Brand Management: Importance, Strategies, and Collaboration

This document provides insights into brand management, including the importance of branding as a marketing tool, key components of a successful brand strategy, and strategies for portfolio management, brand hierarchy, and brand equity management. It also discusses how brands are managed collaboratively and in partnership. The case study focuses on Marks and Spencer, a multinational retailer headquartered in London, England.

Brand
management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
P1 Explain the importance of branding as a marketing tool and why and how it has emerged
in business practice.....................................................................................................................1
P2 Analyse the key components of a successful brand strategy for building and managing
brand equity.................................................................................................................................3
P3 Analyse different strategies of portfolio management, brand hierarchy and brand equity
management................................................................................................................................4
P4 Brands are managed collaboratively and in partnership........................................................6
P5 Evaluate different types of techniques for measuring and managing brand value using
specific organisational examples.................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Brand management can be describe as the practices that is conduct by organisation in
order to correctly and effectively manage brand. There are different tools and techniques that can
be used by organisation for successfully and effectively managing brand and attracting more
customers (Abid, Abid‐Dupont and Moulins, 2020). Brand play crucial role in enables the price
of products to go up as well as builds loyal customers. This report is based on Marks and
Spencer company. This company was developed in year 1884 and founder of this organisation is
Michael Marks and Thomas Spencer. Head office of Marks and Spencer company is located in
London, England, UK and it is offering its products and services in in different part of the world.
This report will includes importance of branding as the tool of marketing. Key components of
successful brand strategy for building or managing brand equity. In this report different
strategies for portfolio management, brand hierarchy and brand equity management has been
analysed. It will include evaluation of how brands are managed collaboratively and partnership at
both domestic and global level. Apart form this different techniques for measuring and managing
brand values has been determined.
MAIN BODY
P1 Explain the importance of branding as a marketing tool and why and how it has emerged in
business practice.
Branding refer as the actions that is taking by company in order to promote products and
services of brand. It is essential for respective organisation to carry out effective branding
practices as it will lead to provide various benefits and advantages. Branding is consider as
important tool of marketing because it helps in influencing large number of customers towards
business as well as increase sales and revenues of business (Bilan and et. al., 2019). Marks and
Spencer brand image is developed by providing high quality products and services to customers
along with meeting with the needs of customers. Branding is effective strategy of organisation
which is helpful for increasing sales and profitability of business. Importance of branding as
marketing tool is mention below along with its emerge in business practices. Brand provide competitive advantage – Brand is very important as this will help
company in gaining competitive advantage over other rival companies. Through strong
brand image Marks and Spencer is able to get edge on its competitors company as it will
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help in enhancing business practices. There are different tools and practices of business is
consider by organisation in order to successfully perform organisational task and get edge
over other business. Brand is important marketing practices which support organisation to
successfully increase organisational practices as well as increasing market share of
business. Attract customers – Brand is significant for attracting and influencing customers towards
organisation. This will lead to attract large number of customers towards company as
well as increase sales. Brand image of Marks and Spencer company will be able to
influence more customers and increase sales of business. Brand image of company is
consider to be important its will influence and attract new customers with the motive of
improving brand image. Strong branding is effective for developing positive brand
impression among customers. Increase profitability – Increasing profitability of business is the major objective of
organisation and it is essential for respective company to develop strong brand image in
order to increase its profitability (Greco and Polli, 2020). Branding is consider as
essential part of organisation as it will help in improving marketing practices of
organisation. It is important as branding will help in generating future business values
that will be beneficial for successfully and effectively carry out organisational practices.
Branding is important marketing tool as it will lead to have direct impact on increasing
profitability of business as well as successfully increasing business practices.
 Enhance customer loyalty – Through strong branding respective company will be able to
improve satisfaction of customer. Branding is important marketing tool and it is
beneficial for increasing customer loyalty level and improve brand image. It is crucial
that Marks and Spencer company is considering effective branding practices with the
motive of successfully performing marketing practices as well as attaining desired goals.
Improvement in customers loyalty will lead to improve overall customer base and create
better image in market area.
Branding is consider as important part of business as it will lead to increasing
organisational practices as well as attracting large number of customers towards business.
Branding practices will lead to have direct impact on business functioning and it is crucial that
Marks and Spencer company is considering effective activities to carry out successful branding.
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Strong and effective branding will lead to have positive impact on business as through this
organisation will be able to carry out organisational task successfully (Keller and Brexendorf,
2019). Respective company is conducting effective and efficient branding practices with the
motive of improving profitability and productivity. In this organisation, branding practices are
performing at large organisation in order to carry out business task and activities in most
effective and significant manner. Marks and Spencer is consider branding as the tool of
marketing in order to influence more and more customers along with increasing revenues of
business.
P2 Analyse the key components of a successful brand strategy for building and managing brand
equity.
Brand strategy is refer as the long term plan for brand in order to accomplish specific
goals of organisation. It is important for Marks and Spencer company to successfully and
effective brand strategy in order to develop its brand equity. There are different elements and
components which are significant for developing effective and strong brand equity. Brand equity
can be describe as the commercial values of business that is derives form consumer perception
regarding company brand name (Leijerholt, Chapleo and O’Sullivan, 2019). This will includes
the perception of customers about specific products and services offered by company that will
develop brand name of business. This can be describe as the value added by company to its same
products under particular brand name. This is significant for making brand superior or inferior as
compare to other companies. Action plan that will help Marks and Spencer company to increase
its brand value is mention below -
 Brand awareness - In order to create awareness about its products and services Marks
and Spencer company is considering different approaches in better and effective manner.
This is effective tool in order for increase awareness about the services and offering of
company to potential customers.
 Brand loyalty – Marks and Spencer company needs provide effective services with high
quality of products in order to increase brand loyalty of customers towards company
(Lim, Jee and De Run, 2020). This is effective approach that is significant for improving
brand image of company by satisfying customers needs.
 Regular product launches – Marks and Spencer company should provide regular
products with the motive of enhancing brand values and attracting customers towards
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business. By regular products launches respective company should consider the needs
and wants of customer and launches products as per market trends. This is significant for
increasing brand values and accomplishing goals.
There are different factors for building and maintaining brand equity. It is essential for
Marks and Spencer company to consider different factors that is significant for increasing brand
image is mention below - Communication factor – It is essential factor of enhancing brand equality and this will
help in providing correct and accurate information to customers about brand (M'zungu,
Merrilees and Miller, 2019). Communication will help Marks and Spencer company to
develop strong brand equity and provide high quality products in order to meet with the
needs of customers. Strategies – Marks and Spencer company should develop strong brand strategies that is
helpful for providing direction to company for successfully and effectively performing
business brand management activities. Strategies is crucial for providing guidance to
company to attaining goals.
 Increase awareness - It is important for company to carry out different practices and
task which is beneficial for improving awareness about products and services of
company. This factor will lead to have major impact on overall performance of
organisation and its brand equity.
P3 Analyse different strategies of portfolio management, brand hierarchy and brand equity
management.
The term Portfolio management is having selection, precedence and effective control of
an business firm program and projects as in the line of strategic objectives and having ability to
deliver positive outcomes of services (Majerova and et. al., 2020). The main objective of
portfolio management is to maintain implementation of changes initiatives and high level of
maintenance of better returns expectation. As Marks and Spencers is well known multinational
retail business as well as they have right amount of portfolio management strategies which
provides essential to holding position in competitive market.
It contain two main strategies which undertakes in portfolio management that helps to
guide towards managing product and services of Marks and Spencer context.
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 Passive Management: According to this strategy, it usually obtain by companies to
meet objectives of marketplace and not having interest to compete with other substitute
product. As Marks and Spencers can perform in similar way in terms of following:
Indulging in long term trading: This is order to enhance the portfolio management where
organisation must perform various long term trading as per marketplace to enhance better scope
and succession planning to its portfolio.
Investment in index funds: As situation arise when company tend to show their wider portfolio
that prescribes Marks and Spencer is facing high risk challenges in marketplace. Active Management: It is most important strategies which essential to adopt through
companies that occurs more indulged related information assessment of particular
company portfolio (Mi and et. al., 2019). As it could perform through Marks and
Spencers in different ways such:
▪ Using of Quantitative Analysis: The organisation must involve on provide
arithmetic comparisons and better analysis when it becomes to evaluate the
growth of portfolio strategy.
▪ Diversification factor: As particular company like Marks and Spencer need to
diverse their portfolio to enhance their scope of success in marketplace.
As above discussion of two Portfolio Management strategies, where compay Marks and Spencer
must consider or utilise Active Management . Because it would guide to adopt diversification
factor as portfolio strategy.
Brand hierarchy: This refers about series of product which manufacture and sells under
the name of company or brand. Many product of clothing and home appliances which produced
in production house of Marks and Spencer to selling purpose. It also contains strategies which is
mentioned below: Branded House: As per this strategy, the organisation acts to brand and subs brands in
the perspective of company and not having dissociated with main brand (Nguyen,
Melewar and Hemsley-Brown, 2019). It helps a company to becomes stronger than
competitors firms.
 House of Brands: According to this approach, sub brand are different from company and
where they determines on advertising sub brand. In spite of focuses on marketing
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organisation. Some how Marks and Spencers also manufactured sub brand product which
are differ but they measure and design promotion strategy to high promote in retail
market place. Therefore, as per this strategy supports to leads complex hierarchies
towards companies which provides better inconsistency as per long term aspects.
On above explanation about Brand Hierarchy, where above two points of strategies
Marks and Spencer would able to focuses on brand clothing and electronic appliances, as other
companies like Tesco and Asda Stores provides customer in economic rates. Meanwhile, it
makes it quite flexible to the company for better differentiate itself from other competitors within
the market (Zwerenz, 2019).
Brand Equity Management: It is defines as system of research process that forms to
facilitates time in accurate and optimum information to marketers, so that would helps to make
that possible for enhancing strategical decisions in short run as well as long run.
Organisation like Marks and Spencer brand equity management plays an important role which is
explained in below stage: Salience: This first step which tend to create awareness about company in current
marketplace. As customer seeking for their product as per need to fulfilled where it
support to promote effective advertise. Performance: In this stage there is two requirement which arises towards company
perspective as it made to familiar towards customer relationship. Judgement: As per this stage arrives after product which is introduced by customer
perspective.
 Resonance: This is one of highest in this process where company mainly consider to
customer physiological model factor in terms of basic needs like satisfaction level,
authentic quality.
P4 Brands are managed collaboratively and in partnership
For an organisation brad is necessary which is needed to be managed as well as kept in
well manner by an institution or administration (Abid, Abid‐Dupont and Moulins, 2020).
Because from same brand name company generate market share as well as value which they
generate more and required for maintaining within market. Moreover, Brand represent them in
front of customers as well as keep societal relation with them for long term sustainability. Marks
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and Spencer is major British multinational retailer which is serving at global level as well as
headquartered at London, England, United Kingdom. Moreover, Marks and Spencer is
specialized in selling clothing, home products as well as food products also which are mostly of
their own label (Bilan and et. al., 2019). Although, brand management is important as well as
necessary concept for company to sustainability and gaining competitive advantages within
rivalry business environment. In addition to this, cooperation with small business is major way
for exploring market value along with social-economic reputation as well as also for holding
trading name of brand in competitive market.
Brand extension – It is most common as well as well known brand which provide
assistance in maintaining competitive advantages within competitive environment. This also
assist in building good relation within clients both existing and non-existing. In addition to this,
brand extension can be done through getting together with small business or start-ups by
introduction of latest products as well as services through spreading old goods and services out.
Strategies and approaches of brand extension – There are numerous large scale
business which are dealing in several good and services as well as they are competitors of each
others. Although, it is important for every business to design their strategy and they have to
maintain brand reputation and perform in better manner within existing market which is
important for gaining competitive advantages. Moreover, goals of every business firm is same
but way of accomplishing them is different such as some companies use attracting and
encouraging strategies (Greco and Polli, 2020). If customers of Marks & Spencer are satisfy then
they will result in generating high revenue as well as make them loyal part of company. Apart
from this, firm can use several promotional tools as well as techniques such as advertisement,
social media advertisement, commercial ads meetings and many more which assist in promoting
products and services in market. Below mention are methods and strategies of brand reputation :-
 Brand imagination – It is the plan and action which every organisation follow for growth
of their business, market share value, customer relationship and many more.
 Innovation – It is a n technique in that firm can work in easy manner with some
innovative offerings in market for grabbing attention of several people. Along with this, it
also provide assistance in maintaining good relation among company and customers.
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P5 Evaluate different types of techniques for measuring and managing brand value using specific
organisational examples.
There are different techniques and approaches that is consider by organisation in order to
measure and manage brand value. It is very important that respective company is considering
effective and efficient approaches in order to successfully measure business practices. Different
types of techniques in order to measure and managing brand values is mention below -
Customer attitude – It is important for respective company to identify and evaluate
attitude of customers in order to take correct measure of customers. Marks and Spencer is
considering feedback of customers in order to enhance brand value.
 Feedback – Marks and Spencer company is conducting survey in order to determine the
views of customers. This is effective technique in order to identify and determine the
needs and wants of customer (Keller and Brexendorf, 2019). Feedback will help
customers to take correct decision for enhancing brand value of business.
Brand awareness - It is marketing term which explain the degree of consumer
recognition of products through its name. In addition to this, creating awareness is major step
which individual can use for promoting new product as well as reviving older brand in market
area. Mainly, brand awareness may involves qualities which provide assistance in distinguish
products from their competition.
 Promotion – For creating brand awareness company mainly use promotion techniques
which help them in grabbing attention of several people in effective manner. Such as
providing free trial & samples, giving free gifts, using digital marketing and many more.
CONCLUSION
From the above report, it can be concluded that brand management is an important
component for the overall success of an organization. This is because it helps in generating
awareness among the customers about the company as well as the products that are sold by it.
Also, branding is an important aspect that all organisations should take into account while
marketing their products. The branding of an organization's products can be done in different
ways like through advertising with a constant theme. There are different components of brand
strategies like target audience, brand promise, brand values and brand perception as well as its
positioning.
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REFERENCES
Books and Journals
Abid, T., Abid‐Dupont, M. A. and Moulins, J. L., 2020. What corporate social responsibility
brings to brand management? The two pathways from social responsibility to brand
commitment. Corporate Social Responsibility and Environmental Management. 27(2),
pp.925-936.
Bilan, Y. and et. al., 2019. Brand management and macroeconomic stability of the country.
Polish Journal of Management Studies, 19.
Greco, F. and Polli, A., 2020. Emotional Text Mining: Customer profiling in brand management.
International Journal of Information Management, 51, p.101934.
Keller, K. L. and Brexendorf, T. O., 2019. Strategic Brand Management Process. In Handbuch
Markenführung (pp. 155-175). Springer Gabler, Wiesbaden.
Leijerholt, U., Chapleo, C. and O’Sullivan, H., 2019. A brand within a brand: an integrated
understanding of internal brand management and brand architecture in the public sector.
Journal of Brand Management. 26(3), pp.277-290.
Lim, W. M., Jee, T. W. and De Run, E. C., 2020. Strategic brand management for higher
education institutions with graduate degree programs: empirical insights from the higher
education marketing mix. Journal of Strategic Marketing. 28(3), pp.225-245.
M'zungu, S., Merrilees, B. and Miller, D., 2019. Strategic and operational perspectives of SME
brand management: A typology. Journal of Small Business Management. 57(3), pp.943-
965.
Majerova, J. and et. al., 2020. Sustainable Brand Management of Alimentary Goods.
Sustainability. 12(2), p.556.
Mi, X. and et. al., 2019. Hospitality brand management by a score-based q-rung orthopair fuzzy
VIKOR method integrated with the best worst method. Economic research-Ekonomska
istraživanja. 32(1), pp.3272-3301.
Nguyen, B., Melewar, T. C. and Hemsley-Brown, J. eds., 2019. Strategic brand management in
higher education. Routledge.
Zwerenz, D., 2019. Brand Management: Organizational Changes in Project Management.
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