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Managing Brand

   

Added on  2020-07-23

17 Pages5610 Words471 Views
Brand Management

Table of contentsTASK 1P1 Importance of branding as a tool and its emergence in business practice......................................................3P2 Key components of a successful brand strategy for building & managing brand equity.................................7TASK 2P3 Different strategies of portfolio management, brand hierarchy and brand equity management........................8TASK 3P4 Collaboration and partnership for managing brand..................................................................................10TASK4P5 Evaluating brand value by using different types of measurement techniques..............................................12CONCLUSION........................................................................................................................................14REFERENCES............................................................................................................................................15

INTRODUCTIONIn marketing, brand management can be defined as the analysis and designing on how theenterprise brand is perceived in trade. Evolution of a better relationship with aimed or targettedaudience is fundamental for the management of brand. Hence, shortly, it can be defined as theprocess of improving, maintaining and upholding a proper brand so that the company name isrelated with the positive outcome. This consist of a number of essential aspects and concepts thatinclude consumer satisfaction, cost, competition and in-store presentation. Management of brandis built on marketing foundation which aims over the brand directly and the method of retainconsumer (Keller, Parameswaran and Jacob, 2011). Apple is telecom organisation whichdevelops, trades and designs consumer electronics, software and online consumer services. Onthe grounds of revenues, Apple is ninth largest enterprise in the entire world. This report willevaluate general understanding between building brand and branding along with evaluating realbrand to overview approaches to value them in context of Apple. This will create a portfolio andunderstand the extended leveraged brands internationally and domestically. It will also assesshow brand hierarchies are managed and built. TASK 1P1 Importance of branding as a marketing tool and the way it has emerged in business practice Considering very essential and fundamental term of marketing, this can be referred as theconcept, product and service that eliminated the company as a unique recognition as brandamong public. This can be stated as endowing products and service along with brand power.Hence, a brand can be termed as the design, symbol, name and any other features whichrecognise one good of seller or service as different from those different traders. This isconsidered as one of the most effective and important marketing tool which provide support inthe promotion and sales of services and products of Apple in more significant manner. Brandingis a crucial marketing aspect of any services and product. This create a unique recognition ofenterprise among the marketplace which help in establishing and redefining the brand and itsproducts in competitive marketplace equity (Kapferer, 2012).. Apple is a very large enterprise which is also considered as the luxury enterprise that assist inachieving its objectives. Hence, while developing the brand of Apple, they focus over theunderstanding psychology of consumer. 3

Brand equity, on the other hand, can be considered as a phrase opted in the industry ofmarketing that explains well defined brand value which is associated on concepts that employerof a reputed brand can generate more and more venues simply through brand recognition. This isa marketing team focusing and building the brand value of an organisation (Barrow and Mosley,2011). Brand equity of Apple is considered more effective and best among the entiretelecommunication companies as this rendered value added high tech products and serviceswithin the enterprise. Apple access the consumer perception demands and make certain whethera proper quality management in the all way. Apple carries ease for consumer for their productsusage service friendly services. The company, through the assistance of proper marketingcomponents have been able to create favourable brand equity in the marketplace. Marketing hasvery dispensable role in the establishment and development of brand equity. Importance of branding as marketing tool for an organisation:Brand influence recognition: Management of the company has used brand as marketingtool in order to create awareness about product among potential customers. Through marketingfirm has advertising their brand name, logo, image etc. because these things are set in clientsconscious mind so that it help to influence recognition of goods, services. Brand build trust: Through marketing strategies, institution has build trust amongpurchasers about quality of product. Management of Apple develop their brand is a symbol ofquality of commodities as well as services. Brand help to introduce new product as well as services at market: Apply is a wellknown brand in all over the world and consumers believe about firm product. Through thisadvantage, company has easily introduce their new product at market place with the help tostrong brand recall. For example, Apple iPhone 8 is a latest model followed by 8X. It shows oldmodel of cell phone has create curiosity of new technology in up next product. Branding provide competitive benefits: Strong as well as positive brand image of Applyin customer's mind help organisation to achieve competitive advantage as compare to theircompetitors at market place (Rosenbaum-Elliott, Percy and Pervan, 2015). Marketing managerof the company has used differentiate branding strategies to provide comparison benefits toclients. For example, Apple has develop marketing plan, in this they are build brand image aslatest innovative goods which help consumers to take decision of purchase. 4

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