Brand Management: Importance, Strategy, and Success

Brand Management

Contents
INTRODUCTION...........................................................................................................................................3
LO 1..............................................................................................................................................................3
P1 Importance of branding as a marketing tool and why and how it has emerged in business practice.3
P2 Key components of a successful brand strategy for building and managing brand equity.................6
M1 Evaluate how brands are managed successfully over time using application of appropriate models
and concepts...........................................................................................................................................8
M2 Apply appropriate and validated examples within an organizational context...................................9
LO 2..............................................................................................................................................................9
P3 Analyze different strategies of portfolio management, brand hierarchy and brand equity
management...........................................................................................................................................9
M3 Critically analyze portfolio management, brand hierarchies and brand equity using appropriate
theories, models and frameworks ........................................................................................................12
LO 3............................................................................................................................................................12
P4 Evaluate how brands are managed collaboratively and in partnership both at a domestic and global
level.......................................................................................................................................................12
M4 Critically evaluate the use of different techniques used to leverage and extend brands................15
LO 4............................................................................................................................................................16
P5 Evaluate different types of techniques for measuring and managing brand value using specific
organizational examples........................................................................................................................16
M5 Critically evaluate application of techniques for measuring and managing brand value in relation
to developing a strong and enduring brand..........................................................................................18
CONCLUSION.............................................................................................................................................18
................................................................................................................................................................... 18
REFERENCES..............................................................................................................................................19

INTRODUCTION
Brand Management can be defined a function of marketing which involves
various methods in order to increase a brand’s perceived value in the market. Effective
brand management helps in building loyalty among customers with the help of positive
images and associations (Abrahams, 2016). There are many advantages of practicing
brand management within an organization which include the company being able to
retain employees for a longer period of time, increase in employee engagement and
differentiation. Organization chosen for this report is Marks and Spencer which is a
multinational retailer of household, clothing, food and beverage products. The company
was founded in the year 1884 by Michael Marks and Thomas Spencer. It is
headquartered in London, England, United Kingdom. The company has many brands
under it some of them being Autograph, Rosie, Limited, M&S Collection etc. The report
explains how a brand is built and then managed overtime and also analyzes how
different brands are organized into various portfolios. Apart from this, an explanation of
how brands are extended both domestically as well as internationally over the years is
also provided.
LO 1
P1 Importance of branding as a marketing tool and why and how it has emerged in
business practice
A marketing practice wherein an organization creates a name, logo, or design
that can be easily recognized or identified as a belonging to it by the customers is
referred to as branding. It helps the company in differentiating itself from other products
as well as services available in the market (Gao and Feng, 2016). Branding is an
important practice because it can leave a lasting impression on the minds of customers.
One of the most important reasons why branding is important for a business is as
because of it a company can stand out in the market and differentiate itself from other
brands. Also, customers can recognize the brand easily through its logo as it serves as
the face of the company. Branding also helps in addressing the competition which is
posed by new entrants in the market. It also adds to the business value of the company

and provide an increased leverage in the respective industry (What Is Branding And
Why Is It Important For Your Business?, 2020).
How brands are developed and managed overtime
Brands are an important component for an organization and take time to be
developed. Therefore, it is important to ensure that they should be managed overtime.
In order to develop a brand, a company strengthens the services that it offers the
customers. Initially, the customers are provided with various offers and the company
conducts promotional activities. Use of the right tools and communication channels can
help in attracting potential customers. Once the brand has been developed, it is very
important to manage them. This is usually done by constantly innovating the brand
which can include its packaging, colors, logo, format of the letters etc.
Importance of Branding as a marketing tool to manufacturers, intermediaries and
customers
Branding is a process through which a company creates a design or name that
the customers can easily identify. This allows them to differentiate between products of
different brands. Branding is an important tool to manufactures because it can help in
stimulating demand within the market and they gain flexibility. For example, with the
help of branding, M&S can sell the products directly to the customers. On the other
hand, intermediaries can make use of branding to influence the customers and guide
buyers regarding what should they buy. Branding can also serve as an important
marketing tool to customers because they can identify a brand and differentiate it from
others easily. For examples, there are many brands that offer products similar to Marks
and Spencer, but the company brands itself by offering high quality products by
adopting innovative strategies. As a result, the customers are more inclined towards
buying its products.
Brand:
Brand denotes as the name, term, design or symbol that proved identical for
people while buying products and services of the specified organization.