Brand Management Tools : Assignment

Added on - 21 Jul 2020

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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................3SECTION 1......................................................................................................................................3P1 Importance of branding as a marketing tool and the way it has emerged in businesspractice..................................................................................................................................3P2 Key components of a successful brand image building and managing brand equity.......5SECTION 2......................................................................................................................................7P3 Different strategies of portfolio management, brand hierarchy and equity management.7P4 Management of brands in collaboratively and in partnership...........................................9P5 Different types of techniques for measuring and managing brand value........................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONBrand management is the procedure and activity of assessing and designing how anorganisation perceive a brand in the whole market. The main elements of managing a brand isimproving and establishing a better image of enterprise among the target group and market(Annie Jin, 2012). The management procedure contain various intangible as well as tangiblecomponent in which tangible includes the packaging, physical appearance, costing and otherelements of a services and product. On another side, intangible elements of a company consist ofconsumer experience of clients after the utilisation of products and service that portrayrecognition of brand. It is a paramount process which avail in gaining more market share alongwith enlarging the range of organisation market area. Thus, the entire procedure highlight theorganisation in the whole market. This report will relay on the major beverage of cold drinkbrand Coca-Cola which is consider as the largest beverage company in United Kingdom, basedon Americas, retailer, non-alcoholic organisation. This assignment will evaluate the brandmanagement tools along with marketing tools for meet the demands and needs of organisation.SECTION 1P1 Importance of branding as a marketing tool and the way it has emerged in business practiceThis is required for understanding the value of management of brand, this is essential foran organisation like Coco-Cola to consider the requirement and concept of brand. A brand can berefer as the service, product, concept which eliminate the organisation as a unique brand amongpublic as well a create a unique recognition (Balmer, Liao and Wang, 2010). Brand managementand establishments is a procedure which is more valuable in the market as this help in expansionof small of large business organisation. It can be said as endowing of services and products alongwith power of brand. This render the products meaning through supporting them with label ofcertain enterprise or logo by which name people like to make the purchase decision of specificservice. Thus, this process is helpful for both enterprise as well as consumer in effectivefunctioning. BrandThis assist the consumer in commodities and services manufactured by an organisationaccording to their demands and choices. Hence, this can be claimed that symbol of brand is thelogo which presents a mental sign in the perception and minds of people The brand managementis a very crucial and paramount procedure as this helps in increment of sales in products and3
services. According to Association of American Marketing, a brand can be referred as the sign,design, term, symbol or name that is also knowns as interesting services combination along withproducts identification for one to other group of trader and eliminate them from other traders orseller.Brand Equity:The major elements of creating a strong perception is brand equitymanagement which Coca-Cola is managing in order to keep creating the value of companyamong customer. This term refer to the premium value which an organisation manage from aservice along with well-known name while generic equivalent comparison (Baumgarth, 2010).By the assistance of this procedure, Coca-cola have successfully been able to deploy its businessoverall in the global trade. Brand equity can be built on which consumer's direct services andproducts experience. Brand equity can be carried out to create loyalty and dedicated that candeliver beyond cost or the occasional service and product. This can be defined as the qualitywhich inspires consumer to suggests their colleagues and friends. Hence, it regard of managingthis, brand equity plays vital role in the management in the marketing.Thus, one of the major and leading merits of the brand management procedure is to offerventure opportunities to distinguishes the form of products production in the recent market.Moreover, the administration has their own importance in the tools of marketing that can beconsider as from some of these elements:Brand Provide competitive edge:It is paramount for each and every organisation to seekthe available resource sum for building a better industrial competition in order to attainthe set aims and objectives of Coca-Cola. For this, an organisation has executed a newstrategy known as 'One brand' in order to achieve the target audience and meetcompetitive edge in effective way within the certain period of time.Brand Support constant asset:Brand management helps in receiving and makingalternation in system through using various techniques to whole organisation along withtheir stakeholders. This it assist a company in sustaining in the industry through meetingshort and long term goals and objectives. One of the major sustainable resource istrademark that can aid in the respected organisation and has been facilitating growthsince past few months and years (Bergkvist and Bech-Larsen, 2010).Support to Economical Value:A company is eliminated on the two different basis inresources terms which is tangible and intangible. Coca-cola is large organisation which4
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