Brand Management Assignment (Doc)
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Added on 2020-10-05
Brand Management Assignment (Doc)
Added on 2020-10-05
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BRAND MANAGEMENT
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of branding as a marketing tool and its emergence in market practices..............1P2 Key components of successful brand strategy for building and managing brand equity.......6TASK 2..........................................................................................................................................10P3 Different strategies related with portfolio management, brand hierarchy and brand equity10TASK 3..........................................................................................................................................14P4 Determine the ways in which brands are managed collaboratively and in partnership atglobal & domestic level.............................................................................................................14TASK 4 .........................................................................................................................................16P5 Different techniques of measuring and managing brand value in organisational context....16CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
INTRODUCTIONBrand management is defined as a set of tactics which is used to enhance the value of aservice or product. An appropriate brand management helps in maintaining customer base ofloyal consumers which lead towards positive impact on revenues and profitability. It is afunction associated with marketing that allow business organisations to sustain a positive brandimage. This assignment is written in context with Marks and Spencer which is a Britain basedmultinational company, situated in Westminster, London. Organisation specialises in sellinghome and food products and clothes. At present firm is successfully operating at around 1000stores in United Kingdom in which more than 600 stores sell food product only. This report willcover importance of branding as a marketing tool and the manner in which branding has emergedas a market practice. Key components of successful brand strategy for managing brand equity arediscussed. Beside this, different strategies of portfolio management, brand equity and brandhierarchy are discussed. Different ways to manage brand at domestic and global brand arementioned along with techniques to measure & manage brand value. TASK 1P1 Importance of branding as a marketing tool and its emergence in market practicesIllustration 1: Brand IntegrityBranding is described as a market tactics which helps an organization in formulatingdesign, symbol and name of company & brand so that customers can easily recognize them. Ithelps an organization in distinction of a product or service offered by them from thecommodities offered by rival firms. Branding helps in generating a memorable experience andreputation of product in the minds of customers that helps in enhancing sales (Balmer, 2012) Bythis, customers will get to know about the potential and standard of company in satisfying theirneeds and desires. M&S uses this tool to differentiate itself from the products of competitors. Inorder to develop and manage brand in a proper manner, M&S adopts promotional merchandise,1
advertisement, customer service, reputation and logo. These factors help in developing anattention grabbing and unique product that will be widely accepted by customers. To build abrand, certain aspects are considered which are mentioned below:Attractive name of brand Brand logo i.e. a specific brand icon. Brand message and slogan Positioning of brand and overall reputation in marketBrand packaging and other aspects associated with brand experienceIllustration 2: Positioning processTo attain desired growth and results, it is essential for every organization to haveappropriate branding. This will help in acquiring expected profit and growth. It can change theopinion and perception of people about the products and services offered by M&S. Also,appropriate branding will benefit in enhancing brand awareness of M&S along with helping themanager to identify those measures that can further enhances the satisfaction level of customers. Different benefits associated with branding are defined below: 2
Improve company's recognition: Remembering the products and services of anorganization with its generic name is a complex task for people. An essential element ofbranding is logo that acts as an identity and face of business. This brand icon benefitspeople in recognizing company in a quick way. Logo of M&S is simple that is easy forcustomers to recognize. Branding helps in enhancing the familiarity of products &services in the mind of people (Barrow and Mosley, 2011)Builds trust within marketplace: Alternative products and multiple choices generatesconfusion in the minds of people. In order to avoid this situation, people prefer to buythose products and brands which are well known & popular in market place. With thehelp of appropriate branding, M&S is emerged as a trustworthy and popular brand due towhich customers feel secure & satisfied while buying their products. Increases market shares and revenue: Branding plays an essential role in expansion ofbusiness. A well known, trustworthy and powerful brand of M&S will help them inattaining desired revenues and profitability due to leveraging. This will also increaseinvestment opportunities of M&S that will helps in increment of market shares. Convert masses into new customers: Efficient brand image leads towards in creating apositive image of company in the minds of people. It will help in enhancing customerbase by transforming potential buyers into loyal customers. Products offered bycompany such as clothes, food and other commodities are given in accordance with thedemand of customers due to which customer base and market shares of M&S willenhance. Branding has emerged as a business practice of M&S in following manner: At first, manager in M&S is required to effectively identify target audiences, i.e., tounderstand if customers are interested in buying their product or not. Next step is determining brand mission, that involve creation of mission statement thatclearly describe their ideology. M&S is required to identify their rivals and other activities along with aspects thatdifferentiate M&S from other companies. After detailed analysis, M&S needs to develop value propositions which helps indetermining uniqueness, value of their service and product. 3
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