Assignment on Brand Management (HNC5)
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Added on 2021-02-20
Assignment on Brand Management (HNC5)
Added on 2021-02-20
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BRAND MANAGEMENT(HNC5)is their own. Programme:Unit: Project number and title Brand management (HNC5)
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
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.Thus, it has been evaluated from above analysis, in order to become the bestmanufacturing company in automotive sector, it is essential for Toyota to concern on buildingthe brand name of its business. This would help in engaging its targeted audience with productsand services for longer period of time. For this purpose, it needs to promote features, productionprocess and other concepts in wider market with the help of social media channels. 1
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 haspositive brand 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, suymbol 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.From above analysis, it has been evaluated that through customers’ reviews about theirexperience with products and services of Toyota that they are much satisfied with the same. Butstill due to increase in competition like BMW, Volkswagen and more, who have made various2
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