Brand Management and Portfolio Analysis
Added on 2020-10-22
15 Pages4002 Words72 Views
|
|
|
Brand Management
ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1Importance of branding as a marketing tool and why and how it has emerged in businesspractice........................................................................................................................................1P2 Description on key components of successful brand strategy for building and managingbrand equity. ...............................................................................................................................2P3 Description on the differ strategies of portfolio management, brand equity managementand brand hierarchy. ...................................................................................................................5P4. Evaluation of how brands are managed collaboratively and in partnership both at adomestic and global level............................................................................................................1P5 Evaluation on the types of techniques for measuring and managing brand value with theuse of organisational example. ...................................................................................................3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
INTRODUCTIONBrand management works as to managing the tangible and intangible character so thatfirm can perform its activities effectively (Singh and Uncles, 2016). In, management there arenumber of techniques that helps to perceived value of commodities. Thus, it can be said that theeffective brand management helps to build loyal customers with help of positive brandassociation. Moreover, it is essential to develop the strategic plan so it will be easy to managebrand equity. The main aim behind managing the brand is to achieve the firms overall vision andgoals. The present report is based on the business activities of the Virgin mobile group, it ismobile phone services provider operating its services in the UK. Thus, the report will look overupon various things as are importance of branding as marketing tool, key components ofsuccessful marketing strategy, strategies of portfolio management, how brand can be managed atthe global as well domestic market and types of technique for measuring an managing brand inmarket. The main aim behind conducting this report is to managing the brand effective so thatfirm can have long terms sustainability and profitability. LO1Importance of branding as a marketing tool and why and how it has emerged in business practiceBranding is the process that is followed by the organization that will help the businessentity to have a good market share. A brand is an assurance that is been offered by a businessenterprise that will support the positive growth and improvement in the brand image of the firm.This is also important as psychologically, customers tends to purchase the good and services of awell established and recognized brand (Singh and Uncles, 2016). This has a positive influence onthe sales and development of the selected business entity. Besides this, it will help the selectedbusiness entity that will help the organization to enhance the quality of their marketingoperations and actions which will support the effective placing of a wide range of businessoperations and activities. Brand management is one of the ongoing process and it is alsoinclusive of maintaining consistency around the brand and it works as to deliver the values thatorganization holds to create the positive association with audience. Brand management plays thecrucial role and it also helps to customers to services. In this term, it can be said that developinggood relationship with the target market is essential for managing the brand in enterprise. 1
Some major factors that proves that an effective branding can go as a marketing tool for a firmare as follows:Increase customer trust level: As brand is a positive agreement between a customer anda firm offering high quality products and services, it will help to assure the buyer aboutthe effectiveness of goods that they are purchasing. The better placing of a brand withinthe market will help the business enterprise to have a good rise in meeting customersatisfaction level. As the trust level and business bonding between a customer and thebrand or firm will be strong, the buyers will prefer to buy the products and services fromthat company, leading to rise in its revenue generation and profitability to a greaterextent.Improves the firm's reputation: A good and positive branding will improve thesignificant brand image and thus will lead to the positive rise in the market reputation andrecognition of a business organization. The improvement in the organizational reputationwill furthermore cause the improvement of the revenue generation and will help theselected business enterprise to promote its products and services properly. Other thanthis, a good market reputation will attract a significant number of investors and shareholders to lay down their resources within the organization. Following this measure willhave a positive impact on both brand and the firm.Enhance the marketing and other business efforts: As the brand image will improve,the customers expectations from a brand or the firm will increase. Thus, in this case, themanagement of the firm will see through the effective handling of its business andmarketing efforts that will help the firm to enhance the quality of business operations to agreater extent. This will also support the brand to meet their customers expectations(Renton and et.al., 2017).Motivate Work force: The selected firm carrying out the proper branding process willhelp the firm to improve the quality of business activities and operations. Besides this, itwill encourage the existing employees and work force of the selected organization toperform well and give out their best output in order to maintain the brand image of thefirm. This will catalyze the overall marketing and revenue generation.2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents