Brand Management: Importance, Strategies, and Collaboration

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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