Brand Management: Importance, Strategy, and Components

This document provides an in-depth analysis of brand management, including the importance of branding as a marketing tool, key components of a successful brand strategy, and different strategies of portfolio management, brand hierarchy, and brand equity management. The document focuses on the case of Starbucks, a leading coffee company, to illustrate the concepts discussed. It also highlights the importance of branding for customers, intermediaries, and manufacturers.

Brand Management

Contents
Brand Management..........................................................................................................................1
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
P1 Explain the importance of branding as a marketing tool and why and how it has emerged in
business practice..........................................................................................................................3
P2 Analyse the key components of a successful brand strategy for building and managing
brand equity.................................................................................................................................5
LO2..................................................................................................................................................7
P3 Different Strategies of Portfolio Management, Brand Hierarchy and Brand Equity
Management................................................................................................................................7
LO3................................................................................................................................................10
P4 Collaborative Management of Brand...................................................................................10
LO4................................................................................................................................................12
P5 Different types of Measuring and Managing Brand value...................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
2

INTRODUCTION
Brand management is the function of marketing which have the proper analysis of the current
marketing trends along with proper proceeding of planning which is considered to be helpful in
achieving the business objectives (Keller and Brexendorf, 2019). Managements of brand helps in
ensuring the proper planning and securing of respective objectivise in order to have developing
the effective level of relationship with targeted market in order to gain competitive advantage. In
this report the company Starbucks is taken for have proper understanding brand managements
implication. This report includes discussion over various aspects of brand and brand
management. For the purpose of discussion in this report Starbucks have been contextualized,
this is a American Coffee company and chain of coffeehouse. The company was founded in
Seattle, Washington in 1971. Number of locations which are served by Starbucks are around
30000 worldwide. Number of employees which have been employed by the company 291,000.
This report includes portfolio management, brand hierarchy, and brand equity management and
various strategies which help in this. Collaborative and Partnership branding have also been
included in this report along with various techniques for leverages and extension. Types and
techniques of measuring and managing brand equity have also been discussed in this report.
MAIN BODY
LO1
P1 Explain the importance of branding as a marketing tool and why and how it has emerged in
business practice
Branding is same as the marketing practices in which the company have the creations of the
name, symbol which is easily identifiable as the belonging of company. Branding is considered
to be important as term it make the memorable impressions on the customers. On the other hand,
it also allows the customer to have the expectation form company against its competitors. The
company Starbucks having the brand image as the largest coffee house chains against is major
competitors which have inclusion of the Dunkin Donuts, Tim Hortons, Peet's Coffee and The
Coffee Bean & Tea Leaf.
Importance of Branding as a tool of marketing are-
Branding is very important for all the aspects of business and in all of them this is useful for
marketing which aims at attracting as many customers as possible. Branding can help marketing
achieve its aim and objectives.
3

Branding is considered to be more level of important and critical implication over the business
which is overall impact to make the company more profitable. The branding is helpful in
changing perceptions regarding it can be driving the new business which is essentially for having
the promotional products.
This is helpful in increasing more level of business values which is trying to have the generation
for future business which provided the company more level of leverages which is established in
workplace (Burmann and et.al, 2017).
Branding is helpful in improving the employee pride along with satisfaction which truly stands
behind the bars as the high end in the public to gains more sense of belongingness which can be
achieved through using promotional merchandise.
Branding is important and lead customers towards making a right decision among all the
available alternatives of a particular product customer can select the one which is branded.
Branded products have various benefits in context of quality and utility of the product. Often
products which are known as branded are superior in quality. Those customers who are
interested in using qualitative products can make their decision easily on the basis of the brand.
In relation with Starbucks customers can also make decision on the basis of experience they can
have being at Starbucks.
Marketing is aimed at generating more revenue and branding is a way through which they can
generate the revenue and increase their market share (Hofer and Grohs, 2018). This also helps
and contributes Starbucks for extension in geographical locations on domestic and international
level.
Branding is important for international extension. Starbucks when decide for extension in
international market it is important that company does have some basis. Branding and value of
the company is that basis on which it can establish itself in international market and also grow to
wider market area and increase market share on global level.
Starbucks can survive its temporary crisis with help of its branding and brand name. This is
important for company to have its value in the mind of its customers. Through this value and
image in the mind of its customers company can survive temporary crisis. This is because
company in such time have support from the side of its customers.
Because of all these factors branding is an important tool for marketing and later emergence of
branding is being discussed here-
4

Though branding was always associated with business but significant emergence of branding
happened along with emergence of industrial revolution and as the time came for innovation this
kept increasing and improving its grounds. This became more important for companies to
manage their brand as they started facing competition and brand became basis for competition.
But in starting of competition between brands and companies their products were similar in their
functioning and look. This required brand managers of the company to create different identity
of their product and this is where the branding actually emerged (Appiah and Ozuem, 2019). In
this manager took various actions and the need which required branding was attracting more
customers for the product of a company by showing its unique features and proving it different
from others and communicating their benefits.
It was discussion over how marketing emerged and the need and why marketing emerged are-
Helps in building reputation of the company, it is important for company to brand and make
efforts for branding to create reputation for the product which company is offering to its target
customers.
Branding helps and helped companies to get recognition and it contributes objectives of the
company through which it want to get recognised by its customer’s and potential customers.
Support Marketing efforts of the company, branding is required for company as it supports
marketing efforts of the company (Woods, 2016). Here it is required to be considered that
branding and marketing are interrelated as marketing supports company for branding and
branding helps company to marketing efforts of the company.
These all factors required companies to undertake efforts in direction of building and marketing
efforts.
Importance of brand for Customers
 One of the important reasons that branding is important for customers can make
improved decisions and brands save time for decision making of the customers.
 Brands create difference and customer are able to select most suitable brand according to
their requirements.
 Many times brands helps customers in expressing who they are what is their personality
is like and customers can make statement by the brands.
Importance of brands for Intermediates
5

 Intermediates can present the brand and its products in more influential ways and they are
able to win trust of final customers.
 With help of branding, intermediates are also able to generate and enhance trust in market
place.
Importance of brands for Manufactory
 This stimulated demand of the products and brands are able to determine the problems
that are being faced by the customers and manufacturers can focus on the problems while
manufacturing and developing the brand.
 With branding manufacturers are also aware about the elements and features that they are
required to focus about the product.
P2 Analyse the key components of a successful brand strategy for building and managing brand
equity
The key elements for the brand strategy are important as it is helpful in addressing more level of
customer concerns at the different scales. On the other hand, it is beneficial for having effective
marketing efforts which have resulted in unclear messaging.
The important elements of the branding are-
Target audiences-
It is simpler to have the understanding to whom the business in being targeted have the major
dependence of the value of products and multiple influencer in decision making. Target audience
of business includes those customers which company are willing to and capable to serve and
cater needs of (Japutra, Nguyen and Melewar, 2019). In relation with Starbucks its target
audience is those which are willing to have coffee and Starbucks can also add value in their
servings by knowing more characteristics about its clients like their age and other characteristics.
Brand promise
The brand promise is the message that speaks to your target audience. It tells them what to
expect from purchasing product. Brand promise means extending the position of the company to
its customers. This promise of brand is communicated by the company through its marketing and
advertisements. In this they include what they promise to give their customers, this might be high
quality, low price etc. for a successful brand strategy it is important that the company keeps its
promise rather than just communicating to its customers. In case the company is not able the
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company is not able to keep its promise this may affect its image and goodwill negatively. This
is possible for company to keep its brand promise only after company make their promise after
considering various factors the company firstly needs to uncover its current strength, all the
company have their own strength which are important for efficient performance of the company
along with achieving its objectives. Company needs to identify what are its strength this may be
their quality and the process through which they are able to keep their cost low. Later company
needs to understand and identify what are its differentiating factors. This means what are the
elements which make a company’s products different from its competitors. Later company needs
to organise its operations in such manner that company can deliver its promise which have been
made in the basis of strength and differentiation. After this it have to communicate its promise to
its customers and potential customers through various mediums important are marketing and
advertisements. Lastly customers should be requested to give their feedback and make
improvements according to its scope.
Brand perception
The customer perception regarding Starbucks in past which is majorly based on the experience
along with masking the business in more appropriate manner (Steenkamp, 2017). Perception of
customers is highly influenced by the brand through their commitment for the promise they give
to customers related to their quality and price. Companies when perform as they have promised
to their customers this enables customers to perceive the brand positively. The factors which
build brand perception are use, experience, functionality and reputation of the company. Brand
perception is important for the company as It reflect what its consumer think about the culture of
the company. there are some ways through which Starbucks can improve and enhance its brand
perception are building an engaged social media platform, social media have become important
factor for companies through which they can enhance awareness about their brand and also
improve the way in which company perceives the way this requires company to stay active on
social media.
Brand values
This have the clear decision making in regards to the company decision making which have the
developing of core values to see the embody. Starbucks have high brand value because of its
quality and experience it gives to its customers. Some of the factors are there which can help
Starbucks to create and enhance its brand value are-
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Differentiation, it is important for Starbucks to be different and in order to build and enhance
value of a brand company should not afraid from differentiation.
Research competitive brand within the industry, this is important for company to research
competitive brand in relation with the value they provide and why customers are willing t buy its
products. This also includes that company wants to create differentiated products for its brand.
Establishing mission statement of the brand, this statement about the brand answers about why
the company, the reason for which company operates every day.
Outlining the key qualities of the brand and benefits of the brand being offered, this means
giving clear idea about qualities of a brand what are the benefits of the brand and products which
are being offered by the company.
Building Stories related to brand and messaging, this includes that company build its brand story,
this means creating brand experience for customers (Corona, 2018). Later communicating this
stories to other customers and potential customers in order to attract them towards brand.
LO2
P3 Different Strategies of Portfolio Management, Brand Hierarchy and Brand Equity
Management
Brand portfolio refers to group under which all the brands and brand lines of a company
functions so that they can cater the needs of different market. In other words brand portfolio
encompasses all the brands which are offered by a company to be sold to different customer
group.
Strategies for Portfolio Management are-
Branded House
This is most common form of portfolio management. In this strategy all the brands of
company are operated under the name of company. In this products are different but all are
marketed under same brand name (Melnyk and Varibrusova, 2019). In context of Starbucks all
its products are known as products of Starbucks. Products of Starbucks are coffee beverages,
Smoothies, Tea, Baked Goods and Sandwiches. In this all the products are prepared and sold by
Starbucks and all the products are known as products of Starbucks.
House of Brand
This is exact opposite of branded house strategy. In this strategy of portfolio management
all the brands of company are functioned under different names. Most of the time customers
8

remain unaware of the parent company and brand of the sub-brand. There are various benefits of
this type of strategy, in this image of one type of brand does not affect image of other product.
Company can easily launch its new products without linking it with the image of the company
and its previous brands (Salinas, 2016). The one disadvantage of this is that company can also
restrain it from using the goodwill and image of its already established brands and products.
Hybrid Strategy
This is another strategy in portfolio management, this strategy is combination of both
strategies which are house of brand and branded house. In this strategy companies are recognised
for their key and prime product like branded house strategy but they also parent other brands as
house of brands.
Brand Hierarchy
Brand Hierarchy refers to structuring of brands in an organisational portfolio. This is
useful a useful means of graphically portraying firms’ branding strategy by displaying the
number and nature of common and distinctive brand elements across the products of the firm. In
relation with Starbucks its menu can be considered its brand hierarchies. In this its products are
arranged on the basis of type of products. In this its products are structured like coffee products
include various flavours and types of coffee. This is known as its brand hierarchy. There are four
types of brand hierarchy strategy these are-
Corporate Brand- This means using company’s name for its products’ name. This is an attempt
to create brand recognition. In this strategy of brand hierarchy all the products of the company
are communicated through one brand value and its marketing and advertising features one brand
name of the company.
Family Brand- This includes practice of company in which different type of products are given
same name and marketed under one name (Fichman and O’Brien, 2018). Starbucks uses this
practice for hierarchy of its brand. All its products are known as its products of Starbucks. In this
all the products are known by one name and this is why it becomes easy for customers to
recognise the brand is of that particular company.
Individual Brand- This refers to individual product and branding or multi-branding. It is the
marketing strategy of giving each product in a portfolio its own unique brand name. marketing of
the company also is done according to its own unique brand name and its unique identity and
image.
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Brand Equity Management
Brand Equity Management means managing the image of brand over a long time. This
means that company makes and keeps its brand promise which it made to its customers. For the
brands like Starbucks brand image is everything. This is one of the important aspects and key
factor to attract customers towards a brand (Huang, Jia and Wyer Jr, 2017). Brand Equity
Management is also a function of marketing through which company generates premium values.
The ways in which company can create brand equity are memorable, easily recognizable,
superior in quality and reliability.
Building Excellent value in the offering, this means that companies and Starbucks is required to
add element of value in the product, this make it worth for the customer that they have chosen
this product among all the available.
For the purpose of brand equity management model of Keller can also be applied which is as
follows-
Figure 1Keller's Brand Equity Model
This model involves four steps of Brand management these start from brand identity. This step
basically answers the question ‘who you are’ regarding brand. This is involved into creating
brand awareness and salience.
Next step of the model is identifying and understanding the answer of ‘what you are’. In this step
model gets divided in two parts which defined meaning of brand for the customers (Keller’s
Brand equity Model – CBBE Model by Keller, 2020). These parts are brand performance
(performance of the product in terms of its features and quality) and brand imagery (image of
brand in the mind of customers).
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Brand response this step answers for what customers feel about the brand. This is also divided in
two parts which are judgement of the customers about the brand and feelings of the customers
about the brand.
On the basis of above steps and their positive completion, this leads to creation of a strong
relationship of brand and customers.
LO3
P4 Collaborative Management of Brand
For international brands like Starbucks it is important to manage their brand nationally
and internationally. It is easy for companies to manage their brand at domestic level than
international level. In this there are various techniques through which Starbucks can leverage and
extend its brand. Management of brand in collaboration and in partnership refers to strategic
alliances between two or more brands for the purpose of creating unique and new product in the
market. This is done for the purpose of attaining competitive advantage of two companies
(Herrero, San Martin and Collado, 2017). In most of the attempts such actions taken by two
companies are successful but there are various factors which suggests that it can be a failure too,
this can happen when image and goodwill of a company gets affected negatively in such case
both the companies will be affected including their new venture.
For the purpose of extending the brand at domestic and global level some of the techniques are
as follows-
Re-positioning same product in different form, it is not difficult to find examples of companies
which have struggled in its early time after establishment and later became very popular and
valuable brand name. This is because of re-positioning of the brand.
Repositioning of the brand includes offering the same product in a different way specifically in a
way that existing customers and those who have knowledge about the previous product and
previous offering of the brand cannot imagine it to be offered in such way. There are various
ways in which company can reposition its brand like offering the same product with the different
packaging offering the same product with new edition like different flavours or changes in the
way they used to be serve earlier (Ahn, Park and Hyun, 2018). In this context Starbucks can
reposition its brand by changing the way a of its service it can also include different varieties of
its offeringsetc.
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Repositioning the different products in the same way this means that company e offer its
different product and brand in similar way. For example Starbucks can add flavour of coffee in
its products of Bakery. This way Starbucks will be able to attract customers who likes coffee E2
bye it’s Bakery products. Repositioning different products in similar way also includes that the
products are packaged in similar way so that company can communicate both the products are its
brand.
Line Extension- Line extension refers to expansion of existing product line and this means using
product brand name for new product item in the same category (Hayran and Gürhan-Canli,
2016). This means that Starbucks bring new product with its name.
Category extension- This means using name of existing brand for new product category in the
company. For example Starbucks uses its name for a new product category which can be
chocolate.
Difference
The difference between these two is that in line extension Starbucks will increase its line
of product for example Starbucks bring its new coffee. On the other hand category extension
refers to increasing category of product using the brand name, for example Starbucks come up
with a new product category namely chocolate of Starbucks.
Reinforcing and Revitalizing
Brand reinforcement refers to focus of brand on maintaining the brand equity in existing
and new customers by keeping it alive in them (Ishihara and Moorthy, 2018). This is done by
consistently conveying message of brand by what are the products of the brand and what are
their benefits for customers and how the brand is different from other brands. This focuses on
two factors which are, brand awareness and brand image.
Brand revitalization is the strategy which is adopted by the company when the brand
reaches to its maturity stage of product life cycle. This also cause fall in profits of the brand. This
strategy involves an attempt to bring product back in the market and securing sources of equity.
Brand Extension Approaches
Corporate brand- This refers to approach in which brand name of the product is promoted
opposed to promoting specific product or the service. For example, Starbucks promotes its brand
name rather than its specific product. This involve that company can use its name for best and
image and goodwill associated with brand gives benefit to all its products (Närvänen and
12

Goulding, 2016). But at the same time disadvantage of this is that sometimes good products and
services can be ignored by customers in case brand and its image is not good.
Brand Collaboration- This means brand extension through collaborating with other brand in
similar industry and dealing in same products and services. Success of this depends on the factor
that both the brands are able to benefit from each other. Both brands can take advantage of each
other’s competency and beneficial elements. Disadvantage of this is that in this image and
goodwill of one brand gets significantly affected by other brand, this is always not good.
Co-Branding- This refers to using multiple brand names on a good or service. This is part of
strategic alliance of the brands so that they are jointly used for a brand (Prakash, 2018).
Advantage of this is that single product gets power of several brands and their name and at the
same time this is the disadvantage of this product that name of several brand can affect the brand
to whom product originally belongs.
Brand stretching in this strategy of brand leverage companies are required to add premium and
value segments with its existing brand name or with new brand name (Rauschnabel,
Kammerlander and Ivens, 2016).
Line extension this strategy of brand leverage companies required to add new variants models
and colours in its existing product line to cater needs of different customers of the company.
LO4
P5 Different types of Measuring and Managing Brand value
Companies make various efforts introduction of creating and improving their brand value and
this is why it is very important for them to measure the brand value. There are various reasons
for which companies measure value of the brand like for the guidance introduction of future
strategies, to understand and evaluate success of present efforts of the company (Nedergaard,
2018). Techniques that Starbucks can use to measure its brand value are as follows-
Techniques for measuring brand value are divided the basis of cost market income and
formulation.
Brand valuation- Brand valuation refers to estimation of total value of a brand in terms of
finances. There are several techniques using which Starbucks can estimate its brand value
(Nedergaard, 2018). These techniques are;
13

Market Based- This approach is concerned with calculation and estimation of financial value at
which brand can be sold and is related to highest value that buyer of the brand is prepared to
pay for the assets. Some of the methods which are used for this are;
Comparable approach
This technique for valuation of brand required Starbucks to consider the price at which its
competitor any form in the in its industry was sold (Aaker, 2020).
Equity Evaluation
In this technique of the baking brand Starbucks needs to consist the cost advantage of its brand
on newly launched products of the company (Tajvidi and et.al., 2017)
Other than this residual method can also be used in this approach.
Cost Based- This is an approach which is based on valuation of the brand on the basis of cost
which is incurred in creating and replacing the brand (Keller and Brexendorf, 2019). This
requires Starbuck to calculate what is the overall cost which they incurred in making Starbucks a
brand and what cost they can incur if they replace the brand. Some of the techniques through
which this cost can be calculated are;
Accumulated cost
In this method of valuation of brand Starbucks needs to calculate aggregate ghost coast which it
have incurred in building its value.
Replacement cost
Replacement Cost of measuring brand value requires Starbucks to consider the expenditure in
relation with creating new brand which is equipment equivalent to its current brand.
Conversion model and customer preference model are also used in this approach of brand
valuation.
Income Based- This is based on future earnings which are directly linked with brand and
determine value of the brand in its current use for earnings (Aaker, 2020). This approach of
brand valuation allows knowing potential earnings that are linked with a brand for its owner.
Some of the methods which are used for calculating value of the brand under this approach are;
Royalty Relief Technique
14

This is most appropriate technique for Starbucks to value its brand. In this technique the
company its required to consider the royalty that other companies and individuals are ready to
pay when compost gives them license to use its trademark.
Price premium technique
The basis for calculation of value under this technique is the premium branded sale then generic
products. Calculation of brand value in this technique required company to identify the
difference in the price of premium and branded products and other generic products.
Measurement of Brand Value
Some of the tools through which Starbucks can measure value of the brand are;
Level of Awareness- This involves identifying the level of consumer consciousness about a
company and brand. This also involves potential of consumers ability to not recognise a brand
image but they are associated with certain product of the company (Tajvidi and et.al., 2017). The
level on the basis of which brand awareness can measures are;
 Brand Rejection
 Brand Non-Recognition
 Brand recognition
 Brand preference
 Brand loyalty
On these basis and levels brand awareness of Starbucks can be measured.
Brand Knowledge- This is typically concerned with knowledge of brand by its consumers in
terms of consumer’s ability to recall and remember the brand and associate this with correct
brand story, brand value and brand partnership and product.
Brand Familiarity- This is a construct which is directly related to amount of time which has
been spent on processing information about the brand, regardless of content which was involved
in processing (Banu, David and Pundareekavittala, 2018).
Brand Satisfaction- positive and favourable attitude of consumer which develops as a result of
consumption of the certain product of Starbucks is known as brand satisfaction.
15

CONCLUSION
On the basis of above discussion it can be concluded that branding which means
perceived value of the company in the mind of the customers. There are various important
reasons which require company to undertaker various efforts in direction of the creating and
maintaining and managing branding and brand value of the company. Such reasons and
important of branding are increasing market share, increasing customers and profit of the
company. Later this report included discussion over components’ of successful strategy for
branding of the products of the company these are brand value, perception, image and promise of
the brand to its customers. In relations with brand some of the important elements and factors are
portfolio management, brand hierarchy and brand equity management, strategies related with all
these have been discussed in this report. Collaboration and partnership branding at domestic and
global level were also discussed in this report. Collaborative branding of means branding of the
company in collaboration with another company and strategies which company can apply for
leveraging and extension of the company branding. Companies make various efforts in order to
build and manage branding and this requires company to measures the value of the brand of the
company. There are various techniques through which company can measure the value of the
brand these techniques were also discussed in this report in context of Starbucks.
RECOMMENDATION
Brand Management and its strategies that have been adopted by Starbucks is very
effective and has contributed in its growth. But this can be further improved by some of the
strategies. On the basis of above discussion it can be recommended that in countries where
Starbucks is considered as a luxury and premium product it limits the customers because of
premium prices. Starbucks can brand it in such way that it can lower its prices and also maintain
its premium image. This can be seasonal or occasional when Starbucks provide discounts and
offers and other time it can continue with its regular activities so that it can take most possible
advantage of its premium image.
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