Brand Management of Volkswagen and Hyundai
Added on 2020-07-22
19 Pages5202 Words266 Views
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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1Meaning of a brand.....................................................................................................................1Importance of branding as a marketing tool...............................................................................1Brand equity................................................................................................................................2Difference between brand and product.......................................................................................2Key elements of a strong brand...................................................................................................3How to manage and develop a brand over time..........................................................................4Challenges in developing a brand...............................................................................................5M1 Various models, concepts and theories of brand management.............................................5M2 Appropriate example............................................................................................................5Section 2...........................................................................................................................................5The brand's portfolio strategy......................................................................................................5Management hierarchy................................................................................................................6Management of the Brand equity using CBBE model................................................................6M3 Critical analysis....................................................................................................................7Section 3...........................................................................................................................................8Extension approaches and strategies...........................................................................................8Brand reinforcement and revitalisation.......................................................................................8Collaboration and Partnership.....................................................................................................9M4 Various techniques to leverage and extend brands...............................................................9Section 4.........................................................................................................................................10Brand measurement techniques.................................................................................................10Brand equity audit and tracking process...................................................................................10Various approaches of brand valuing........................................................................................11M5 Techniques to measure and mange the brand.....................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
CBBE Model: How To Build A StrongBrand, 2017. [Online]. Available through<https://brandandbutter.wordpress.com/2010/01/26/cbbe-model-how-to-build-a-strong-brand/>.................................................................................................................................................15
INTRODUCTIONA brand is the most important and essential part of business. Sometimes, brand aids tosupport businesses to have good market share helps them to achieve the requirements oforganisation. Thus, the management of a brand is essential for gaining a better growth andmanagement of company (Rosenbaum-Elliott, Percy and Pervan, 2015). For the report,Volkswagen and Hyundai are taken as the organisations of context.The report will cover thedetails of the brand, its importance as the marketing tool and brand equity. Various elements of astrong brand are taken into consideration along with the process of management anddevelopment of brands and various challenges in development of brand are discussed as well.Other than this, brand portfolio and various models as well as techniques will be discussed(Okonkwo-Pézard, 2017).SECTION 1Meaning of a brandA brand is unique name, term, design, term, symbol or a product of particular business oran organisation that is well popular among the customers and helps company in proper growth ofvarious measurements in the business. It helps the company to make its services and productsdifferent from that of rival companies and aids the organisation to meet the needs and demandsofits consumers in a very significant manner. The brand can be considered as criteria of highquality of product or service that are taken into consideration by the company to meet marketstandards (Vigneron and Johnson, 2017). The branding is used to gain a better share of businesses, marketing and advertising topromote products and expand the business operations. Besides this, the brand will help thecustomers to distinguish the product or service of business in market. It helps them to identifyand meet the requirement criteria of customers in a better way and provide company with acorporate identity in market as compared to its rivals giving it a competitive advantage(Kernstock, Brexendorf and Powell, 2017).Importance of branding as a marketing toolThe effective branding is an important tool as it supports the company to meet therequirements of the consumers, identify their needs and to come up with better products orservices. Besides this, the approach of branding helps the company to promote its products and1
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