Importance of Branding and Successful Brand Strategies

This document discusses the importance of branding as a marketing tool and the key components of successful brand strategies. It also explores strategies of portfolio management, brand hierarchy, and brand equity management. The case study focuses on Marks and Spencer, a leading retailer in the retail sector industry.

BRAND MANAGMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Task..................................................................................................................................................3
P1.Importance of branding and its importance............................................................................3
P2 key components of successful brand strategy........................................................................4
P3 strategies of portfolio management, brand hierarchy and brand equity management............6
P4 Brand leverage........................................................................................................................8
P5 Measuring and managing brand value....................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Brand management refers to the process in which the organization maintain their brand value and
image in the market so that the organizations can perform better and have a good market capture
which help in better profit in the market. Marks and Spencer are the retailer and works in the
retail sector industry and provide all the product and services of the retail industries to the
customer with high quality production services. the report will explain the importance of
branding as a marketing tool and the key component of success brand strategies (King, 2017).
Task
P1.Importance of branding and its importance
Branding There are requirements of fright fund which is important for the company and so
as it is very important to have a good reputation in the market for the company. there is
requirement of a lot of technology factor so that there is importance of branding in the market.
Branding is the practice which can help the organization and increasing the goodwill of the
company and the market, branding is one of the most important part and help organize here in
which customer can recognize the organization easily. higher brand value help the organization
to gain and able to perform better. Marks and Spencer work in the details sector which is one of
the biggest market sectors in the market and the company is working with a lot of competition
and two perform in the competitive market it is important to have good branding.
Provide exclusive identity: Branding provides an exclusive identity; it helps in providing an
identity to the organization and support the company in better ways in the market. It shows that
the company is providing production services which because humans required and which can
reflect the brand’s value with quality and services (Paul, 2019).
Create trust: it is very important for the organizations to gain trust. Martin spencers are well
known and a leading brand in the retail sector gets a huge benefit from the goodwill which help
the customer in trusting the organization. Trust help the customer to purchase product and
services from the organization and Marks and Spencer all well known in the market which
helped the customer expense their money on the Marks and spencer’s product and services the
company offering to the customer.
Motivate employee: Branding motivates employers as when they work in a good brand it
motivates employ to work hard and to improve the brand in better reputation and performance.
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Employees gets motivated to work in a strong brand image company so that they can get better
reputation and maintained of the company. Marks and Spencer work in retail sector and they
keep on motivates their employees to work on a lot of good things which helped them improved
in performance and their employees are always motivated to work with the company as company
provide a lot of good rewards and also acknowledge the work of the employees which helped
them in motivation.
Attract new customer: branding on trucks new customer, it is because whenever a new
customer wants to purchase goods and services in the market, they went to the brands who are
well known by others and have a good reputation in the market. The goodwill of the company
and the branding of the company helps Marks and Spencer in increasing their customers and
attracting new customers to the business which can help the business in development. Providing
the quality services create a good goodwill in the market and which help in attracting lots of new
customers from the market and increasing in the business profitability.
Enhance recognition: Bending enhance recognition as it is very essential role for the Marks and
Spencer to be recognized in the industry and market they’re working. recognized brands in the
market perform better and gets maximum profit as customer are aware about the market and the
goodwill of the company buy the product and services, they are offering to their customer with
all the loyalty and quality services (Bilan and et.al., 2019). and anything that cognition is very
essential so that company it's an effective image in the market and can work for a longer period
of time. Knox and Spencer have a huge competitive market and for that branding can help the
company to be able to function and recognize them in the market over the period of time that can
be only done with decisions of the upper management of the organization.
P2 key components of successful brand strategy
There are a lot of strategies which can get success to the organization and which are present in
the market. Marks and spencer’s changes their strategies for branding over the period of time so
that they can improve and create a better reputation in the market.
Brand positioning: Marks and spencer’s have positioned themselves as one of the high end
innovation band. then product which company are providing are very good in quality and our
latest strength of the market. The positioning of the company is so well that customer is attracted
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and ready to pay the amount for the product and services the companies offering to their
customers.
Loyalty: loyalty and public trust is one of the part of the branding which company gets then they
have the higher profitability in the market. dirty is very important for the organizations and they
are loyal to the customer an Marks and Spencer are providing quality and quantity to services
which have improved their loyalty in their customer and it increased in better performance and
relations with higher profitability in market (Veloutsou and Guzman, 2017).
Employee activism: employee activism is important when the employees deals with the
customer and for that it is very important for Marks and Spencer to provide training and
development to their employees so that they can be professional in their working and can handle
the customer in a better way. handling customer is very important and it shows how the company
is treating their audience and for that employees need proper training and development which
Marks and Spencer do on regular basis.
Public relation: public relation shows that the company is able to have a large impact of
customer in the relationship of the company with their customers can be maintained. Company
use a lot of tasks and activities to take they fact in public relation and which helped the company
to have a long run.
Values: Brand value is very important and it also encouraged the customers to buy product from
the company and not from other competitor in the market. good brand helps Marks and Spencer
with goodwill any attracting customers from the market and retention of the customer
Emotion: It is very important for the organizations to have a good relationship with the customer
and Marks and Spencer always create a good bond with their customer to maintain and retain the
customers. company understand the emotions of the customer and it is very essential for the
organizations to understand and improve their brand image in the market.
Social media: For planning social media is one of the biggest platforms and it is a very good
strategy for the organizations in the modern time to create a good branding in higher market.
Mountain Spencer are up to date in the social platforms to do branding on a higher platform to
reach higher number of audiences which can help in higher profitability (Ramírez, Veloutsou
and Morgan-Thomas, 2019). Working in today’s market it is very important for the organization
to understand the importance of their branding in social media. social media the platform where
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most of the people are active and it is a place for the organization to increase their branding in
the market with higher number of customers.
P3 strategies of portfolio management, brand hierarchy and brand equity management
There are a lot of different strategies which are presented in the market and the company and its
portfolio, brand hierarchy and the brand equality of the mountain Spencer and the brand equity
of Marks and Spencer is presented in the organization.
Strategies of brand equity management
This is one of the very important factors for the organization and it is one of the most dependent
factor for the upper management of the organisations to make sure that the company is having a
good branding and the organization is having a brand equity which is presented in the
organisations to the market.
Make strong relationship: still have a good brand equality it is very important to have good
relations with the customer and upper management of the Marks and spencer are always taking
the measures which can help and development of good relations with the customer and the
business. Marks and Spencer’s are regularly updating their products and services so that
customer can believe that they are innovating (Kavaratzis, and Hatch, 2019).
Build awareness, There has to have a better management in the organizations to have the equity
in the market and Marks and spencer’s have implemented a lot of measures which they are
taking to improve their functioning in the United Kingdom. company is keeping reinforcing the
name of the brand and their product with innovative product and services to attract and aware
customers about the company. It is very important for the organizations to build awareness in the
market so that they can sell more of the product and services in the market and increase their
profitability
Strategies of portfolio management
There have to be right decisions which the company have to take so that the portfolio of the
organizations can be improved and the market an business will grow effectively for Marks and
Spencer (Hegner, Fenko and Teravest, 2017).
Branded house: Marks and Spencer provide different product and services to the customer and
they have their own brand products fish they are providing to their customers to improve their
sale and increase better profit in the market.
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House of brand: the brand have a different portfolio of different brand names product which are
owned by their marks in Spencer. Between prove their loyalty towards the brand combining our
focusing in improving their own brand products to attract more of the customers and then the
customers can rely on the management.
Active management: this helps in making the better functioning of the portfolio of the
management. Martin spencer are having different operational in their management strategies so
that the company can have an active management process in the workplace.
Strategy asset allocation: The management of the organization has to select the best
management strategies so that the management can have a better management in the
organization. Marks and Spencer have a lot of strategies decision-making which are done by the
upper management and are necessary for the company to have better allocation (Iyer, P and
et.al., 2019).
Strategies of brand hierarchy
Marks and spencer want to have a good branding and for branding there is a need to have the
right strategies for the organisations, which ensure that the brand is attracting a lot of customers
Ann are working as the best in the market which helps them in gaining the trust of the customer
towards Marks and spencer’s and have a higher sale in the market (John and Torelli, 2017).
Information ads : There are technical strategies which company used to provide the better
performance in the ads and in formations at the same time to attract the customer. It is a way to
provide the information through media and also to attract the customer in a best innovative way
which Marks and Spencer use. this process helps the organizations to make the awareness about
the product and services they are offering to their customer in a best way so that they can attract
more of the customer.
Use simple names: Mountain Spencer used a lot of simple names to have a good renowned
brand in the market and are easily on the customer's tongue. it is very important for the
organizations to make such names which can come on the customers name is silly and can attract
a lot of customer and customer can remember the name of the then which can improve in higher
productivity.
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P4 Brand leverage
Brand leverage and extension
There has to be a global recognition of the organization which is need so that the company can
tell about their new products as well as the segmented so that they can achieve other objectives
easily. The approach needs to have been implemented effectively and efficiently.
Brand collaboration: it is very important for the organizations to understand that the market
always demand for new products. it is very important for the organizations to provide innovation
and innovative products so that they can capture new customer and variety of customer which
can help the organization in making higher profit and have better functioning in the market. It is
very important for the organizations to collaborate with other brands to provide new product and
services to their organization so that they can perform better in the market and her a rider capture
of market with different varieties and services to the customer which can help them in attraction
of new customer in the market.
Partnership: There are a lot of partnership which can be happened and Marks and Spencer need
to utilize the partnership method to connect with new brands and other companies which can
help in great opportunity in the market where the company is lacking and it can also help the
organization in finding more send a service which they can offer to the customer and utilize the
market for the growth in the business. They can utilize the partnership method and be a partner
with the different companies to extend their business in different market and utilize the market to
improve the business extensions and development of business in the organization.
Brand reinforcement strategies
Brand reinforcement is going to make the company be able to gain the Value which they want in
the market. it helps in creating the brand value again to higher level (Kasemsap, 2018). this can
be done with the help of different strategies which are: -
Positioning: Positioning effort to the process in which the company position with better
functioning in the market so that they can help the expected income level and as well as they can
attract more of the customer like the in stream the before to increase their market on a wider
level. Marks and Spencer's need to position themselves and those market where they are lacking
so that they can utilize the market so that they can develop The brand image and high level.
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Global branding: Global branding refers to the process in which the company channelize
marketing campaigns so that the organization can create a brand value and increase their brand
value which help in better function in the market. There are a lot of strategies for global branding
which includes promotion which needs to be done effectively so that Marks and Spencer can
utilize the global market and achieve all the objectives there waiting for.
Although about strategies helps the Marks and Spencer in able to achieve their targets and which
they need to achieve with proper utilization of strategies at the right time. All these strategies
need to be adapted on the right time with essential ways so that they get a lot of options to create
better functioning of the organization.
P5 Measuring and managing brand value
Measuring and managing brand value refers to the process in which Marks and Spencer's want to
create the brand value and want to manage the brand value with different strategies so that the
brand image does not get down in the market which can also affect their business. There are a lot
of objectives which has to be taken by the organizations in the market and for that they take a lot
of effective measures to improve their functioning. There are a lot of opportunities for Marks and
Spencer in the market with high end and also having a strong portfolio. It’s very social for Marks
and Spencer to have great communication skill so that they can communicate with their customer
better and know what changes customers are looking for and how the company can perform and
improve their functioning. Managing and measuring of brand value is important as it help the
organization in understanding the market situation and where the organization
positionedinmarket.
Brand awareness: Working in such a big market provide benefits to attract a lot of customers
and there are a lot of factors which can help the organization in attracting the right customers
which can help in better performance and also to complete the objectives Martin Spencer want.
brand awareness is very important and the organization needs to communicate and know how to
communicate better to the customer and make them aware about the product and services the
organizations are offering to their customer (Grubor and Milovanov, 2017). Brand awareness can
help the organization in achieving maximum number of profit and can also help in increasing
their brand value in the market with creating a huge brand image. Max and Spencer need to have
the right campaign which they need to be done in such a way that the functioning of the
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organizations can create a higher brand value among the customer. The company needs to
provide awareness about the product and services, and they need to inform the customer on
regular basis so that there is a detailed knowledge of the product and services the organization
offering to their customer and customer gets a good trust which can help in better performance of
the organization business.
Brand value: The organization needs to create a trust with the customer so that their brand value
gets higher attention in the market. Trust of brand value helps in better functioning of the Marks
and Spencer in creating higher profit margin. Company needs to take strong decisions which can
help them in effective tool and also increasing their brand values to work better in the market and
provide quality services and quality product to the customer so that they can rely on the
organization and help the organization in achieving of goals.
Market share: the share of the company is presented In the product which the company deals
and present in the market. Community takes a lot of measures to increase their product value and
market share in the market so that it can help the organization in better future an unbalanced
future in the market (Golob and et.al., 2020). Market share is important and it is very crucial for
the Marks and Spencer's as they are working in increasing the process to develop the brand
value.
CONCLUSION
The report concluded that it is very important to understand the brand and branding management
tools to measure which can take Marks and Spencer in a better value of the company and
represent on a higher skill with quality and better performance. the report concluded that it is
very important for the organizations to have a good brand image and it is very important for the
organizations to create a brand equality and equity which includes brand awareness in the market
to capture variety of customers and make every customer aware about the product and services
the companies offering.
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