Brand Management Assignment - (Doc)
Added on 2020-10-05
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BRAND MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4Introduction............................................................................................................................5Main body...............................................................................................................................5Conclusion..............................................................................................................................7TASK 2 ...........................................................................................................................................71. Brand portfolio strategy......................................................................................................72. The illustration of hierarchy management of brands within the context of Apple.............83. Strategies to maximise brand equity.................................................................................10Boston Matrix Analysis...................................................................................................10TASK 3..........................................................................................................................................111.) Strengths of Brand That can Be Leveraged....................................................................112. Weakness of brand leverage.............................................................................................123.) Collaborative and Partnership Agreements.....................................................................13TASK 4..........................................................................................................................................14I.) Brand Value.....................................................................................................................14II.) Brand Awareness............................................................................................................15III.) Market Share.................................................................................................................16IV. Consumer Attitude.........................................................................................................17V. Purchasing Intent.............................................................................................................17CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19INTRODUCTIONToday, a brand plays important role to sell any services and products for an organisation.It is the brand that creates the value of an organisation within its consumer base and reflects itsoverall image. Brand management refers to an activity that supervises the promotion of aparticular brand that provide various products and services. The task 1 of report will evaluatearticle on Brand is power on the basis of brand extension crisis, equity, etc. Along with it, itexplains the importance of brand and brand management and how Apple Inc. creates variousbrand strategies in managing and building a brand. The different strategies of portfoliomanagement, brand hierarchy and its equity management as well. The evaluation of how brandsof Apple Inc. are managed at domestic and global level collaboratively. The different types andtechniques used in measuring a brands value etc. At last, the report will conclude with explainingthe importance of branding in an organisation and how it manages to create an impact of itsbrand worldwide.
TASK 1
IntroductionThe identification of a symbol, logo, mark, name, sentence or a word that a company uses todistinguish its products from others firms is known as a brand. Its identity is created by utilizingone or more of these elements and the legal protection given to its name is known as trademark. The total value of the brand in terms of a separate asset is refers as brand equity whchcomprise commercial value of brand which comes from perception of consumers. The brands'relationship with its customers is a result of the aggregate of the liabilities and assets attached toits name. Its equity is often reflected in ways the brand's customers tend to feel, see and acttowards it. Also, the impact of this asset which is intangible can also be seen in the financialbooks in terms of market prices, shares, demands and profitability as well.(AndersonandNarus, 2014)The stages' Optimum Impressions limited will use in creating a successful brochurefocused on brand is power are: Determining its target audience, defining its (Brands) mission, Competition research, creatingvalued propositions, Determining its guidelines, Marketing. In the creation of a brand equity marketing tends to play an important role. The marketing teamof firm incorporates various programmes which are related to its prices, products and variousdistribution channels. These programmes are essential to create an image of the brand andbuilding its awareness. This is done with the help of marketing communicationsin forms ofpromotion, advertising, etc. Marketing is essential for brand equity as it aim at creatingawareness about the brand and its services. Marketing communication play a vital role indeveloping customer relationships as well. Main bodyDifferent organisations use different strategies to strengthen its brand equity. For “Brandis power” the organisation is going to choose different strategies to gain strength in its equitytowards its brands.The below mentioned strategies explore the various means in which acompany successfully gains the best results out of these strategies and the guidelines they used. The model of Aaker views the equity of brand as a set of five different categories of theassets of brands and its liabilities which are linked to a brand that subtracts or adds from theprovided value of a service or a product of a company. The five categories of Aaker's Model of
Brand Equityinclude:The loyalty of brand is its currency as well, as defined by the Aaker. A higher loyaltytowards its previous products helps an organisation to reduce its marketing costs during itsproduct. It is said that loyalty cannot be gained or achieved overnight from competition andtherefore it provides the time to an organisation to respond to the moves made by itscompetitors.Brand awareness for an organisation acts as a starting point in building brands equity,there are other parameters as well which comes next. The awareness of a product in anorganisation helps the company to get its brands product into consideration when thesecostumers plans their purchases. The perception to the previous products made by an organisation in provides a companyan extra edge over the product’s actual features. For example, in its previous cars, Ferrariprovided its customers with best of the services and high-quality features which in other brandswere missing. This made the high-end consumers from worldwide choose Ferrari instead ofother cars and created a perception that made them buy the cars of the company the very nexttime they went for a purchase of similar products and services. (Anderson andWeitz, 2015)Brand association plays an important role in creating its importance in the minds of itsconsumers. The extents in which it contributes to buying process, brand differentiation, creatingfeelings and attitudes towards it are the types of associations that the brands manage to comeacross in its product launches. Along with it, the organisations good associations keep itsatisfying in terms of growth. For example, the customers of Marks and Spencer are its humanassets that the company has managed to increase from time to time and with good reputation itsbest quality products. A good brand association will keep them in favour of the organisation fora long term. The other proprietary assets include patents, various trademarks and channelrelationships as well that helps the organisation to gain its brand importance within the givencircumstances. These assets tend to increase the availability of the products sold by thecompany. (AndersonandCoughlan,2014)The above stated factors explains the usage of Aaker's brand equity model in anorganisation to strengthen its market equity shares during the launch of their brands products. The steps of model suggest importance of brand and effectiveness of marketing brochure of
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