Brand Management Importance Report
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Added on 2020-07-22
Brand Management Importance Report
Added on 2020-07-22
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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P1 Importance of branding as a marketing tool and its emergence as a business practice.........1P2 Key components of a successful brand strategy for building and managing brand equity....3SECTION 2......................................................................................................................................5P3 Various strategies of portfolio management, brand equity and brand hierarchy...................5P4 Management of brands in partnership at global and domestic level......................................7P5 Various techniques for measuring and managing brand value..............................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONProcess of maintaining, improving and upholding a brand so that is connected withpositive results is known as brand management. Various aspects such as customer satisfaction,cost, competition and in store presentation involves in this (Spence and Hamzaoui Essoussi,2010). This is known as a function of marketing department but the main aim of this remain onthe brand and to make it favourable to customers. One of the major benefit of brandmanagement is that it results in higher sales and not only of one product but of other productsalso connected with that brand. Creating and maintaining good relations with customers isknown as one of the most important component of this concept. Coca-Cola, a multinationalbeverage corporation is chosen in present study. The cited firm is one of the biggestmanufacturer and retailer of different type of non-alcoholic drinks. PepsiCo, a multinationalbeverage corporation headquartered in New York is also taken under this report. Pepsi, Lipton,mountain dew and tropicana are the most popular products of this firm. In first section Coca-Cola is taken which contain information importance of branding forenterprises as a tool of marketing is all detailed in this report. Key elements of an effective andsuccessful brand strategy for maintaining brand equity is all given in this. In second sectionCoca-Cola and Pepsi are taken and many strategies of portfolio management, brand hierarchyand brand equity management is also detailed in this. Along with this, different techniques formanagement of brand in partnership and managing brand value is all described in this. SECTION 1P1 Importance of branding as a selling tool and its emergence as a business practiceBranding is known as the process under which firm do various efforts to create andmaintain a unique image in minds of target customers. Company achieve this with the help ofvarious promotional activities and use a mix of communication tools to communicate withcustomers (Story and Hess, 2010). Main focus of organisation behind this is to create andmaintain a significant presence of a product or service in market. This help company in attractinglarge number of customers and building a strong base of loyal consumers. Further, this aidsmanager in identify and examine how a customer perceived about products and services ofcompany. This also helps customer in choosing the best product as per their needs andrequirements. In today's business environment, creating and maintaining a positive image ofbrand is very necessary for every enterprise (Vigneron and Johnson, 2017). One of the most1
significant feature of branding is that it helps organisation to distinguish its goods from theoffering of its competitors. Effective branding support firm in building a strong base ofconsumers and retaining them for a long time period. Importance of branding as a marketing toolfor companies is given below under the following points:Branding provide competitive advantage: To survive and complete all businessoperations in an effective way, it is very necessary that a firm should have adequateamount of funds and resources. It is very necessary that various elements which affect thefunctioning of firm should be considered by manager at time of formulating businessstrategies and plans (Zarantonello and Schmitt, 2010). Effective execution andcompletion of business operations in time reflects strategic plan of company. Further, itoffer support in promote different key areas that ensure growth and success oforganisation. Brand offer stable assets: A brand is a factor which remains constant for long timeperiod and provide different advantages to company. This is main reason that branding isknown as very important for company. Products and services which company introducein market can fail but a brand cannot fail in market as this remains same for the years andoffers number of long term benefits to organisation. When this element aligns withbusiness strategy then it enhances the potency of decision making procedure. In contextof Coca-Cola, it is a very effective and popular brand around more than 120 years. Brand offer economic value: Tangible and intangible are the two factors in which valueof a company is divided. Brand is the element which comes under the intangible assets.Coca-Cola as a brand has a value of $67 million that report approximately 54% over theoverall stock value of company. Effective brand management helps firm in attractinglarge number of skilled and talented personnel. Further, brand supports firm in makingthe customers aware about its products and cut the clutter from the market (Annie Jin,2012). Along with this, it help it create and maintain good relations with customers whichhelp in achieve its set goals and objectives easily. Brands set expectations: Brand also indicate the promise that a business entity made toits customers. This indicates that what the firm believes in and products or servicesoffered by it. Firm's ability to fulfil that promise decide the success and failure of thatbrand. In case when firm fail to serve its customers as per the promise then it hamper the2
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