Brand Management: Importance, Strategies, and Portfolio Management

This document discusses the importance of branding in marketing, focusing on the case of Morrison's. It explores the key components of brand strategy and the use of the Customer Based Brand Equity model. The document also covers strategies for portfolio management, brand hierarchy, and brand equity 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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marketing process and ultimately business practices as well. The potential chances of earning
profits also improve due to this practice of branding.
Key components of brand strategy
Brand development can be categorised as a detailed process that requires integration of
multiple aspects towards the ultimate objective of developing an managing brand excellently.
After establishing a brand, maintaining brand image and making the equity of brand grow are
two key activities that need to be worked on. The CBBE model by Keller i.e. Customer Based
Brand Equity model is solely focused on this particular aim of further development and
successful management of brand value and equity (Keller vs. Aaker customer based brand equity
models, 2019). In case of Morrison’s, this can be implemented in following manner through its
different levels:
Figure 1: CBBE Model
Source: Keller vs. Aaker customer based brand equity models, 2019
Level 1: Brand Identity: This is the first stage and here it is evaluated form the customer’s point
of view that how they perceive a brand and distinguish it from the similar competing companies.
It is important for Morrison’s to work on the development of its brand identity in order to attract
the customers and highlight before them the excellent quality that is presented in their products.
They also need to develop marketing strategies that will help in analysing the current perception
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that people have and if need arises, and then changing it in accordance with the target set so that
overall brand identity improves.
Level 2: Brand Meaning: This is the second stage under CBBE model where using two different
measurements i.e. brand performance and brand image, the performance of brands is analysed
accordingly. Performance is analysed to evaluate whether brand or company was successful in
meeting the promises that were made to the customers and brand image helps in indicating that
what customer think about the brand name and status (Junior, 2018). For Morrison’s, company
always satisfies the customers with its products and their quality which has created excellent
image and performance of the brand before its target customer base. People i.e. customers can
easily access the brand and their products because it has created a feasible image before the
customers.
Level 3: Brand Response: After a brand becomes recognised and people start liking their
products, these are referred to their friends and family as well and are the best kind of publicity
that company can gain. Now at this stage, it is evaluate that whether a company is able to meet
the expectation of its customers and whether they are able to maintain the trust level that
company has put into the company and its products (Couto and Ferreira, 2017). Morrison’s, has
gained immense publicity due to the excellent quality of products that it sells make it a
prominent retail brand of UK. It should be key objective of the company to maintain that image
and also take quick and justified actions whenever they get involved in any controversy without
hurting the customer sentiment.
Level 4: Resonance: This is the last level in brand development where the relationships that
brand have been able to carve with their customers beyond the basic function of selling are taken
into purview. Here through after sale services of the company, it is evaluated that how integrated
brand is with its customers and in return the loyalty that they have towards the company’s
products is measured (Leijerholt, Chapleo and O’Sullivan, 2019). In case of Morrison’s,
company has developed extensive brand resonance where apart from the extra value added
services, customers feel a sense of belonging even with the strangers when they see them visiting
stores or using its products. This is the ultimate level of brand equity that company can develop
and company should focus on its maintenance and further build up.
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Evaluation
It can be evaluated that brand management is an intricate process that helps company
immensely in presenting their products and ideology before the customers but at the same time it
is a complex process as well because there are multiple elements that are linked with the process
(Grubor and Milovanov, 2017). However, the use of CBBE model clearly indicates that although
Morrison’s is maintaining their brand image very well but it does not include the challenges that
have arisen due to digital marketing and its boost.
Appropriate examples
It can be emphasized that Morrison’s has engaged in the use of social media marketing
platforms extensively where online campaigns, slogans etc. have been integrated very well. They
also implement after sale services which help brands in maintaining the interaction and relations
that they have developed (Moulard, Raggio and Folse, 2016). These are only few examples of
the manner in which Morrison’s is working on brand equity and development.
LO 2
Strategies for Portfolio Management, brand hierarchy and brand equity management
Portfolio Management
This deals in selecting, prioritizing and controlling the programmes and projects of the
organisation and that also in line with the strategic objectives and the delivering capacity. The
main goal of portfolio management is balancing the change initiatives implementation and
maintaining the business along with optimizing the Return On Investment (Cox, 2017).
Portfolio Management can be explained by Modern Portfolio theory which states that when
portfolio is designed, it is important to choose the ratio of each asset and must be combined
carefully for minimizing the risks and maximizing the returns (Law, Li and Yu, 2020). In this
theory, the focus is not on the single asset but is lays emphasis on how each asset relates with the
other with respect to price fluctuations. The theory also suggests that the portfolio manage must
choose the assets carefully for ensuring guaranteed returns in future.
The Portfolio management strategies are basically the approaches responsible for the efficient
portfolio management for generating large returns in minimum risks (Platanakis and Urquhart,
2019). There are various strategies through which Morrison company can manage its portfolio
which are as follows:
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Active Portfolio Management strategy
This strategy focuses on the analysis or management style to ensure that it generates
returns enough to beat the market. It needs larger investment than the average as it has to stress
on taking the advantage of the inefficiencies of market (Vasileva and Vasileva, 2017). Morrison
makes use of advices from various analysts and managers who examines and identifies the
market inefficiencies (Portfolio Management Strategies, 2020). For selecting the stocks, various
styles of this approach are used by Morrison company which are as follows:
Top-Down Approach: Under this approach, the managers examine the market as a whole and
makes a decision regarding the industries and sectors which are able to perform well in the
ongoing economics (Wara and Danielsen, 2018). After taking the decision regarding the
industries, the various stocks are selected in terms of which companies are focused which can
perform more efficiently in the specific sector or industry.
Bottom Down Approach: In this approach, the focus is not on the condition of market and the
expected trends but the companies are evaluated on the basis of the strengths regarding the
product pipeline, financial statements or any other factor. It believes the companies which are
strong perform better than the weak ones irrespective of the market which is prevailing or the
economic conditions (Hendrawan, Fadhyla and Aminah, 2020). Morrison makes use of this
approach by extending its product portfolio to the affordable segments which helps in increasing
the revenues and the market share. But this proved to be less effective in competing with the
price competitiveness of Chinese. Morrison needs to build a new portfolio strategy which is
sustainable in which the platform service and hardware portfolio can be integrated with each
other.
Brand hierarchy
It is the most basic building blocks of successful strategy which defines the brand. It
focuses more on the business objectives and the strategy to achieve those objectives rather than
laying emphasis on prospects and customers. Following models are used to develop the strategies
for brand hierarchy:
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Branded House Model
A company that markets it as Branded House basically focuses on expressing the value
proposition in a unified voice. In all the companies who follow the Branded House Model, one
thing is common which is the flagship brand which covers the business and divisions of the
company. Whether the companies market to a single category or broader range of categories,
each and every company has their overarching brand promise and the position established for
products and services (Ianenko and et.al., 2020).
House of Brands Model
Under this approach, the companies or organisations focuses on marketing two or more
various brands. Large consumer companies are the examples which uses this approach. This
model mainly implements the strengths and infrastructure of the main corporation in many
different markets by making use of one or many house brands which are standalone (Portfolio
Management Models, 2020). This model and the strategy helps in establishing distinct value and
meaning in terms of prospects and customers.
Hybrid Brand Model
This is the third approach which is used by businesses when their strategy is not served
by both the approaches wither Branded House or House of Brands (Dahl, 2016). This model is
initiated by making use of flagship brand and tries to expand its products and services in order to
diversify or grow the market share (Jiang, Xu and Liang, 2017).
Brand equity management
All the brands have brand equity of some measure. It mainly describes the difference
between the response of customers to the brand name. It can be referred to as the factor of the
ability of brand attract and retain the customers (Kopmann and et.al., 2017). The Brand managers
develops and implements various strategies which helps in increasing the brand equity without
destroying the reputation of brand and the long-term profitability.
Communication: In order to achieve the brand equity, there must be powerful communications
and these needs become more urgent when the organisational culture is multicultural,
multilingual, online and mobile. This must be implemented not only in the marketing
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communications, but also used for attracting financiers, resolving legal matters and also directing
cross-functional groups (Keller and Brexendorf, 2019).
Awareness: If the consumers are not aware about a brand, it can never offer a strategic
competitive advantage. Under this, the customers need to remember a brand. This is not much
easy but it helps when the competing products are many. Morrison makes use of online platforms
like social networking sites and digital media to make its customers aware of its products and
services.
Maintaining Brand image: It is must for the companies to manage the brand image in order to
manage the brand image. For this, the Morrison must make the same promises regarding the
brand to the existing customers as well as the new customers. The brands especially the premium
brands consider its brand image as the most important reason for earning a greater margin of
profitability and greater ability to survive in the emerging and dynamic markets. In order to build
the brand image, the company can be involved in various innovative marketing activities. It can
maintain its brand on the online platforms also which can help it reach large number of
customers. It can offer more impactful promotions and also some cards and loyalty programmes
which can help the company to workout regarding the products and the offers with which and
what strategy can be beneficial to the customers.
LO 3
Ways in which brands are managed collaboratively
There are various ways in which brand management can be performed. Morrison company
makes use of the following ways to leverage and extend its brand:
Management of brands over time
This becomes very challenging as brands are highly impacted by the heightened
competition, supply chain, regulations, distribution issues and the costs of manufacturing where
there is an urgent need of advocacy and managing reputation (Detlef, 2016). In order to manage
the plethora of internal and external factors in different parts of the world, Morrison must
manage its practices of global brand to be resilient, growth-oriented, future-proof and responsive.
Adaptive and Flexible
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Global brands must adapt for leveraging the local growth opportunities along with
balancing the consistent brand guardrails. If the brand decides to extend, vary and diverse its
services and products, then it must keep in mind that it does not dilute the core values and losing
of equity. So, company must evaluate the strategies against the vision, mission and the values
which will help in the global brand promise across countries. The mission of the Morrison is to
always deliver the very best for less which means the company provides its services in affordable
prices with the best quality (Bilan and et.al., 2019). So, in all its strategies the company always
preserves its mission and do not destroys its core values.
Leverage technology
The advancement in technology has changed the practices of the brand management. The
organisations who believe in thinking forward have analysed the benefits of the technology and
also it helped in finding the quick solutions (Al-Aradi and Jaimungal, 2019). Morrison company
also wants to communicate with its customers and for that it performs various promotional
activities internationally. By doing this, the company presents the core message. Morrison make
use of all the advanced technologies in all its processes and operations to increase the customer
base.
Align organisational structures
When the organisational structures are designed, employees of the company work to their
fullest capacity. The global, local and regional brand management functions should be
completely integrated in the organisations (Five Best Practices of Global Brand Management,
2015). In the organisational structure, the roles, responsibilities of all the people must be clearly
defined with no overlaps. The major challenge faced by the companies in this is there is no clear
distinction between the roles of the employees and the same person sometimes have
responsibilities of more than one designation. Therefore, Morrison must use lean brand
management functions which are required for efficacy, effectiveness and accountability in
implementation and management (Veloutsou and Guzman, 2017). The company also analyse its
organisational structure by itself to ensure that whether it needs to be complex or not in order to
increase its brand image.
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Collaborative management of brands
This is basically done when there is a strategic alliance between the two or more brands
such as Ford and Tinder in order to a unique and specific product or service having the aim for
carving a niche and attaining a competitive advantage at the marketplace. This can be done when
the companies formulate a mutual alliance for working together that helps the company to create
a marketing and sales synergy which benefits all the parties involved in it. This became the most
crucial element in managing the brand and the overall business strategy. Under this, those brands
mostly prefer to come together who share some common goals, target market, values and the
business objectives. This provides impetus to the growth trajectory along with giving a strong
brand name to the company and also helps the companies for staying consistent in the
competitive market and also retaining the loyal set of customer base.
Managing brand in partnerships
In order to manage the brands in partnerships, the goals of both must align with each
other. The company must look for ways which can help the partner in succeeding.
Recommendations and testimonials can be provided to them which can improve the reputation as
well as illustrates generous spirit in promoting the partnership. The company must analyse the
values of the other brand, core beliefs and principles which helps in understanding the way in
which the partner company treats its customers. They must focus on solving the problems. The
company must also do the brand alignment so that the cross-promotional activities can excite the
customers and must take the feedback from them to the both the main brand and the one with
which partnership is done with. They must try to achieve mutual success together.
LO 4
Different techniques for brand value management and measurement
The techniques of brand value and its management are extensive where Morrison’s can
implement a number of them in order to get proper advantages in the company:
 Market Based: Analysis of market share helps in measuring the extent and area of the
targeted customer’s segments which the company has been able to successfully include in
their existing customer base (Iglesias and et.al., 2020). This also indicates the prevalence
that a company has in the market. Morrison’s can easily focus on the amount of sales which
will directly relate to the market share that a company has. This will help the management of
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the company in analysing that which position they hold in the retail industry at multiple
level.
 Income Based: It is crucial that the income earned and attitude of the customer remains
positive towards the products of the company. Morrison’s must engage in feedback and
review trends regularly so that they can understand which products are feasible for the
customers as per their income levels. It can also help them in developing customer loyalty
and also avoid or minimise the potential short comings that they might have in the product
accordingly by supplying a product that is worthy of their income earned. This can be done
by regularly moulding prices as per the customer income level thus helping Morrison’s in
developing wider customer base and succeeding in the retail industry market.
 Cost Based: As the heading itself justifies, cost intent basically indicates the thought process
and the reasons that consumer have while purchasing the products (France, Merrilees and
Miller, 2016). It is important to understand the basic requirement behind which a customer
is making purchase and then evaluate the products and policies that whether it is able to give
the adequate returns in terms of value of money or not and accordingly without any
compromise on the quality aspect. If Morrison’s is successful in doing so then it will help in
the better attraction of the customers and increasing the profitability and growth of company
comprehensively.
 Research Based: Research and awareness here basically signifies the knowledge that people
have regarding the brand, its products being sold, its characteristics etc. (Romaniuk, Wight
and Faulkner, 2017). It is evident that names such as Tesco, Aldi etc. are extremely popular
in the retail industry in UK because majority of the people tend to shop from these places.
But Morrison’s can compete with them effectively on a wider level because they are not
highly familiar outside of UK. Company can also enter into promotion agreements with
marketers of different countries so that local traditions and values can be targeted thus
contributing in the overall development of Morrison’s.
Critical Evaluation
The analysis done help in indicating that due to strong prevalence of Morrison’s and its
familiarity, it is easy to target the customers but at external level i.e. in other countries the
process can be very intricate. The different techniques indicate that how Morrison’s can manage
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their products and brand perception but in practical terms it is not such direct and easy process
requiring detailed and regular analysis of trends.
CONCLUSION
The overall report was based on the Morrison company and its brand. It was initiated by
evaluating the importance of branding as a marketing tool and the ways in which it is emerged in
the business practices. It also highlighted the key components of a successful brand strategy in
order to build and manage the brand equity. The report also analysed the ways in which brands
are organised in portfolios along with the ways in which brand hierarchies are build and
managed. In this the various strategies are discussed which helps in managing the portfolios,
brand hierarchy and brand equity. It also explained the ways in which brands are leveraged and
extended over time internationally and domestically. Lastly, it evaluated the different techniques
for managing and measuring the brand value in which various organisational examples were
considered to address the techniques.
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