Brand Management Assignment Solved - (Doc)
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BRAND MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1 – Building and managing brand over time ................................................................1Task 2 – Brand portfolio and hierarchy management............................................................5Task 3 – Brand extension and leverage..................................................................................8Task 4 – Measuring and managing brand value...................................................................10CONCLUSION..............................................................................................................................14REFERENCES .............................................................................................................................15
INTRODUCTIONBrand management refers to a process in which company builds its brand name, makesplans in order to turn the brand name into a strong brand name by an effective decision making,building best strategic plans for creating a strong brand names and also build a strongrelationship with its target market and target customers. The organisation used in this file isNestle. This study will provide a detailed discussion about brand equity, steps for building astrong brand, strategies and hierarchies for brand extension, reinforcement of brand along with arelatable case study. This assignment will also cover strengths, weaknesses of brand extensionalong with its collaborative agreements. This study will also discuss some techniques that can beused for the purpose of measuring and managing the brand which will include brand value,awareness of brand, company's market share, consumer's attitudes, and purchasing intentions ofthe customers towards the company and its brand's product.Task 1 – Building and managing brand over time Introduction Brand refers to a symbol, name or any design of a product or service, which differentiatethe product or service from other similar products or services available in the market. For5example, Maggie is a well known brand of nestle. It is an international brand of instant soups,noodles etc. The brand was established in late 19's. However, the brand was acquired by theNestle in the year 1947. The brand's products are most preferable products among the youthsand children. Brand equity value generated by the company from its product. It is the extra revenuegenerated from the well known brand's recognition. Study of Maggie's brand equity is mostimportant for nestle in order to understand price structure of the product and competitivedynamic of business as differs from business to business(Elliott, 2015).Brand building Brand building can be defined as a process of building consumer's feelings, memories,positive opinions, emotions with the help of company's brand via an appropriate strategic plansby the company.Stages of a successful brand buildingIf the company achieves a successful brand building, it may result in increase of sales andprofitability. For the purpose of building a successful brand building of Maggie, Nestle needs togo through following stages:1
Creation of brand personality: for nestle, creating a brand personality is the most criticalstage of brand building process. This stage helps the company determining brand'spersonality. Brand's personality must be in such a ways so that it can help the company inachieving its organisational goals. The brand must contain some values with it. Valuescan be in the form of weather contribution of brand in environmental development,consumer's welfare or in any other way(Heding, Knudtzen. and Bjerre, 2015). Differentiation and positioning of brand: company's bran needs to be different from otherbrands available in the market in order to get more attraction from the customers. Thisstage can includes introducing brand with unique colour, logo, packaging or any otherelements which can help the Nestle in developing an attractive brand.Building and exposing the brand: it is very important for the company to create apowerful as well as unique brand for the purpose of generating more profit from thebrand. For this purpose, company needs to reinforce its value with its brand. Brand mustbe exposed by the company so that its customers can get to know about its new brand.Nestle can expose its new brand by advertising it via Facebook, twitter, television or viaany other social media networking. Brand building and exposing the brand is the most important stage as it results inmotivating the customers to use the brand which may lead to create loyal customers for the brandand ultimately result in increasing profitability of the company.Personalisation of brand: in order to building a successful brand, personalisation of brandis must for Nestle. It refers to providing a great experience to the customers. In this stagecompany also can give its customers a chance to experience the brand. Brand should havesomething which was needed by the customers. Company can also invite its customers tocreate brand value along with the company. It will lead to create more interest of thecustomer towards the brand as it will make the customer feel like they owe the brand. Itwill also result in giving its customers a reason to participate in the brand buildingprocess(Solomon, 2014).Reviewing the brand: it is always not enough to just create the brand. Company needs toreview its brand frequently in order to get knowledge about the behaviour of consumertowards the brand. As it is a well known fact that every brand can not always growupward in the market. Some brand of company can become strength to the company, on2
the other hand, some can become weakness of the company. For the purpose of gettingactual result of the brand, company must review the brand's position frequently. In case, the brand is going downwards, company should innovate the strategies, plans inorder to enhance opportunities for the brand to grow in the market. On the other hand, if thebrand is remaining to be a strength for the company, it will enhance the responsibility of thecompany to continue the brand, and expectations of the customers towards the company as well.By following the above steps, a successful brand can be created by the company. In order tomaximise the market share and profitability of the whole company(Piehler, Grace. and Burmann,2018). for example, when due to controversy about the quality of Maggie, sale of the productwent downwards, Nestle company innovated its strategies and plans for increasing sales of theproduct which resulted in regaining the sales again.Role of the marketing department in creating brand equity. Marketing is a process in which buyers and sellers meet, communicate, and exchangesome values with each other. Marketing plays a vital role in building a successful brand equity inthe market. It provides the company a platform to expose its brand in front of its customers. Italso leads to influence the customers in increasing their spendings on the brand's product. Marketing also help the company in reviewing the brand by taking feedback from thecustomers about the brand. Today, social media, marketing is the most powerful way ofestablishing any brand by the company. Marketing team of Nestle works for exposing its brandson social media which enables the company to promote its brand, create interaction with itscustomer by providing them a platform to give their views towards the brand's product andasking them to suggest some more innovative ideas as well.In the above way marketing is a major part of brand building process(Lane. andAndersen, 2015). For example, after providing services to the customers, dominoes asksfeedback from them via mails and messages, it helps the company in determining its customersview regarding the products enhancing its efficiency by taking appropriate actions as per thecomments of its customers regarding its food and services.Main bodyCase study Kitkat is the well known brand of Nestle. It is also among the largest selling chocolatebrands of the company. In the period of mid 90's, the sales of kitkat chocolate became the worst.3
At that time, Nestle company innovate its strategies and plans for its kitkat brand in order toincrease its sales. Company applied some growth strategies, some revival strategies along withanalysing life cycle of the brand in order to increase kitkat's sales(Marketing case study, 2013).challenges faced adnIn this regard it can be seen that Nestle faced a huge challenge of reduction in sale of itsKitkat brand's product. It overcame from it by innovating its strategies like enhancement ofquality of product, making advertisement more attractive, etc. and effectively managed the badsituation. Aaker’s Brand Equity model For example, Nestle applied Aaker’s Brand Equity model activities in order to strengthenthe brand's equity and brand extension and reinforcing the brand. This model includes thefollowing activities:11Brand loyalty:brand loyalty refers to value added by the brand in the company. Loyaltyof the brand helps the company in reducing the cost of marketing of the brand. 11Brand awareness: creation of awareness about the brand is always first and foremost stepof brand extension of reinforcement of brand. It helps the company to give its customerknowledge about its brand, its features and influence them to purchase the brand'sproduct.11Perceived quality:to create perception amongst the buyers about the product helps toinfluence the spending power of the customer on the brand's product. Although, its notenough to just create the perception for the product, but the Nestle also need to innovatethe product as per the created perception. Perception can be defined as an intengibleassets of a company which describes the emotions and feelings of the cusatomerregarding company or its brand.11Brand association: it is a thought about the company or its brand in consumer's mind.Brand name should have a positive perspective in consumer's mind in order to gainmaximum attraction of customers and enhance the profitability as well.11Other proprietary assets: other proprietary assets like patent, trademark, channelrelationships also need to be considered by Nestle.Advantages of modelThis model helps Nestle in reduction in cost of marketing.4
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