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BRAND MANAGEMENT (HNC5) is their own. Programme: Unit: Project number and title Brand management (HNC5)
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Table of Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 LO1..................................................................................................................................................1 P1 Meaning of Branding........................................................................................................1 P2 Brand equity......................................................................................................................1 P3 Brand Hierarchy and portfolio Management....................................................................2 Building Brands......................................................................................................................4 Managing a Brand over time..................................................................................................6 LO2..................................................................................................................................................7 Brand portfolio Strategy.........................................................................................................7 Brand hierarchy......................................................................................................................8 CONCLUSION................................................................................................................................9 REFERENCES..............................................................................................................................10 INTRODCTION..............................................................................................................................1 TASK 3............................................................................................................................................1 P4 Evaluation on management of brand at domestic and global level...................................1 TASK 4............................................................................................................................................3 P5 techniques for measuring and managing brand value.......................................................3 CONCLUSION................................................................................................................................6 REFRENCES...................................................................................................................................1
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INTRODUCTION Brand management refers to the application of different marketing techniques for specific products or product line or brand. Toyota is a Japanese multinational automotive company that deal in luxury vehicles, commercial vehicles, auto-mobiles and engines. The following business report includes a brief overview of brands and how they are developed. The report further explains how brands are organised in portfolio and building of brand hierarchies and its management is also discussed. MAIN BODY LO1 P1 Meaning of Branding In 3000 to 1000 B.C. Branding helps to identify products and property such that Pyramid Brick 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 their Trade Mark Registration Act on 1895 which helps company to have their own logo and names on their products. In 1950- 1960, Branding means to differentiate their products and earn loyalty and even many companies also start using emotional messaging in order to brand their products to win customers loyalty (Matanda and Ewing,2015). From 1970-1990, Branding gives the company a personality and customers are also become brand conscious but in this modern world i.e. 2017, branding means to make emotional connections because consumers are less impressed with brands and are more concerned with price, customer experience. That is why, firm also use brand story telling to determine their values and form emotional connection that leads to loyalty. Thus,ithasbeenevaluatedfromaboveanalysis,inordertobecomethebest manufacturing company in automotive sector, it is essential for Toyota to concern on building the brand name of its business. This would help in engaging its targeted audience with products and services for longer period of time. For this purpose, it needs to promote features, production process and other concepts in wider market with the help of social media channels. 1
P2 Brand equity Brand Equityis a commercial value that helps to determine the consumer perception and experience with a brand. If people think positive for a brand, then it means that it has positive brand equity and vice versa. Benefits: Raiseloyaltyandgeneratehighprofitwithincreasedmarketcommunication effectiveness. Provide possible licensing opportunities. When price decreases, customer react favourably and helps to leads high competitive advantage as well. CBBE model:It is a tool that helps to measure the brand equity and it is consisted of many levels and basically it is used to break down customer based brand equity that helps to understand the needs and wants of the customers (Stampfl, 2018). Brand Identity:this stage basically quantifies both the depth and breath of customer awareness and in the same way, Toyota has its brand image at global level and also considered one of the best car manufacturing company at worldwide and its logo, suymbol also makes it differ from other. Brand Meaning:It has two main factor one is performance, which means better customer service and satisfaction with an offered product and that is what Toyota is also offers. On the other side, Imagery means how the customers needs are met both socially and psychologically and 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 and it 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 value and satisfaction. Resonance:It refers to the brand relationship that customers have with a brand. It also measure with the strength and for Toyota, it has brand image at global level and it is well in building with high resonance as well. From above analysis, it has been evaluated that through customers’ reviews about their experience with products and services of Toyota that they are much satisfied with the same. But still due to increase in competition like BMW, Volkswagen and more, who have made various 2
efforts like offering fuel efficiency vehicles, running a number of CSR activities and more, get a competitive edge over Toyota. So, this company needs to concern on these areas in order to earn high brand equity. P3 Brand Hierarchy and portfolio Management Brand Hierarchyis that branding strategy that display nature of some brand elements for a firm’s products and it also reveals the declared order of brand elements. It is basically done to clear the confusion of customers and there is a need to build brand hierarchy because it clarifies the offered made by company and also assist to attract attention in proper way, further makes sales easier for the company too. Need of Brand Hierarchy:Through brand hierarchies, Toyota will easily decide its right structure for the product which is offered to customers and without it is hard for a business to allocate resource and budget. That is why having brand hierarchy, the company will easily draw attention of many customers and maximize the sales revenue as well. Portfolio Management:It is the art that helps to make valid decision about an investment and also helps to matching investment to an objectives and this is more clarify by using the model which is as mentioned below: David Aaker model:It identifies five concept such as: 3
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Brand Loyalty:It is brand currency and it means that higher the loyalty of a Toyota helps to reduce the marketing cost and it is not copied overnight by a competition and thus it also gives a time to a firm in order to respond to move as well (GAO, LIN and ZHANG, 2017). Brand awareness:It helps the brand to get into consideration set when the consumer plans to purchase and in the context of Toyota, the customers are quite familiar with a product's qualities and image of a brand. Perceive quality:A good perception regarding to the products means to give extra edge for actual product features and in the same way, customers have good impression regarding Toyota products and also considered the best quality offering company. BrandAssociation:Itistheextentuptowhichthefirmcontributestobrand differentiation and also helps in buying process as well. For Toyota, it has its good market presence and also receive positive attitude from customers (Matanda and Ewing, 2015). 4 Illustration1: David Aaker model (Source: David Aaker model, 2018)
Other proprietary assets:It has patent, trademark that makes different from the other brand. In addition to this, it also has better channel relationship that also helps to add values for Toyota. Thus, it is essential for Toyota to concern on developing effective strategy for each step of brand hierarchy. This would help in increasing its brand image and promote company’s products in more effective manner. Along with this, it also aid in increasing brand awareness among targeted area to reach customers easily for enhancing sales performance. Building Brands Brand and brand pyramid Brands refers to a product that is manufactured by a organisation under a particular name. Toyota is automotive company that manufactures different types of products such as commercial and luxury vehicles, auto-mobiles and engines as well(Wijaya, 2015). Brand development refers to the process of creating and strengthening of the professional brand services in the target markets. Illustration2: Brand Pyramid Source:(Brand Equity, 2018) Brand Pyramid is a tool for defining the essence of the company's brand. The brand pyramid is used while developing marketing strategies for the Toyota's brand, products and services. It aims at binding the customers and also ensuring that the customers choose the same commodity from the said brand the next time (Finding brand equity: The search for commercial value,2018). The brand pyramid is divided in four levels of stages, that includes salience 5
performances and imagery, judgement and feeling, and resonance. Customer Based Brand Equity (CBBE) model is Keller's brand equity model that aims at highlighting the four key levels through which organisation can create a successful and effective brand. Advantages of branding Branding is a marketing tool and technique that is used by organisation for creating name, design or symbol which can be easily identified as belonging of Toyota company. The branding tool is absolutely critical for a business as it provides impact on the company(Anees- ur-Rehman and et.al., 2018). It brings changes in people's perception towards products and brands, it can also drive brand awareness. Branding also provides benefits to intermediaries as it helps in easier advertising and promotions, it also establishes identity of products of company. Branding also ensures repurchasing and that builds brand loyalty and trust in the minds of customers so it provides competitive advantages. Branding of Toyota provides benefits to consumers as branded products owns the responsibility for the usefulness of products and its quality(Chernev, 2018). The branded products are easily identified so it takes lesser time for shopping to consumers. Brand Equity Brand Equity is considered as the extra value or perceived value of the brand paid by the customers for the products and services. The elements of brand equity include brand association, awareness and perceived quality. Brand loyalty and trust of customers also leads to create brand equity. Develop and grow brand equity Toyota aims at developing and growing the brand equity for its products in order to gain more benefits. The company can develop and grow brand equity by providing excellent experience to customers through brand(France and et.al., 2018). Toyota needs to first aim at building the brand awareness in the target markets and then focus on association of brand and it could be with colours, employees, voice, language, advertisements, experience, etc. Toyota also needs to focus on providing perceived quality to customers and providing them with best experience so that target customers prefers the products of Toyota brands and it leads to create loyalty of customers. All this factors helps in developing and growing of brand equity of products and services. Role of marketing in building brand equity and brand positioning 6
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Brand Positioning aims at creating unique impression in minds of customers so that they associate it with something specific which is distinct from other competitors.Marketing plays an important role in building brand equity and brand positioning as different marketing programs are related with merchandise products, price and distribution channels. Marketing can be done through advertisements, promotions through radio, TV, magazines and newspapers(Kasemsap, 2018). Marketing provides flexibility in effectively targeting consumers and communicating the message. The marketing can also be done through direct mails and emails that helps in boosting the brand awareness of Toyota and also in building brand positioning and brand equity. Managing a Brand over time Strengthening brand equity, brand extensions, reinforcing and revitalising brands through innovation. Business organisation needs to focus on bringing innovation in the business activities and operation in order to strengthen the brand equity, extension, reinforcing and revitalising the brands(Liu and et.al., 2018). Brand extension helps in establishing brand name for innovated or new products and brand revitalising is done for catering the needs of new customers.Brand reinforcement and revitalising is the strategy that helps business organisation for recapturing the lost sources regarding brand equity and also for identifying and establishing the new sources. Toyota needs to focus on bringing innovation in its current products or developing new products so that it can have benefits of increased market share and profits as well. The company can make use of brand reinforce or extension in order to increase the brand equity(Theurer And et.al., 2018). Overcoming brand crisis Brand crisis is a form of product harm crisis in which negative event centres on specific brand of company and the incident may damage or affect the reputation and image of the brand. The company can recover or restore the brand through making use of trans-media branding and specific communication strategies. Trans-media branding is a branding across media and through various connected media that can effectively help organisation to recover and restore the brands. Toyota faces the brand crisis in the year 2009 and had to recall many of its vehicles whichaffectedthebrandimageandloyaltyoftargetcustomers.Thecompanyaimsat overcoming brand crisis by effectively by making use of trans-media branding and effective marketing strategies(Uggla, 2015). The company can make use of social media, company 7
website and blogs for restoring the brand and overcoming crisis. The organisation needs to be focused and calm in the time of brand crisis and effectively coming up with the strategies for resolving the brand crisis. The strategies need to be taken action on and the organisation also needs to nurture the culture of company and focus on raising the bar for brand. Exploiting converging technologies to engage customers Technology convergence is where different technologies are combined in single device, tablet computer is one of the example of converging technology. Organisation needs to make use of convergent technology in order to effectively engage customers. Toyota aims at attracting customers and also enriching their experiences through using various convergence techniques and technologies. The use of technology helps making the experience of customers more personalized, which may bring effective results and outcomes for organisation to effectively attract and engage customers(Wijaya, 2015). Technology can also help Toyota in simplifying the process and engaging customers. The customers can be engaged effectively if organisation focuses on resolving their problems and issues and technology can help business organisation to do this. LO2 Brand portfolio Strategy Brand portfolio strategy is defined as a field of growing importance in the organisational world with most contemporary companies having multiple brands in their portfolio. Brand portfolio strategy allows the brand of Toyota to develop further and to build and support the company in new way or cost effective ways. Toyota can use the house of brand and branded property model strategy of brand portfolio for organising their brand. House of Brand Toyota build a different brand set up for market through using house of brand strategy of the brand portfolio. In the framework of the house of brand strategy, different products lines of the Toyota represent their own brand identity and positioning. Toyota can organise their brand in an effective way through presenting different product with different identity (Uggla, 2015). Branded property model This model defines that various product of the company produce under only one single brand for accomplishing desired level of results. Toyota organise this model of brand portfolio 8
through sharing same vision and values at the all business units, it requires better relationship and cooperation among company headquarter and their various business units. Brand hierarchy Brand hierarchy defined as process of graphically portraying a firms branding strategy by presenting number and nature of common and distinctive brand element across the firms product. Toyota organise this brand hierarchy for achieving company goals through attracting consumers by displaying the various new and existing product of the company with their price and quality. Toyotaorganisethecorporatebrandlevelofbrandhierarchythroughpresenting company name somewhere on the products, although the name of company subsidiary may appear instead of the Toyota.Family brand used in more than one product category but is not compulsory the name of the company. Toyota use the family brand level for efficient means to link common association to multiple but distinct products. Toyota can effectively introduce a new brand cost as lower through applying existing family brand which results in increasing the demand of new product. Individual brand level defines that individual brand are restricted to only one product category. Through using this individual brand level Toyota can customize the brand and also using its supporting marketing activity to meet the specific requirement of the consumers (Wijaya, 2015.). Brand equity plays an important role in building a different level of the hierarchy because it presents the total value of the brand as a separate assets in the organisation. The brands equity of Toyota is usually based on the brand awareness, loyalty, perceived quality and strong brand association. It also fulfil the consumers need and maintaining the relationship well with their consumers. Customer based brand equity model is a significant tool for managing and developing the brand of the Toyota because it includes the four level of brand equity pyramid such as identity, meaning, response and relationship which helps in building a better brand image of the company at the market place through providing product information to consumers. Market research also plays an important role as key brand management tool which analyse the data about product and services of the firm. Toyota use this tool for improving brand image through open ended communication or survey and also getting feedback about its products. 9
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CONCLUSION The brand management is used for creating a clear image in the minds of target customers.Brandequityhelpsbusinessorganisationtoachievethetrustandloyaltyof customers. Importance of branding as a marketing tool and how it has emerged in business practices are explained in the report. The report also explains the different Brand portfolio strategies and hierarchy building. INTRODCTION The brand management is related to maintaining a brand image in the market. Managers spend hours and does brain storming in establishing ways to successfully manage the image of brand in the market. Sales of the product is directly linked to the image of brand amongst consumer. Though developing a positive image of organisation is not an easy task thus in order to understand brand management's different aspects report has been prepared and Toyota is selected, an automotive company which was founded in 1937 by Kiichiro Toyoda. It's main headquarters is in Toyota city, Aichi, Japan. The report covers topics such as evaluation on how brands are managed collaboratively at domestic and global level and use of different techniques for measuring and managing brand value. There are significant features of these key areas of brand management and understanding them will be helpful in gaining in-depth knowledge about the subject matter (Atwal and Williams, 2017). TASK 3 P4 Evaluation on management of brand at domestic and global level Brand extension and leverage:The brand extension refers to using a existing brand name for the launch of new product or category. Under this brand leverages it's established image while introducing new offerings in the market. Brand extension approaches and strategies: under the the brand development there are different types of approaches and strategies which are used by the organisation. Some of them are discussed below in detail: 10
Product form extension-launching a new product from a different product category within the same brand is a very common approach used by the organisation. For example Toyota launching electronic products apart from cars is product form extension. Companion product extension-this type of strategy is concerned with introducing complementary products for the purpose of brand extension. For example loreal introducing serum with shampoo , hair protector with hair colour etc. Extension of customer franchise-In order to compete in the market and meeting the needs of particular group of consumers this strategy is used, under this organisation launch various category of products to fulfil the diverse requirements. For example TESCO selling organic products. Extension of brand Distinction-For the purpose of increasing the customer base one such strategy is used which involves developing unique attribute in a product. This helps in gainingthelostattentionofcustomersastheproductbecomescompletelynewafter incorporating additional features. For example Toyota launched cars having fuel consumption characteristics(Buil, Martínez and Matute, 2016). Extension of brand image or prestige- This strategy is associated with introducing product in a complete different category. Various companies like Godrej have acquired the popular brand image in the market using this strategy as they introduced furniture and electrical products besides hair dyes. Fit and leverage in brand extension:This explains that on what basis the brand extension will be considered as fit and leverage. Being fit completely depends on the consumer acceptance. After using a product from different category if buyers feel that it has not lived up to the expectations then the brand strategy has failed. Thus the companies have to ensure that product is well accepted in the market. With regards tobe considered as leverage, customers have perception that new product is superior to existing products. From all these approaches of brand extensions, it has been evaluated that the concept of brand extensions is considered as method to enter a new market, where a company instead of creating a new product, used to launch the existing one but at new place. This would help in enhancing the sales performance that helps in increasing credibility of product as well as reduce the production cost also. But there is a high risk brand dilution when a company enter a new market and fail to anticipate the needs of new customers. In this regard, using approaches like fit 11
and leverage, extension of brand distinction, customer franchise and more, give technique to reduce such risks. Thus, it has been recommendation Determining the ways brands can be reinforced and revitalised: Brand reinforcement is a process in which acquiring those customers who have used the products of brand previously along with new attracting new people to become consistent users of brand. It is vital for the organisation to spread knowledge about the new products and maintain brand equity. Different strategies to reinforce and revitalised are as follows: Maintaining brand consistency-Maintaining the consistency in brand is vital part of reinforcing brand, when the customers becomes aware and familiar with the brand this helps in establishing strong image in the market. For example Toyota has maintained consisting image of providing good quality products at affordable price, Protecting sources of brand-The sources of brand needs to be protected as they provide competitive image in the market. Looking for new prospective sources is another element of this strategy. Toyota Fortifying and leveraging-In order to improve the brand equity the customers should be made to believe that they using the quality products. Changing their perception about the brand can helpful in generating higher revenues(Du Preez and Bendixen, 2015). Fine tuning supporting marketing program-This is connected to enhancing the performance of product by continuously making improvements, Toyota managers make changes in the products after getting feedbacks from their customers. From the above discussion, it has been evaluated that there are various ways by which Toyotaoranybrandcanberevitalisedorreinforced.Itincludesmaintainingbrand consistency, protecting source of brand, fortifying and more. These strategies will help in reducing risk of brand failure when respective company launch its existing products in new marketplace, to enhance sales performance. Hereby, by maintaining consistency of brand. Toyota can develop more strong image at new market area. Along with this, by taking feedbacks of customers on regular manner before and after sales, also help in making more improvement in existing products to cater their demand. This would help in reducing chance of failure of business as well. Brand collaboration and partnerships:When two or more than two brands come together for the purpose of doing business and forms an alliance this situation is known as brand 12
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collaboration. In order to deal with the complex business situations like changing trends, taste and preferences of customers this strategy is used by the organisation. From the growth perceptive it has various advantages. Toyota collaborated with Suzuki, under the business partnership the strengths of Toyota having an efficiency in electrification while Suzuki is known for producing compact vehicles are the reason for growth of the brand(Ertimur and Coskuner- Balli, 2015). Global branding and positioning:When the organisations decides to sell the goods and services in other parts of the world global branding strategy is adopted. For example changes in the pricing structure can be made where developing countries are concerned. It helps in attracting and increasing the customer base in the foreign markets. On the other hand brand positioning is targeting particular segment of group with similar strategy which was used domestically or something new on global level. Brands share partnerships at domestic as well as international level though at global level it is not a feasible option due to changes in the operations of business, culture languages etc. The brands should have common purpose and goal and then agree to merge. At domestic level there are more consistency, loyalty, awareness amongst the customers that leads to the ease in the growth of brand. TASK 4 P5 techniques for measuring and managing brand value Measuring brand involves determining the strengths and weakness of brands, this allows managers to take necessary steps to overcome those areas where organisation lacks and make use of it's strengths to further improve the position of brand(Zhang, 2015). For measuring brand awareness: Surveys- These are useful tool adopted by many companies to analyse the response of customers towards the brand. Through email telephones, even on websitessurveyscanbeconducted.Ithelpsinunderstandingcustomers perception about the brand along with their recall value. Website traffic- Assessing the traffic on websites is another tool, it shows that customers are looking for the new offering of brand. Some of the software even shows the complete profile of visitors who are visiting the company page. 13
Measuring market share: Financial metrics-Sales of the brand is directly related to the brand equity, in order to determine the market share of the product different aspects of financial metrics such as premium price over competition, customer lifetime value, average transaction value etc are part of this techniques(Heding, Knudtzen and Bjerre, 2015). Measuring customer attitudes: Preference metrics-This techniques analyses the different ways to determine the buyers attitude. It states how relevant the brand is, whether customers finds it better than the competitors or not. Also what is the value of brand in the lives of customers and if the products and services are easily accessible. Purchasing intent: Funnel model-This method identifies the purchasing behaviour of buyers along with the price brand and purchasing intent. It can be performed by asking customers to select the brand out of many and provide suggestion for those which are not being chosen. This is an easiest way to understand the reason behind the purchasing. In this regard, by using above strategies, managers of Toyota can also analyse its strengths and weaknesses in following way - Toyota's Strengths (internal strategic factor) Toyota's Weaknesses (internal strategic factor) Strong Brand Image Global supply chain Rapid innovation capabilities Hierarchical organisational structure Negative publicity Dependence of suppliers From this analysis, it has been analysed that having strong brand image is one of the strongest point of Toyota, which helps in grabbing high attention of new customers at new marketplace after launching the existing products over there. But due to negative publicity like recall rates will affect cause failure in expansion as well. Therefore, by making improvement in this area through introducing concept of Green Vehicle Technology, it can bring attention of customers again towards its brand. Brand equity audit and brand tracking techniques: 14
Brand audit is a process that determines the position of brand in different markets by comparing it with the competitors. As positive brand image is essential for the long term survival of business thus different techniques are used by the organisation for this purpose(Zenkerand Braun, 2017). Talktotheaudience-Establishinganeffectivecommunicationchannelwiththe customersisimportantthereforemanycompaniesare nowmakingimprovementsinthe customer relationship management. Using social media is also part of this techniques through which preferences and expectations of people can be analysed. After analysing that customers are becoming increasing aware about the green house effect Toyota installed fuel efficiency features in the vehicles. Competition research- Determining the strategies used by the competitors is a significant part of brand audit, it is done by estimating the position ofcompetitors in the market and gathering complete information about their distributors, suppliers and promotional tools(Lin, 2015). Brand tracking- It is process of keeping track about changing perception of people with regards to the brand over a period of time. Different tools are used for this purpose which are explained below: Baseline metrics- having deep knowledge about clients will help in determining the performance of brand Digital brand metrics- With the technological advancements google analytics helps in maintain the data of visitors on websites. Relationship between branding and finance: There is direct relationship between the branding and finance as good image of brand in the market leads to the increment in the net revenues of companies. Brand awareness allows large number of customers to purchase the products and services For example Toyota enjoys financial stability and the loyal customer base because it is considered trusted brand in the market. Another aspect of this concept is that branding improves the credit rating of companies for example Kingfisher acquire large sum of loan from bank due to it's name and popularity. Concept of brand value and different approaches: The concept of brand has gained major importance this is the reason as to why companies are using popular face to advertise the product and services in the market. Promoting brand in 15
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order to increase the brand value is very common step this helps in establishing and improving the image of the companies. For example loreal uses models and actresses from all around the world and maintains an image of being called as brand who celebrates diversity(Urde 2016). Approaches of brand value are as follows: Cost-Under this approach sum of money spend on the development of brand is calculated. Aaker and keller uses this approach by keeping track of finances related to marketing thus this can be used by the Toyota to determine it's brand value. Market based approach-This is concerned to the rate at which the brand is sold, in case Toyota wish to sell the brand this approach can be used. Kate spade adopted this approach before being sold to Marcus group. It involves comparing the value of brands with others within the same industry along with using equity valuation method. Finance based approach-Under this net earnings of brand is calculated to determine the value of brand. Reilly and schweihs uses this method to find the potential of the brand, managers of Toyota can take use of this approach for knowing the worth of brand. Different methods like royalty relief, price premium etc are part of this technique(Veloutsou and Guzman, 2017). Thus, from overall discussion, it has been analysed that by taking regular feedback of customers, Toyota will gain opportunity to earn loyalty of them. This would also help in making modification in features of vehicles, quality of services and more, so that higher satisfaction of customers can be gained, as well as building effective brand image in their eyes also. CONCLUSION With regards to explanation mentioned in the report it has been concluded that brand management is one of the essential element for the growth and development of organisation. Different ways through brand is extended are product form extension, companion strategy, customer franchise and brand distinction are being used. Attracting new customers and retaining existing ones are part of brand reinforcement. Even though at global level it is difficult to establish brand image but companies have made niche in the international market using effective methods.Various approaches and marketing techniques are used by the marketers to increase the value of brand. 16
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