Report of Importance of Branding as Marketing Tool
Added on 2020-06-03
14 Pages4050 Words149 Views
Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of branding as marketing tool and its emergence in business practice...............1P2 Key components of successful brand strategy regarding building and managing of brandequity...........................................................................................................................................3TASK 2............................................................................................................................................5P3 Different strategies of portfolio management, brand hierarchy and brand equitymanagement................................................................................................................................5TASK 3............................................................................................................................................6P4 Management of brand collaboratively at both domestic and global level.............................6TASK 4............................................................................................................................................8P5 Different types of techniques for measuring and managing brand value..............................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11.......................................................................................................................................................12
INTRODUCTIONBrand is any design, name, term or unique features of products and organisation thatdistinguish it from competitors. Branding helps to make the products popular in betweencustomers and market. It is considered as effective marketing and communication tool fororganisation which helps to influence the consumer behaviour and create long lasting impressionupon the minds of customers. Brand management is important for every organisation. It includesthe process of managing the tangible and intangible features of brand. Large number of benefitsare achieved by organisation like competitive advantage, large market share, improved profitsetc. Samsung and Apple are two big brands which provides their products and services in allover the world (Ashworth and Kavaratzis, 2010).In the present report explain about, importance of branding as marketing tool, keycomponents of successful brand strategy regarding building and maintenance of brand equity,evaluation of the different strategies of portfolio management, brand hierarchy and brand equitymanagement. Also, management of brand at both domestic and global level and differenttechniques which are used to measure brand value.TASK 1P1 Importance of branding as marketing tool and its emergence in business practiceBrand: It is called as distinguishing symbol, mark or logo used by organisations to maketheir products identity different from their rivals in market. Such process of branding makes thetask of customers easy regarding identification of the product of any particular brand. All suchdifferent factors used by the organisation to create their different brand identity. Apple andSamsung are two big brands which have their different brand identity in market. Management ofboth organisation uses trademark to legally protect their branded products. Branding alsoidentifies as best marketing and communicating tool which helps to make long term relation withtheir customers. Brand management: It is considered as process regarding management of brand inmarket. To effectively manage brand needs to give emphasis on their tangible and intangiblefeatures. Product and price are main tangible features which helps to make their brand popular.Management of brand helps to maintain good connection with customers and attain theirconfidence and trust about quality of their products.1
Brand Equity: It means the value premium generate by organisations from their goodname in market. Such brand equity allows the organisations to charge more then value due tohaving good quality and brand name in market. Brand equity can be created with helps ofmaking their products memorable, superior quality, easily recognizable, reliable etc. It consistthree basic components which helps in measurement of of brand equity which are view ofconsumers, negative and positive effects and resulting value. To make their brand strong, it isneed to have good consumers views regarding quality and reliability of their products. Apple andSamsung are two multinational organisation which deals in telecommunication and electronicproducts. Apple has large brand equity in market in comparison to Samsung products due tohaving good consumer perception regarding quality of their products (Brodie and et. al., 2013).Role of marketing in development of brand equityMarketing plays an effective role in influencing the minds and behaviour of customersand change their perception and views regarding the products of any particular brand. Apple andSamsung are two big brands also takes the helps of marketing to maximise their premium valuein market by use of marketing tools. Its role is defined below:Brand awareness: Marketing plays an important role regarding spread awareness amongcustomers about unique features and quality of their different products. Management ofboth Apple and Samsung also uses social media marketing tools to provide informationabout their different products, price, quality and customer views. It plays an importantrole in attraction of customers towards their brand.Perceived quality: Due to use of marketing tools like online applications, both bigbrands Apple and Samsung takes the feedback and views of customers after using theirproducts. It helps to ascertain the technical issues faced by them and their demands whichthey want in such products. It helps the management to make their products as percustomer's perception.Brand association: This includes the use of symbol or name which helps the customersto easily recognise their products. It helps in retention of their customers for longerperiod of time.Benefits of branding as marketing toolLarge number of benefits are achieved by Apple and Samsung, while using branding asmarketing tool which is defined below:2
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