Brand Management Concepts and Research
Added on 2020-07-23
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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................3SECTION 1......................................................................................................................................3P1. Importance of branding as a marketing tool.........................................................................3P2 Various elements of successful brand strategy......................................................................5SECTION 2......................................................................................................................................7P3 Different strategies of portfolio management........................................................................7P4 Management of brand in collaboratively and in partnership.................................................9P5 Various type of methods for managing and measuring brand value...................................10CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
INTRODUCTIONBrand management is that procedure which help in analysing and planning for how canbrand understand by customers in large market place. For creating and maintaining strongrelationship with customers, brand management is the most essential factor. It is the integrationof different type of tangible and intangible elements. Promotion, pricing and product are comeunder concrete factors while a customers require to maintain relation with brands which mainlycomes under intangible aspects (Iglesias, Singh and Batista-Foguet, 2011). Generally, brandmanagement is the marketing function in which firm use particular methods and tools thatdetected the amount of products. Coca-cola is the American multinational beverage corporation,merchandiser and manufacturer of non-alcoholic drinkable which has been taken under thisproject for this assignment. The significance of branding is termed as marketing tool and it is oneof the major aspect of making effective brand strategy should be discussed in this project.Therefore, various strategies for developing portfolio management will be given in this study. Inaddition to this, different types of tools and methods that can be used by firm for managingbrands value and doing brand management in partnership is also discussed. SECTION 1P1. Importance of branding as a marketing toolBranding is the process which consists of developing unique and different image inminds of customers by using promotional methods and sources. One of the major motives ofbranding is to build relevant and differentiated presence in the market which assists in attractinga large number of buyers towards specific products and services. Branding is an important tool of marketing. At the same time, it will support in retainingcustomers for a long time period. This can assist company’s managers for analysing customer’staste and creating innovative products and services which are offered by the firm (Kapferer,2017). Also, it will help buyers for finding their demanding products according to theirrequirements and needs. In the competitive business environment, it is necessary for everycompany to maintain and build a positive picture of products in the minds of target customers.Such factors help the firm for capturing high market share in comparison to other challengers. Itwill make sure that effective product management that can provide competitive advantage to thefirm. This is one of the major benefits of branding which can provide an opportunity to company
for differentiating their goods from current existing products which assist business in attracting alarge number of buyers (Keller, Parameswaran and Jacob, 2011). Differentiation between Brand and Products that are described as follows:BrandProductThis is the different and specific term thatdetermine its particular cause in industry. Commodity is famed as a collection ofdifferent characteristics that a organisationmake for merchandising in it marketplace andto fulfil the necessity of its buyers.Trade name is that specific term which doesnot copied with any one person. Goods can be copy by another organization.Component of marque develop customer'sideas and point of view in effective manner. Itis intangible in character. Commodity are concrete in nature. This will also help them in retaining buyers for longer time period. The significance of brandingas a marketing tool that can help in better understanding some points:Branding is the key factor- Each type of organisation whether it is small, large ormedium needs capable amount of resources to compete in the large market area and ithelps in accomplishing desired goals and targets as well. Coca-Cola should implementand formulate different strategies and policies which can show the details actions andstandards of company for achieving set objectives and goals in proper manner. At thattime, when all things are done in a correct and effective manner then firm brandingreflect on their strategic planning (Kunerth and Mosley, 2011). Also, it will assist inpromoting the major key places which help firm towards getting accurate results. Brand management and development- it is important for firm is to mange and developall brand for long time period. This can be possible that goods are bringing towards failand on the other hand, technology can use for doing regular changes in the firm, but theytry to make strong and effective image of products in front of large number of customers.Brands are famous because it is one of the most sustainable assets of company. The entirestrategy of business helps company manager for developing proper decision makingprocedure. Coca-Cola is the famous brand for around 120 years while on the other hand,
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