Assignment on Brand Strategy
15 Pages5335 Words82 Views
Added on 2020-07-23
Assignment on Brand Strategy
Added on 2020-07-23
ShareRelated Documents
Brand Management
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P1. Significance of branding as a marketing tool and the way it emerged in business practices................................................................................................................................................1P2. Key elements of successful brand strategy for developing and managing brand equity.4SECTION 2......................................................................................................................................6P3. Different strategies of brand hierarchy, portfolio management and brand equitymanagement............................................................................................................................6P4. Evaluation of collaborative and in partnership management of brand.............................7P5. Techniques used for managing and measuring brand value............................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONBrand management is the method in which brand can be improved and managed in termsof logo, symbol, term and sign. It helps in marketing and promoting the brand. Through this, ithelps in attracting more customers and can increase the market share as well. This helps theorganization to maintain a competitive edge on others (Allman and et. al., 2016). Thus, companycan maintain confidence in the customers. So, firm can maintain a unique and positive image inthe minds of all consumers. It helps the company to expand and diversify the business. In thisreport, two companies are mentioned i.e. Audi and Hyundai which are automotive firms. Theyhave a strong brand image and they operate globally. Report discusses about the significance ofbranding as a tool, methods and reasons of emerging it in business. Assignment describes thecomponents of successful brand strategy for building the trade name equity and variousstrategies of portfolio administration with hierarchy, trade name portfolio and brand equitymanagement. Along with this, it explains the procedures of managing brands in partnership andcollaboratively in national and international level. Project discusses about managing andmeasuring the brand value by various examples.SECTION 1P1. Significance of branding as a marketing tool and the way it emerged in business practicesDefinition of brandIt is the sign, logo, symbol and term which creates a unique identity and differentiatesfrom another brand. Through this, company can generate more profits and increase their marketshare. There are two companies i.e. Hyundai and Audi that provide high quality of products withthe latest features and attributes. Thus, it maintains a distinct and unique position in the minds ofcustomers (Annie Jin, 2012). Audi can generate more customers due to the parent company andpresently, it has created its own reputation through high quality of goods and services.Differences between product and service: BrandProductIt includes those items which can bedifferentiated from others and it cannotbe copied with other products as itThey are those items which alreadyexist in market for the purpose ofselling and it can be copied with other1
contains unique features and attributes. It is made by customers and includesboth intangible and tangible products. products.It is created by the manufacturer andincludes only tangible products. Importance of branding:Branding is crucial for company as it differentiates one product from another. Importanceof branding for Audi is given as below:Customer loyalty – Through effective branding, it helps in maintaining the brand loyaltyamong all customers. Firm tries to create favourable and distinct image in front of all thecustomers (Balmer, Liao and Wang, 2010). Thus, customers repeatedly purchase thesame brand and do not shift to another brand. They give reference to relatives andfriends. Hence, company can generate more profits and can increase the market share.No advertisements – Through effective branding, people thought that product launcheswith the latest attributes and features. Hence, company do meed the advertising formarketing. It saves the cost of promotion for firm. Therefore, company can capture morecustomers in shorter period of time. This helps in maintaining a unique and distinct imagein the minds of all customers. Thus, organization can earn more revenues and increase themarket share as well. Good image – Firm launches new and innovative models of the car. Thus, company cancapture more customers. It can also maintain a strong and favourable image in the mindsof all customers. So, firm can generate more revenues and increase the market share.Thus they can expand their business. Audi can also maintain a competitive edge on otherrivalry firms. It results in success and growth of company.Elements of a strong brand: There are various elements of a strong brand. They are:Design and build – Through good design of logo, company can attract many customers inlimited period of time. Audi has different designs in various models and so, it can capturemore consumers. Thus, it can maintain a distinct image in the minds of customers.Logo – Audi has a distinct logo which differentiates it from another brand. So,organization can capture more customers as many users can easily recall it (Baumgarth,2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Assignment on The Importance Of Brandinglg...
|17
|5148
|93
Essay on Brand Managementlg...
|18
|5585
|55
Essay on Brand Management - Audi and Hyundailg...
|22
|5939
|146
Importance of Brand Management Reportlg...
|17
|5876
|56
Assignment on Brand Management Projectlg...
|20
|5803
|48
Brand Management of Audi : Reportlg...
|15
|5047
|34