Brand Management -Bentley Motors Limited Assignment
Added on 2021-01-02
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BRAND MANAGEMENT
Table of ContentsINTRODUCTION ..........................................................................................................................1LO 1 ................................................................................................................................................1P1 Description on significance of branding as marketing tool and how its emerged in businesspractice........................................................................................................................................1P2 Define key components of successful brand strategy for building and managing brandequity...........................................................................................................................................2M1 Evaluate how brands managed successfully with use of application of theories.................4LO 2.................................................................................................................................................4P3 Description on different strategies of portfolio management, brand hierarchy and brandequity management.....................................................................................................................4M3 Description on analyse of portfolio management, brand hierarchies and brand equity.......6LO 3.................................................................................................................................................6P4 Evaluation on how brands are managed collaboratively and in partnership at domestic andglobal level..................................................................................................................................6M4 Evaluation on the use of differ techniques that used to leverage and extend brands. .........8LO 4 ................................................................................................................................................8P5 Description on evaluation of techniques for measuring and managing brand value.............8M5 Discussion on application of techniques for measuring and managing brand value. ..........9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTION Brand management termed out as strategizing and evaluating brand with terms ofpositioning, target clients, brand image and brand perception (Keller and Brexendorf, 2017).Therefore, it is the concept that aids to ensure that product and service highlight the quality ofbrand. It is technique that focuses on improving the reputation of brand and commodity. Hence, report will cover the business activities Bentley Motors Limited and it is theentity that deals in British manufacture of the luxury auto mobiles and also subsidiary ofVolkswagen AG founded in 1919. Furthermore, report will cover the following things as how brand is built and managedover time, to define the key components of successful brand strategy, brand management andbrand equity management, identification of techniques that used to leverage and extends brands.Lastly, evaluating the techniques for managing brand value to develop strong brand image withinthe market.Overview of the Bentley Motors LimitedBentley Motors Ltd. is British manufacturer and market of Luxury cars and Suv's and thisfirm is subsidiary of the Volkswagen group since 1998. Therefore, the chosen enterprise hasheadquarters in Crewe, England. Therefore, this firm deals in product and services ofengineering manufacturing distribution. LO 1 P1 Description on significance of branding.Importance of branding as marketing tool- Branding of product and services plays the crucial role in terms to boost up the sales ofthe commodities. With help of setting effective branding strategies, it can aid to connect withcustomers emotionally. Therefore, brand awareness is very helpful in terms to launch of productand services in terms to drive the consumer decisions. To succeed in establishing brand, it isessential to understand the needs and wants of customers. In addition to it, to develop a strategicmarketing-management plan, brand serves the guides and enables to align the plan with keyobjectives of enterprise (Plumeyer and et.al., 2017). Herein, the main purpose of brandmanagement is to ensure that the product and service aids to highlight the quality of brand.
Therefore, strong brand creates the positive association between consumer and business,product and service. Furthermore, it can be stated that there are various areas that are used todevelop brand within market and it is inclusive of terms as advertising, customer services,reputation, logo and promotional merchandise. To have enhancement in brand image, the entitycan drive new business effectively and also can enhance brand awareness. Branding is critical yofirm that has overall impact on company (Dirsehan and Kurtuluş, 2018). It is term that createsemotional connection between customer and product. Brand management is very crucial and thisis the term that also supports to firm to improve and adapt with changing times. This is term thatplays vital role to develop and enhance brand image in market. Hence, it can be stated that thestrong and well known brand aids to generate future business and also enhance the value ofbusiness. Branding is one of the crucial marketing practices that aids to rise competitive businessenvironment (Altaf and et.al., 2017). Therefore, branding is concept that plays significant rolewith terms to create wealth and also enables to perform business practices effectively. Bentley motors limited is the kind of auto-mobile firm and by doing better marketing theentity can able to enhance profitability by focussing over the quality of commodities. Hence,brand management aids to build emotional connection between customer and products.Therefore, effective brand management support to grow consumer as become loyal and it alsoaids to boost the productivity within enterprise (Wong, 2018). In addition to it, brandmanagement adopts strategies that help to evaluate the performance of entity and also it is one ofthe integral part of business activities. Strong and well-known brand can supports to generatefuture business and also conduct work practices effectively. Brand extension P2 Define key components of successful brand strategy for building and managing brand equity.Brand strategy is term that is defined as a plan that works as to encompass specific, longterm goals this all can be achieved with evolution of successful brand. Hence, well defined andexecuted brand strategy affects all aspects of business processes (Ogunnaike, 2017). To buildpositive brand equity aids to continuously monitor customer engagement. Branding is one of thecrucial tool as it aids to make memorable impression on the consumers and allows attractscustomers to purchase the commodities. Thus, there are many areas to develop brand such are asadverting, customer service, promotional merchandise and reputation.
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