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Managing Brand

   

Added on  2020-09-17

15 Pages4107 Words45 Views
Brand Management
Managing Brand_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Significance of branding...................................................................................................1Brand......................................................................................................................................1Why branding is a significant marketing tool........................................................................1Meaning of brand equity........................................................................................................2Difference between a product and brand................................................................................2P2 Successful brand strategy and its major components........................................................2Strong brand and its key elements..........................................................................................3Development and management of a brand.............................................................................4What are the main challenges developing a brand.................................................................4TASK 2............................................................................................................................................4P3 Various strategies of management of brand in portfolio..................................................4TASK 3............................................................................................................................................6P4 Collaboratively brand management.................................................................................6TASK 4............................................................................................................................................8P5 Various types of methods for manage value of a brand....................................................8CONCLUSION..............................................................................................................................10........................................................................................................................................................12
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INTRODUCTIONTASK 1P1 Significance of brandingBrandA brand refers to a symbol, name, design and characteristic that support an organisationin develop its goods unique from its competitors. Mainly this is utilized by firms for encourageits products or during its promotional activities. Process of create a unique brand image of a product in mind of target audiences withhelp of advertising campaign and promotional activities is known as branding. In today'sbusiness environment, brand is consider as one of the important and valuable asset of a companybecause this support organisational activities and help a business entity in achieve its set goalsand objectives in an effective manner (Schroeder, Borgerson and Wu, 2015). Branding is carryout by enterprises for differentiate its products from other offering in market and to develop apositive picture in customer's mind. Major advantage of this is that it encourage enterprise inattract large number of customer towards its product which increase the number of its profits.Effective and positive image of a brand help customers in identify company's products easily.Further, this ensure survival of a product in market for long run. One of the main feature ofCoca-Cola is that it has a strong and positive brand image in the marketplacethat help entity incompete with other firms. Why branding is a significant marketing toolImportance of branding as a selling tool is given into these points:Brand give competing advantage: Branding is refer as one of the most significant factoran enterprise and a positive brand image highlights that firm enjoys a large and strongcustomer base. Positive brand image of Coca-Cola offer a competitive benefit to firm. It offer a stable assets: If an enterprise achieve success in maintain a positive brandimage then it offer long term advantages to a company (Ozcelik, 2015). A product canbe fail in market but a brand cannot. For example, Coca-Cola launched its uniquegoodCoca-Cola C2 in American, Canadian and Japanese market in 2004 and this good remainunsuccessful to capture a huge share of market but all this did not impact on brand image.Attracts new customers: Brand is a element which come under the intangible assets of anenterprise as one cannot touch it. Brand value of Coca-Cola is estimated $67 million.1
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Major feature of trade name is that it support entity in enjoy a strong position in marketand all this enhance the profit ratio of company. Further, firm with positive brand imagehelp in attracted skilled candidates which ensure effective completion of businessoperations in time (Ponnam and Balaji, 2015). Coca-Cola is a big organisation and itcapable to develop and offer value to its target market. Sets expectation: Branding also indicate the promise that a firm do with its customers.When company offer the same as promise then all this help in attract large number ofconsumers. On the opposite when firm fails to fulfil its commitment then it decrease itsshare of market. Coca-Cola is a which provide various products to its target market suchas sugar free and all this help firm in maintain its market share and contribute in growthof firm. Meaning of brand equityBrand equity refers to the value of a trade name. Basically brand equity rely on somespecific features such as awareness of customers about brand, associations and features of abrand. Difference between a product and brandBrandProductThis is refers to specific description orcharacteristic of a good which support firm inexamine its image around the globe. This is known as combination of tangible andintangible features offer by firm to fulfil therequirements of its customers. This is something that cannot be copied byothers.Anyone can copy the products easily. This is intangible in nature and no one cantouch or feel it. This give shape to perceptionof customers. Products are intangible in nature. Individualscan touch, feel, see and can consume the same. P2 Successful brand strategy and its major componentsBrand equity refers to the worth and quality of trade name perceive by its customers(Borden and Brand, Callahan Cellular, 2017). If end customers of enterprise have a goodexperience and value towards the brand name that all this support in create a positive brandequity in marketplace. For get a strong brand equity, it is significant for an firm to provide new2
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