Report on Importance of Branding Marketing Tool : Coco-Cola company
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Added on 2020-06-06
Report on Importance of Branding Marketing Tool : Coco-Cola company
Added on 2020-06-06
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BRAND-MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1P1 State the importance of Branding as marketing tool.........................................................1P2 Determine the key elements of successful brand strategy for managing brand equity.....3TASK 2............................................................................................................................................5P3 Evaluate different strategies related with portfolio management and brand equity..........5TASK 3 ...........................................................................................................................................7P4 Determine how brands are managed collectively and in partnership................................7TASK 4 .........................................................................................................................................10P5 Evaluate different techniques for measuring brand value...............................................10CONCLUSION..............................................................................................................................15REFERENCES................................................................................................................................1
INTRODUCTIONBranding refers to the process of creating and maintaining image of company's product inthe eyes of customer. Branding connects the company with its target audience in an effectiveway. With the help of Branding, Company can increase its sales and revenues in an effectivemanner (Annie Jin, 2012). Basically the term branding depicts the perception of target audienceregarding the company's product or services. This report is based on Coco-Cola which is worldlargest provider of Soft drink. This report mainly states the importance of branding as marketingtool and also differentiate among the product and brand. This report also talks about variousstrategies used by brand-management in order to gain higher competitive advantage. P1 State the importance of Branding as marketing toolIn simple words, Branding means establishing or creating an image of firm in the eye's ofconsumer. It is mainly done via advertisement campaign, publicity, sponsorship etc. with arational theme. With the help of Branding, Company can differentiated themselves among theircompetitors. According to American Marketing Association, brand can be described as a name,logo, picture, design that creates an image of the company distinct from those its rivals. Brandingconnects target audience with the business enterprise. It mainly represents the consumerperception about the company. Coco-Cola has been serving their buyers for more than 132 years,this makes them unique and differentiated from their competitors. The referred firm applies “OneBrand Strategy” to its business enterprise. Following are the importance of Branding asmarketing tool: 1.Branding encourages recognition: People often purchase products or services from theentity who possess strong goodwill in the marketplace. Company's are require to maketheir branding consistent which ultimately help the buyers to purchase more products andservices. Coco-Cola is satisfying their buyers from the past 132 years which makes themfamiliar with their target audience.2.Branding promotes competitive advantage: In the modern scenario, it becomes importantfor a firm to hold strong position which makes them apart from competitors (Asmussenand et. al., 2013). Coco-Cola is facing tough competition from its rival firm such asPepsi, Nestle. Branding gives them the advantage of higher competitiveness level. 1
3.Brands provides stable asset: Sometimes, there are situations where new product fails,technology becomes outdates but brand is the one thing that never becomes perish. If thebusiness organisation is having strong brand image, then they can easily pass through allsuch hurdles (Braun and et. al., 2015). Coco-Cola is holding strong market share frompast 132 years which is too long as compared to its rivals who eventually exist from last20-30 years. 4.Brands set expectation: In the present world, everything is based on expectation.Restaurant promises to provide good food, Teacher promises to give education etc.Increased expectation of buyers makes firm liable to produce goods or services accordingto their needs and wants. For instance, Coco-Cola no calorie product makes clientsbelieves that this product is sugar and calorie free. Different expectation of consumersmakes Coco-Cola liable to manufacture product or services according to their choices. 5.Brand creates new customer: In 2014, Coco-Cola has launched its new range for thecustomer who all are fitness freak. This has often increased their market share up-to 30%.Coco-Cola majorly gets their business via referral. Customer often share their reviewsabout the product with peers, family, friends, colleagues which ultimately stimulatesthem to buy that particular product. And as a result Coco-Cola generates new buyers viaword-of-mouth method. For instance, a person who is fitness freak will definitely sharetheir experience about the product with their other fitness or gym friends which results inbuilding more clients for Coco-Cola .People often get confused between two words one is brand and other is product. Both aredifferent but still buyers considers them the same. Described below depicts the differencebetween brand and product: Product Brand Product is made by Company. It can be copied by rivalry firms.Product becomes obsolete with thepassage of time. Product may be tangible or intangible. Brand is made by consumers. Brand is unique. Brands becomes timeless over time.Brand is mainly intangible. Branding was first used by civilization of pre-historic times and they often start withbranding of farm animals (Kavaratzis and Zenker, 2013). With the passage of time, archaeologist2
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