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Managing the Brand

   

Added on  2020-06-06

16 Pages5125 Words493 Views
BRAND MANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Branding importance and role in business practices.........................................................1P2 Key components of a successful brand strategy to manage and build a brand equity......3TASK 2 .........................................................................................................................................4P3 Strategies for portfolio management, brand equity and management of hierarchy..........4TASK 3............................................................................................................................................8P4 Brand management............................................................................................................8TASK 4..........................................................................................................................................10P5 Techniques to manage and determine the brand value...................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONManaging brand is crucial for the organisations that it will help them to manage theirbusiness operational activities for long period in the market towards customers. The report willcover importance of branding as a marketing tool and how it is appear in business practice. Inaddition, the key components of successful brand strategy will help to build and manage thebrand equity, portfolio and hierarchy which will be covered in this report. Moreover, brandmanagement as collaboration and in partnership at global and local level is assessed withtechniquewhich is used to measure the brand value is covered in this report.TASK 1P1 Branding importance and role in business practicesBranding is important for the businesses in order to manage and control the operationalactivities as well as customer preferences and perception which lead towards the growth anddevelopment of the organisation.. It can be described as design, name or symbol which refers tothe identity of brand towards the firm efficiently. Branding also help businesses to differentiatetheir products and services over another. Customers can easily identifytheir products offered bybrand by recognising the image or symbol of brand. This will also help them to choose a productor services over another in the market.IMPORTANCE OF BRANDBranding help businesses to demonstrate their products and services in the markettowards customers effectively and efficiently (Alhaddad, 2015). It will also help them to managetheir products and services according to the perception as well as preferences of customer. Thisin turn helps in increasing sales and revenue of the organisation in order to ensure desiredachievement of goals and objectives Brand will include name, logo, colour, position, andexperience. Everything which demonstrate the products and service information of firms isknown as branding. It will also help businesses to expand their market activities and share.Increase loyal customers: Branding will help enterprise to increase their loyalcustomers. It can be said that consumers in the market prefer the best products andservices (Berger, 2016). Thus, they have a strong bond with brand.Remembering: There are so many products and services in the market for customersoffered by many brands. Thus, it is difficult for a customer to remember the name of1

product in order to purchase them. The brand attractiveness and image will help them tochoose a product or service over another effectively.Increase image and reputation: Brand image and effectiveness also help enterprises toimprove their repute towards customers efficiently. Consumers usually remember theproducts and services by branding which also help them to explore their experience. Thiswill help organisations to increase their reputation and image in the market.Differentiate: Branding will help enterprises to differentiate their product and servicefrom other which also aid consumers to choose the product over another efficiently.Differentiation will help them to manage the brand and products specific informationtowards the customers (Boso, Carter and Annan, 2016).Perceived value: The perceived value is the thinking of customers has a significantimpact on their choices which affect the decision making towards purchasing theproducts and services effectively and efficiently. In respect to this, brand identity alsohelp to enhance the perceived value by looking more professional and effective. Brand create meaning: Marketing is everywhere and places assessed withadvertisement and multiple channel. Branding will help businesses to present theirinitiatives, meaning and intention towards customers in the market effectively. Brandingis also winning the consumer hearts by providing them quality products and services. Itwill help them to create their own meaning of brand and leave a message for customersfor a clear communication. Build strong emotional connection: Emotional connectionrefers to a powerful andstrong energy which helps enterprises to make effective decision-making (Hoffmann andWeithaler, 2015). It will help them to build a strong connection with customers by takingtheir preferences and perceptions. This also influences the businesses behaviourregarding their decisions in the market. Branding also helps to measure the targetconsumers which aid to evaluate the market and operational activities.Thus, it can be said that branding is an important marketing tool for the businesses inorder to manage their brand image, purpose and operational as well as market activities towardscustomers. The role of branding in business practices is also very crucial in terms of advertisingthe products and services offered by businesses which help to increase the production and2

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