Brand Management: Importance, Strategies, and Portfolio Management

BRAND MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
LO 1.................................................................................................................................................3
Importance of branding and its emergence..................................................................................3
Key components of brand strategy..............................................................................................5
Evaluation....................................................................................................................................7
Appropriate examples..................................................................................................................7
LO 2.................................................................................................................................................7
Strategies for Portfolio Management, brand hierarchy and brand equity management..............7
LO 3...............................................................................................................................................10
Ways in which brands are managed collaboratively.................................................................10
LO 4...............................................................................................................................................11
Different techniques for brand value management and measurement.......................................11
Critical Evaluation.....................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Brand management basically indicates the engagement of the company i.e. its management
in those particular practices which are focused towards improvement and betterment of the brand
perception as well as its prevalence in the target market (Bapat and Thanigan, 2016). Morrison’s
is a very prominent retail store that is currently operating only in UK and can expand further if
planned accordingly. This report will analyse that what is the importance that branding holds for
Morrison’s and the manner in which it contributes towards various business practices. The report
will also analyse the key constituents that help in the building of successful brand strategy and
brand equity maintenance. The strategies of brand hierarchy, brand equity management etc. will
also be analysed and implemented in detail in the report below. Further, the collaborative
management of brand at domestic and global level will be detailed and lastly, the technique for
brand value measurement will be detailed in the last section of this report.
MAIN BODY
LO 1
Importance of branding and its emergence
Branding can be easily identified as a defining component in the entire marketing act.
Branding is defined as a process in which the company portrays itself as a brand that is
associated with its own products and services and in return they aim to develop trust and gain
goodwill in the market over their product (Lee, O’Cass and Sok, 2017). Ultimately, the process
of branding helps company in gaining a perspective regarding their products and further pass this
perspective to their users as well. Morrison’s has created an excellent brand perception due to the
advanced level technology and its integration with innovation. The zero tolerance policy towards
any compromise in the quality is another major contribution in the brand development. The
importance of branding activities for marketing of a product can be further detailed in following
manner:
 Establishing Rapport: Branding motivates developing and improving the perceptions and
identity that people have regarding the company’s products. This helps in establishing a
common area in which a brand, by positioning itself, is able to gain loyalty and goodwill
of customers. In Morrison’s, the company can achieve and target a much larger market
segment along with increase in the consumer loyalty (Tran and Nguyen, 2020). This will
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ultimately help in face the intense competition that Morrison’s incurs and also increase
the retention of customers. Ultimately rapport building is the most excruciating process
for any brand’s success and branding facilitates that to a very large extent thus increasing
its importance.
 Encourages Distinction: It is very important to create a unique impression and identity
before the customers where companies must segregate their brand values from that of
their competitors. This is one of the key aspects of the entire branding process (Wang, He
and Barnes, 2017). For Morrison’s as well, branding helps in presenting a unique image
of the company where they distinguish themselves from the competitors thus creating a
niche market segment where the recognition and acceptance for their products and
services increases. With the integration of innovation, company is able to achieve this
objective of creating distinction in the market.
 Attracts and retains customers: Branding not only helps in customer attraction by
presenting unique aspects of the product and its quality before them but it also tries to
retain the customers. by developing an excellent goodwill and quality in the market, the
company is able to create a status symbol which helps them in customer retention.
Morrison’s also works incessantly on its retention of the existing customers and attracting
additional customers to the brand so that their base can grow regularly. With the help of
branding, the excellent quality of products and goodwill of Morrison’s has really helped
the company in maintaining a satisfactory customer base.
 Develops loyalty: Branding contributes immensely in the encouragement of brand loyalty
amongst the customers where they are not just motivated to return to the same company
time and again for meeting their demands but are also given many benefits such as
additional discounts, exchange offers etc. (Wider, von Wallpach and Mühlbacher, 2018).
Morrison’s can also successfully create loyal customer base where they can be made
aware of the high quality products and the innovation and creativity that has been
integrated into them. This is facilitated by the process of branding thus emphasising its
importance again.
Therefore, these are certain aspects which highlight the importance that branding has
overall in the entire process of marketing and establishing a product or company in the market. It
can be easily observed that how each factor individually holds significance for the entire
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