good brand that helps in narrating the story
which ultimately grab the audience attention and makes them to engage with organisation
(Miliopoulou, 2021).
Brand equity using Aaker’s Brand Equity model
Brand loyalty
There exists a number of advantages that are the outcome of the loyalty of the customer. At first,
the loyalty improves the complete financial performance of the organisation because of the
enhanced purchases and the capability to increase the potential of every customer. It is much
lesser in cost to offer the prevailing loyal customers rather than to take the new customer. Other
advantages involves as the sustainable competitive benefit and enhances the positive word of
mouth and the business which runs through the referrals (Greco and Polli, 2020).