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Managing Brand

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Brand Management (HNC5) INTRODUCTION 1 MAIN BODY1 LO11 P1 Meaning of Branding 1 P2 Brand equity 1 P3 Brand Hierarchy and portfolio Management 2 Building Brands 4 Managing a Brand over time6 LO27 Brand portfolio Strategy 7 Brand hierarchy and profitability 8 CONCLUSION 9 REFERENCES 10 INTRODCTION 1 TASK 31 P4 Evaluation on management of brand at domestic and global level1 TASK 43 P5 techniques for measuring and managing brand value 3 CONCLUSION 6 REF

Managing Brand

   Added on 2020-12-09

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BRAND MANAGEMENT(HNC5)
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1LO1..................................................................................................................................................1P1 Meaning of Branding........................................................................................................1P2 Brand equity......................................................................................................................1P3 Brand Hierarchy and portfolio Management....................................................................2Building Brands......................................................................................................................4Managing a Brand over time..................................................................................................6LO2..................................................................................................................................................7Brand portfolio Strategy.........................................................................................................7Brand hierarchy......................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10INTRODCTION..............................................................................................................................1TASK 3............................................................................................................................................1P4 Evaluation on management of brand at domestic and global level...................................1TASK 4............................................................................................................................................3P5 techniques for measuring and managing brand value.......................................................3CONCLUSION................................................................................................................................6REFRENCES...................................................................................................................................1
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INTRODUCTIONBrand management refers to the application of different marketing techniques for specificproducts or product line or brand. Toyota is a Japanese multinational automotive company thatdeal in luxury vehicles, commercial vehicles, auto-mobiles and engines. The following businessreport includes a brief overview of brands and how they are developed. The report furtherexplains how brands are organised in portfolio and building of brand hierarchies and itsmanagement is also discussed. MAIN BODYLO1P1 Meaning of BrandingIn 3000 to 1000 B.C. Branding helps to identify products and property such that PyramidBrick makers scratch symbols in stones in order to make their work differ from others. In 1800-1950s Branding is done to convey quality and gain trust such that the factories passing theirTrade Mark Registration Act on 1895 which helps company to have their own logo and nameson their products. In 1950- 1960, Branding means to differentiate their products and earn loyaltyand even many companies also start using emotional messaging in order to brand their productsto win customers loyalty (Matanda and Ewing, 2015). From 1970-1990, Branding gives thecompany a personality and customers are also become brand conscious but in this modern worldi.e. 2017, branding means to make emotional connections because consumers are less impressedwith brands and are more concerned with price, customer experience. That is why, firm also usebrand story telling to determine their values and form emotional connection that leads to loyalty.Importance of brandingIt is important because it make an effective and memorable impression on the consumersto know that what they expect form the organisation. Branding is important for the companybecause it help in providing or creating awareness about the products and services of thecompany which are offered by the company to its customers. For branding of the firm, themanagement of the company use logo, tag lines and others so that the customers are aware withit and help in increasing sales and profits of the firm. With the help of effective businessstrategies, quality and unique products etc. help in emerging branding in business practices.
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Because it help in attracting number of customers and they help in increasing the sales of thefirm. P2 Brand equityBrand Equity is a commercial value that helps to determine the consumer perceptionand experience with a brand. If people think positive for a brand then it means that it has positivebrand equity and vice versa.Benefits:Raise loyalty and generate high profit with increased market communicationeffectiveness.Provide possible licensing opportunities.When price decreases, customer react favourably and helps to leads high competitiveadvantage as well.CBBE model: It is a tool that helps to measure the brand equity and it is consisted ofmany levels and basically it is used to break down customer based brand equity that helps tounderstand the needs and wants of the customers (Stampfl, 2018). Brand Identity: this stage basically quantifies both the depth and breath of customerawareness and in the same way, Toyota has its brand image at global level and also consideredone of the best car manufacturing company at worldwide and its logo, symbol also makes itdiffer from other. Brand Meaning:It has two main factor one is performance, which means better customerservice and satisfaction with an offered product and that is what Toyota is also offers. On theother side, Imagery means how the customers needs are met both socially and psychologicallyand in the context of Toyota, the firm is also established its brand image in both references.Brand Response: it simply states that how the customers' response towards a brand andit can be distinguish through judgement and feeling of customers (Dinu and Dinu, 2016).Therefore, Toyota also creates positive impression upon the customers which also includes valueand satisfaction. Resonance: It refers to the brand relationship that customers have with a brand. It alsomeasure with the strength and for Toyota, it has brand image at global level and it is well inbuilding with high resonance as well.
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From the above information it can be analysed that with the help of brand equity, themanagement of Toyota can get information about the needs and perception of the customerstowards products and services which are offered by this firm. With the help of brand identity thecustomer can familiar with the goods and services of the company which are provided by it, forthis, they can use logo, tag lines and symbol etc. With this, the customers are collect informationabout the products and services and make contribution in the growth and development of thesales and profitability of the firm.P3 Brand Hierarchy and portfolio ManagementBrand Hierarchy is that branding strategy that display nature of some brand elementsfor a firms products and it also reveals the declared order of brand elements. It is basically doneto clear the confusion of customers and there is a need to build brand hierarchy because itclarifies the offered made by company and also assist to attract attention in proper way, furthermakes sales easier for the company too.Need of Brand Hierarchy: Through brand hierarchies, Toyota will easily decide its rightstructure for the product which is offered to customers and without it is hard for a business toallocate resource and budget. That is why having brand hierarchy, the company will easily drawattention of many customers and maximize the sales revenue as well.Portfolio Management: It is the art that helps to make valid decision about aninvestment and also helps to matching investment to an objectives and this is more clarify byusing the model which is as mentioned below:David Aaker model:It identifies five concept such as:
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Brand Loyalty: It is brand currency and it means that higher the loyalty of a Toyotahelps to reduce the marketing cost and it is not copied overnight by a competition andthus it also gives a time to a firm in order to respond to move as well (GAO, LIN andZHANG, 2017).Brand awareness: It helps the brand to get into consideration set when the consumerplans to purchase and in the context of Toyota, the customers are quite familiar with aproduct's qualities and image of a brand.Perceive quality: A good perception regarding to the products means to give extra edgefor actual product features and in the same way, customers have good impressionregarding Toyota products and also considered the best quality offering company.Brand Association: It is the extent up to which the firm contributes to branddifferentiation and also helps in buying process as well. For Toyota, it has its goodmarket presence and also receive positive attitude from customers (Matanda and Ewing,2015).Illustration 1: David Aaker model(Source: David Aaker model, 2018)
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