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Marks and Spencer Brand Management - Assignment

   

Added on  2021-02-19

13 Pages3982 Words32 Views
Brand Management

INTRODUCTION Brand management is defined as function of marketing in which various techniques areused to increase perceived value of brand. Brand management is very effective and helpful forenabling prices of products to rise and develop customers and clients. It is important for allbrands to develop effective strategies for increasing brand equity and brand value. This helps inknowing understanding brand, overall target market and vision of company (Arai, Ko, and Ross,2014). Brands have great influence on customer engagement and competition in market. Astrong brand present in marketplace differs product of company from it's competitors anddevelops brand affinity. The company considered in this report is Marks and Spencer. This is aBritish retailer located in Westminster, London. This company was started by Michael marks andThomas Spencer in the year 1884. The following report is on a case of M&S where company hadto close 100 of it's stores. There is discussion on maintaining brand value and brand equity. Also,there is explanation on different types of strategies of brand hierarchy, portfolio managementand brand equity management. Brand leverage is explained in context of M&S. There isdiscussion on techniques used for managing and measuring Brand value, awareness of BrandConsumer attitudes& Purchasing intent. TASK 1 Explain the importance of branding for an organisation Branding is defined as practise of marketing in which an organisation creates a symbol,name and design which belongs to company. This is helpful in identification of product ,separating it from other services and products. Branding is important as it is a long termimpression on customers and allows them to know about what they can expect from thecompany. Companies can easily distinguish themselves from competitors as brand is arepresentation of company as a business. Branding is essential for business and branding cantotally change the way people perceive product or service. It takes years for a brand to establishbut when it is finally done, there is need of maintaining brand through regular innovations andcreativity. There are notable brands which have established themselves as leaders have to workhard everyday for maintaining value and reputation of their brand. This also increases brandawareness. Some of the factors which tells importance of branding in context of Marks andSpencer are mentioned below -

Branding gets recognition – Main reason of branding to be important is how can acompany get recognition and it becomes known for their consumers. Logo of company isimportant thing as it is regarded as face of company. The design of logo of Marks and Spencer ispowerful and at same time is memorable. This is making a good impression on customers at firstglance. Branding increases business value - Branding is very important as it helps in generatingfuture business. Marks and Spencer is a well established brand and hence it can increase overallvalue of businessby giving leverage to company in the industry. This is a good opportunity forinvestment as it has been established in marketplace effectively. Branding generates new customers – A strong branding means that there is positiveimpression of company in front of customers. This reflects that company wants to do businesswith you because of dependability and familiarity (Buil, De Chernatony, and Martinez, 2013).Marks and Spencer is a well established brand and hence word of mouth can be the mosteffective technique for adverting. Improves employee pride and satisfaction – If an individual is working in a reputed firmthen this can be a reason for increasing the satisfaction level of employees. Marks and Spencer isa reputed company and it makes employees feel more enjoyable and happy in working withincompany. Creates Trust within marketplace – Marks and Spencer is using a professionalappearance and well strategised branding and this helps it in building trusts with consumers,customers and potential clients. Individuals do business with companies which have a polishedand professional portrayal. Marks and Spencer is putting efforts to perform well and becomingexpert in industry. This makes customers to trust the company and buy it's services andproducts. How do organisations develop brand equity Brand equity is defined as value premium which is generated by an organisation from aproduct in a recognisable name when compared to generic products. Organisations can create aequity for brands and its products and services by making them remember and high reliabilityand quality. Mass campaigns of marketing helps Marks and Spencer developing brand equity.The following steps are followed by Marks and Spencer to build strong brand equity -

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