Importance of Branding and Successful Brand Strategy for Desklib

Brand Management

Table of Content
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Importance of branding and its emergence.............................................................................1
P2 Key components of successful brand strategy .......................................................................4
LO2..................................................................................................................................................6
P3 Analysis different strategies of portfolio management, brand hierarchy and brand
management.................................................................................................................................6
LO3..................................................................................................................................................8
PO 4 Brand managed collaboratively and in partnership at domestic and global level..............8
LO4................................................................................................................................................10
P5 Techniques for measuring and managing brand value.........................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Branding can be understood as the marketing practise in which a company
creates a name, symbol or design for all products and services of company which is
easily identifiable by customers differentiating from other brands and companies. This
report explains the importance of branding as marketing tool and how it has an overall
impact on the image of company. A good strong brand image drive new business and
enhances the brand awareness among people. In this report TESCO has been taken as
the company which is the biggest retailer brand in UK, how branding has emerged as
business practise for the company. This report evaluates key components of successful
brand strategy for building the brand equity in company, along portfolio management,
brand hierarchies and brand equity management (Garg, Swami and Malhotra,2019).
This report also explains how brand are managed collaboratively in domestic and global
level and the different techniques used to leverage the brand. It also evaluates the
different techniques for measuring brand value in relation to develop a strong and
enduring brand image.
LO1
P1 Importance of branding and its emergence
Importance of branding as a crucial tool of company management can be
understood as it adds a set of personality traits to the company's product and positions
itself in the market and occupies a strong position in the minds of target customers.
TESCO brand represents the visions of the company and the strategies it has worked
on towards serving the customers, the committees by focusing on keeping the loyal and
committed colleagues satisfied with the brand performance (Hunt, 2019).
Branding increases the overall market value: The brand of company has its own
value as a separate asset which is termed as the brand equity. A strong brand equity
helps the company to retain loyalty and satisfaction of customers and attract the new
target customer segments. TESCO has a global recognition of strong brand image
which helps the company to increase the overall market value by focusing on expanding
the business on larger scale. It has emerged as a business practice as it enables the
company to enhance products and services of company.

Differentiates the product from other competitors : Branding helps the company to
differentiate its products from other competitors in the same industry as a strong brand
adds value and position itself as a distinct powerful image. Tesco aims to keep a strong
brand structure which enables the products of company to differentiate it from other
companies in industry, attracts new customers and enhances the satisfaction of
customers by good quality. It has emerged as a business structure as building a strong
brand value adds to trust of customers and has a powerful impact on leaving an
impression with the customers mind.
Branding creates trust : Branding has the power to create trust in customers for the
performance of company's products and services, as people are more likely to purchase
the brand of companies whose business value in the market share is polished and holds
a legitimate image (Kotabe and Helsen, 2020).Tesco has emerged branding as an
essential business practise as company works with mission to establish trust and
satisfaction for customers with the brand image and quality of products.
Branding builds financial value: A strong brand guarantees future business to the
company as it adds to the financial value in form of strong financial reports which
attracts large number of shareholders. Branding works as hard asset for companies.
Tesco has emerged branding as business practise because of the recognition, trust and
loyalty for products and services it inspires in the customers.
Branding builds operational excellence: A strong brand value enables the company
to improve operational excellence with low prices and good customer service to fit
comfortably with profitability margins. Tesco has emerged branding as an important
business practise as there is improved focus on distribution channels, high quality
products create customer satisfaction and generate future revenue in form of repeated
sales.
Branding prevents new competitors from entering into the market: A market
segment is always dominated by well-known brands of companies which have strong
brand value and large customer loyalty towards the products and services (Ledden,
Kalafatis and Protopapa,2019).It prevents new competitors from entering into the
market. Tesco has emerged branding as business practise as the retail market is highly
competitive having a strong brand value is of utmost important for the company. Tesco