Brand Management Assignment - Doc
Added on 2020-09-17
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BRAND - MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P 1. Importance of branding as a marketing tool and the way it has emerged in businesspractice........................................................................................................................................1P 2. Key components of a successful brand image building and managing brand equity..........3SECTION 2......................................................................................................................................5P 3. Different strategies of portfolio management, brand hierarchy and equity management ...5P 4. Management of brands in collaboratively and in partnership..............................................7P 5. Different types of techniques for measuring and managing brand value............................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONBrand management can be simply referred as the procedure of analysing and planningthat how a brand can perceive in marketing location. One of the most important components ofthis process is generating and maintaining positive or healthy relationship with the consumers. Itis an accumulation of different tangible and intangible factors. Some of the elements that fallunder tangible elements are packaging, costing and physical appearance of a product (Spenceand Hamzaoui Essoussi, 2010). On the other hand, experience of a consumer that creates afterusing good brands products of an organisation and their relations with that brand comes underintangible components. One of the key benefits of effective brand management is that it assists incapturing a vast area of market and marketing shares as well. Thus, as a result it in increment ofthe venture. The present report is based on a famous brand that is Coco – Cola. It is an Americaninternational beverage firm, retailer and creator or manufacturer of non – alcoholic beverages. Inthis project, the significance of brand is described in terms of marketing tool. SECTION 1P 1. Importance of branding as a marketing tool and the way it has emerged in business practiceBrand establishment is a conception which has taken more crucial place in the businessworld now a days. Each and every venture is working towards making their brand moreinnovative and effectual so that they can seek attention of a large number of users rapidly. Inaddition to this, it also aids in establishing a relevant and unique presence in the corporate world.This is also aiding employers in examining the tastes and preferences of customers and thinkingtowards goods and services that are being offered by them. This assists the clients in searching products and commodities of their taste or choice andaccording to their necessity and demands. In present competitor-y business surroundings, it isvery essential for every firm to create and keep a positive brand image in front of all targetedsocio-economic class people. All this help organisation in capture a larger market share ascompared to its rivals (Story and Hess, 2010). This guarantees efficacious management ofproducts which give competitive benefits to the organisation. One of the leading advantages ofbranding is that it offers a chance to venture to distinguish its production form other goods orservices existing in the market place. This in turn helps company in attracting more users andalso assisting in retaining them for a long period of time. Moreover, significance of branding as amarketing tool can be better interpreted by below mentioned points:1
Brand provide competing advantage: Each and every type of firm either it is a small,moderate or big, needs satisfactory sum of resources in order to compete in industry andfor attaining its pre-set aim and objectives. Organization develops and applies severalplan of actions that provide details of specific measures and actions that are required tobe employed by the firm for achieving set targets of business (Vigneron and Johnson,2017). When all these things are done in an effectual and accurate way then endeavour'sbrand show its strategic planning. Furthermore, it also helps in promoting thefundamental fields that assist firm in moving forward. Brand provide a stable assets: One of the key reasons why branding is essential is that itremains identical and offers several long term profits to corporation. It could be possiblethat products manufactured by any firm get failed in its motive or objectives. Thetechnology that company utilises do modification on a continuous basis, but animpressive and powerful brand image remains always same and brings all of thoserequired alteration and maintain its branding image. Trademarks are known as one of themost sustainable resources of each and every venture. When this allied with wholescheme of business, it assists director in the process of decision making. Coming to thecase of Coca-Cola, it is the most famous brand that exists in this corporate world fromapprox. more than 120 years but on the other hand, most valuable and fashionable brandshave existed for around 35 to 55 years. Brands provide economic value: Economic value of an organization is primarilyseparated into two areas that are tangible and intangible assets. Brand is considered or fallunder an intangible resource. Brand name like Coca-Cola has a worth of around $67million and from a report, it has been examined that more than 54% of stock value ofcompany is available in the market (Zarantonello and Schmitt, 2010). On the whole it canbe said that, brands is playing an eminent role in attracting talented personnel, business -partners and consumers towards the products or services of corporation. Apart from this,brands aid in cutting out the clutter of business activities of market, creating awarenessfor firm and also assists in generating and developing healthy relationship with theirclients. Thus, it providesbenefits in to Coco- Cola in terms of workers, suppliers andcustomers which help them in reaching to their end goals effortlessly. 2
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