Brand Management in Apple Inc
Added on 2021-02-18
17 Pages5513 Words35 Views
BRANDMANAGEMENT
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3LO 1.................................................................................................................................................3P 1) Explain the importance of branding as a marketing tool and why and how it has emergedin business practice.................................................................................................................3P2) Key components of a successful brand strategy for building and managing brand equity..4M1) Appropriate theories, models and concepts of Branding for successfully managing Brand.................................................................................................................................................4LO 2 ................................................................................................................................................5P 3 Different Strategies of portfolio management..................................................................5M 3) Critical analysis of portfolio management, brand hierarchies and brand equity...........6LO 3.................................................................................................................................................8P4) Managing brands at domestic and global level ..............................................................8M 4 Brand extension techniques ........................................................................................10LO 4...............................................................................................................................................10P 5 Techniques for measuring and managing the brand value.............................................10M 5) Developing a strong and enduring brand.....................................................................11CONCLUSION ............................................................................................................................11REFERENCES ............................................................................................................................12
INTRODUCTION Brand management can be defined as marketing technique which focuses on improvingthe reputation of the brand or a product of an organization. Brand management is a techniquewhich is used by the organization to increase the perceived value of the product or a servicewithin the market. It helps in building the loyal customers base which is done through a positivebrand association. Within this report Apple Inc. is taken as an organization, Apple Inc. is a USmultinational smartphone brand that are manufacturing variety of products having worldwideoperations (Elliott and et.al., 2015). This report discusses how a brand is build and is managed byApple Inc. and also how the brands are organised in portfolios. This report also discusses how abrand is extended over domestic and international market. In this report the techniques ofmeasuring and managing the brand over time is highlighted. LO 1P 1) Explain the importance of branding as a marketing tool and why and how it has emerged inbusiness practiceBranding is all about the name, symbol, design or any other identity which helps indifferentiating the services from competitor’s goods and services. It is an overall process offorming a unique name for a product in the mind of customers. It helps in customers inidentifying and retaining with the organisation for long term. Stages of building a brandWhile building a brand it must be kept in mind that customers must be targeted. It willhelp in covering the market and building the brand.All the competitors must be analysed properly about what they are offering and regardingthe pricing policy. It is always important to better than the competitor for building abrand.Marketing strategy is required to be determined so that the brand can be marketed in thebest way. Display the brand in maximum possible places so that brand can be build. Role of the marketing department in creating brand equityMarketing department of the organisation plays a very important role in creating thebrand equity. As the department focuses on advertising and marketing of the product. It onlyhelps in knowing people regarding the product and thus the market can be captured.
Importance of Branding as a marketing toolBranding improves recognition : This is a process which helps in making memorableby different designs and a different impression of organisation is created by the same. Brandinghelps in making an easy purchase to people as they can easily recognise the product by brandlogo or design (Burmann and et.al., 2017). One can come to know that this product is purchasedby them before and if they want to continue with the same then it will help them in recognising. Creates consumer preference for the product : It is very confusing for customers tobuy product when there are various products available in same category. So this problem can besorted out when there is a trust towards the brand. It is less risky to purchase the well-knownbrands' product which provides less risky purchases to people. In context to Apple Inc., companyhas got various advantages of brand name where it creates customers to buy the products withmore trust. Increase the market value of customers : Branding also helps the organisation inincreasing its market value. As a well-known brand is better platform for investors to investmoney (Lee, O’Cass and Sok, 2017). It can be said that physical assets plays a less role invaluation of organisation and ultimately brand equity is something that matters the most. Prevent new competitors from entering the market : It is a good barrier for newbrands to enter in the market. As it is tough to compete with an already existing brand name inthe industry. Apple Inc. already has a big brand name which does not allow the new entrants tocapture the market. It is due to the reason that customers prefer Apple Inc. due to its big brandname and quality product and services. Branding decreases employee turnover : It always sounds good to work with a bigbrand name and it gives a direction to employees (Du Preez, Bendixen and Abratt, 2017). If theorganisation has a good brand name than it provides motivation as well to employee to work formaking the brand name bigger. Thus, it decreases the turnover of employees and it is beneficialfor the company in every aspect.
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