Brand Management - Branding of Starbucks
Added on 2020-06-04
21 Pages6270 Words510 Views
Brand Managementcorporate centric branding ofStarbucks
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P1 Explain the importance of branding as a marketing tool and how they help to emergebusiness practice. ........................................................................................................................1P2 Analyse the key components for successful brand strategy for building and managingbrand equity.................................................................................................................................3SECTION 2......................................................................................................................................6P3 Analyse different strategies of portfolio management, brand hierarchy, brand equitymanagement................................................................................................................................6P4 Evaluate the brands are collaboratively and in partnership both at a domestic and globallevel.............................................................................................................................................9P5 Evaluate the different types of techniques for measuring brand value using specificorganisation...............................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONBrand management is the brand perception among the buyers in the market. The mainobjective of brand management is to gain customer trust and faith by establishing an emotionalrelationship with the customer. There are different methods through which company improvesthe brand image of a product. Present report is based on brand management of Starbucks Coffeeshop. In this report, it will discuss on Starbucks brand image and its importance. Furthermore, itwill discuss about the brand equity and brand portfolio. Adding to that, it will discuss about theirdifferent new techniques with the help of Starbucks Coffee shop manage their brand image inlong time. Brand image is very essential element to retain the potential customers. This increasesthe company value in the long time. It is a coffee shop so that it is very important for thecompany to maintain brand image in competitive market. Starbucks brand management is verymuch stable and huge. Starbucks provides different flavours and different types of coffees suchas Espresso, cafe latte, leaf teas, Teavana tea, Frappuccino, and many other beverages. Thisincreases the market share in the coffee shop. Starbucks itself is very big brand. On the otherside, Starbucks should adopt the latest and new technologies to make their business expansionacross the world. Furthermore, second most popular brand in coffee shop is Nestle it is anothermost popular brand of multinational Chocolate company in Switzerland. It provides differentcoffee shop services along with some exciting offers to attract the customers. SECTION 1P1 Explain the importance of branding as a marketing tool and how they help to emerge businesspractice. Brand is considered as products of services of particular firm that makes it differed fromother firms. Unique designing, symbol make it a unique name in the market (DeFillippi andRoser, 2014). It explains the product and services of related organisation. Brand is used inmarketing, advertising and in business to promote the product and services. Starbucks Coffeeshop is one of the popular brand in coffee industries. Its brand value increases their market andprofit revenue. Brand is the tool which differentiate the products with other companies. It helpsto measure the quality of services. In terms of customers, if they plan for a holiday and thinkabout their coffee shop they visit Starbucks because of their quality of services coffee shopfacilities. Branding of the product is very important to increase the sales (Guo, 2013). It is the1
tool of marketing management which increases the awareness about new product and services.On the other side brand is popular by the prime services otherwise if quality and services is notaccording to the customers. Brand will not get profitable. Starbucks Coffee shop furnish manyproduct services on the basis of needs and requirement of the guests. This increase the faith andtrust among guests. This happen to enhance the brand image. Adding to that, branding isimportant to promote the new services in the market through which more customers get attractedtowards them. Logo and brand both are the different aspects of the company. Logo defines the brand ofthe company. Every customer recognize company brand from its logo. For that company shoulddesign attractive brand logo to attract customer attraction. Along with that, there is a term which is called Brand Equity which is a tool of brandwhich describes a brand value. Value is determined on the basis of customer satisfaction. It isalso analysed by the customer experiences with the brand. Buyers prefer Starbucks servicesbecause of their unique services and coffee shop facilities it makes brand equity higher in themarket. If organisation fails to deliver goods and services consistently, brand equity will getaffected negatively (Hays, Page and Buhalis, 2013). However, in coffee shop, Coffee shopStarbucks got the first rank. In US, most of the visitors prefer Starbucks for their coffee shop.Starbucks is the first choice of customers. This increases the performance level of brandmanagement. Positive brand equity helps organisation to grow more. It increases the overallsales revenue as well. According the facts, Starbucks is nearly 100 years old and the mostprofitable organisation. Also, Starbucks is the most mature company in the Beverage industry.Starbucks itself is the owner of 4,041 Coffee shops which includes in 90 countries. This is aresult of positive brand equity. Starbucks Coffee shops got first rank in Coffee shop brand equityin 2010. Its services and products are very different and unique which attracts large number ofcustomer. Brand equity helps company to invent more new services according to the currentneeds and wants of the visitor. Starbucks provides coffee shop, transportation and food servicesto their customers additional, they provide party services, business conferences in the coffeeshop etc. They also provide the best quality of services to attract the national and internationalvisitors (Huang and Sarigöllü, 2014). These all factors help to increase the brand equity bywhich organisation achieve their business practices. The reason of the success is goodmanagement work, skill-full employees, best services and Big Brand value. 2
There are many key elements of a strong brand which helps to enhance the StarbucksBrand image. It helps to deal with the future challenges adding to that, this help to manage thework in the organisation. There are some keyelements of a strong brand listed below: Brand PromiseBrand PerceptionTarget group of audienceBrand valuesBrand PositioningBrand ImageThese are the elements which help to maintain the brand value in the industry. It alsosupports to make brand awareness across the worlds (Jugend and da Silva, 2014). On the otherside, it is essential for the organisation to maintain its position in the future times. Company hasto make their business plans and strategies for future, because of new challenges and highcompetitions. Organisation has to understand the needs and requirements of the customers formaintaining consumer based brand equity. This is called brand management over time. It meansstrengthening brand equity by introducing new business plans and strategies, which gives brandknowledge to the customers and get satisfied with the company. Starbucks needs to adopt newmarketing programs to make them aware about new product and services, In this way, theymaintain their brand equity in the market. It is important for the company to run their campaignand advertisements regularly to grab the buyers' attraction. This helps in reducing the futureuncertainties that are being faced by the companies. In branding, there are many challenges facedby the organisations, which affects brand image (Kavoura and Stavrianea, 2014). During makingbrand image, Starbucks might have faced many of the challenges like stress of creating newproducts and services, stress of maintaining the brand positioning, choosing market tools aswhich tool is more benefited, maintaining the brand relevance, creating brand portfolio strategyand so on. These are the challenges that gives high tension to the organisation, which also affectsbrand image of Starbucks.Managing brand overtime time, as per the company it is highly dynamic in nature.Company should need to adopt new changes to sustain the time management and get betterresults. There has to be constant changes in technologies, regulatory framework according to thecustomer needs and wants. Companies has to maintain the balance of brand management. The3
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