Brand Management in Business Practice

BRAND MANAGEMENT

Contents
INTRODUCTION....................................................................................................... 3
TASK 1.................................................................................................................... 3
P1 Importance of branding as marketing tool and emerged in business practice........................3
P2 Key components of successful brand strategy for building and managing brand equity...........4
TASK 2.................................................................................................................... 7
P3 various strategies of portfolio management, brand hierarchy and brand equity management.....7
TASK 3.................................................................................................................... 9
P4 Brands are managed collaboratively and in partnership both at a domestic and global level......9
P5 Different types of techniques for measuring and managing brand value............................10
CONCLUSION........................................................................................................ 11
REFERENCES......................................................................................................... 12

INTRODUCTION
Brand management activity for every business firm in order to manage all the tangible
and also intangible characteristics of a specific brand at the market place. Under this, in
tangible elements consists packaging, products, prices and some other which are helpful in
knowing about the experience or perception of consumers. The main motive of brand
management is to build a better connection with consumers through gaining their attention. It
is necessary that company should provide the better quality of services as well as products to
customers in order to fulfil their needs and preferences (Ashworth and Kavaratzis, 2010). It
will be helpful in attracting consumers towards firm. This given report is based on the Coco
cola company and it is a largest business firm which provides drinks to consumers. Under this
given report mentions about the importance of branding as marketing tool and emerge with
the business practice. There are some components of brand strategy for managing and also
developing brand equity. The various kinds of brand hierarchy, portfolio management and
also brand equity management strategies will be discussed under this given business report.
There are various kinds’ techniques for managing and also measuring the value of brand will
mentions in this present report.
TASK 1
P1 Importance of branding as marketing tool and emerged in business practice
Branding is an important procedure which is helpful in developing a particular and
also unique name and also image of goods and services which explain clear community of
specific business company from its other strong competitors. The major objective of the
branding is to make differentiate the quality of services and products which is helpful in
developing and also maintaining the consumers for long period of time at market place. It is
necessary that firm should produce the better quality of products and services on the basis of
needs and demands of consumers so that they will loyal towards the firm. It is helpful in
establish a better brand image in the mind of consumers. From this company can capture the
large market share and also increase growth rate (Brodie and et. al., 2013). Effective and
brand image of a business firm helps in increasing profit level and also productivity of
company in an effective and also proper manner. It is necessary that company should make
its product more attractive and also better than others so that large number of people can be
attracted towards it. The Coca- cola company has a better brand name in the field of dinks
and large number of people purchases its products. The main objective of branding is
developing the better brand which should be differentiate from the products of competitors. It
is essential that firm should provide good and attractive products to its consumers. To
differentiate product, it is a kind of marketing strategy which is used through a business firm
in context to maintain the better reputation and goodwill at the market place. In order to this,
there are some significances of branding are given below as above:
 Branding increases recognition- The logo of a brand is one of most necessary things or
can say elements which are helpful in attracting the large number of consumers for

enhancing the sales as well as profit level of an organisation. In context to Coca- cola, it
follows its branding strategy to increase profit level. In this, this company also execute
new innovation under its products and services line for maintaining its growth rate in an
effective or proper manner. In the products of coca- cola includes diet coke, classic and
many others. For increasing or attracting the consumers, this company promotes its brand
at large scale or at international level.
 Helps in generates new consumers- In this present time period, people are very brand
conscious, they like only banded products as well as services. Coca- Cola Company can
easily attract the new consumers with the help of offering them better quality of services
as well as drinks (Buil, De Chernatony and Martínez, 2013). In addition to this, it
launched its new product and that is Zero- Sugar drink at international level and from this,
the sale of company enhanced up to the 35%. It has a strong image and captures the more
market share. With the help of this firm attract large number of customers and achieve
more success at market place.
 Give stable asset- In a company, there are many modifications takes place which
minimizes the sale of products and services but in case if the brand name of firm will be
strong then in this case it can easily make changes without any issue. It provides
advantages to company. From the 19th century, Coca-Cola Company serves better
products and also services to its consumers as comparison to its strong competitors.
 Sets expectations- In this modern era, all consumers fulfil their wants a d demands on the
basis of their expectations. It is helpful in increasing the prospect of consumers towards
the services and products of firm. In addition to the Coca- cola company, there is no
calorie and no sugar is added in its products which help in developing the base of
consumers in a business firm.
Hence, there are some changes from which sometimes, consumers get very confused
regarding the products and services of firm and also its brand. The products brands both are
different concepts (Christiaans, 2012). There are some differences among the brands and
products are given below as above:
Product Brand
Products are manufactured under an
industry for the purpose of selling and they
are copyrights.
It is a unique and also a different term
which explains about the particular nature
at market place.
Any firm or competitors can copy the
product of another company.
Brand is developed through the taste of
consumers which any other company
cannot be copied.
These are intangible and also tangible in
nature.
It is different and under this consumers
give their perceptions.
In context to this, branding is a necessary component which gives their contribution in
making the business successful in an effective manner. The better brand helps in
enhancing development as well as profit level of an organisation.