Report on Brand Management - Samsung
20 Pages7578 Words136 Views
Added on 2020-12-09
Report on Brand Management - Samsung
Added on 2020-12-09
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BRAND MANAGEMENT
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of branding as a marketing tool and its emergence in business practice.............1P2 The key components of successful brand strategy for building and managing brand equity.4TASK 2............................................................................................................................................6P3 Analyse different strategies of portfolio management, brand hierarchy and brand equitymanagement.................................................................................................................................6TASK 3............................................................................................................................................8P4 Evaluate how brands are managed collaboratively and in partnership both at a domestic andglobal level...................................................................................................................................8TASK 4..........................................................................................................................................11P5 Different types of techniques for measuring and managing brand value using specificorganisational examples.............................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONBrand management refers to marketing goods of particular brand in market. It is essentialfor this concept to develop a good relationship with its target market. It involves all tangibleproducts such as, packaging, price of item, etc. It is an art or creativity which helps to sustainbrand at market place for longer period. It is essential for having knowledge about brand tointroduce it among consumers (Keller, Parameswaran and Jacob, 2011). This report is preparedin context of Optimum Impression Limited and SAMSUNG which is a UK based brands.Optimum Impression Limited is famous for its carpentry related services in commercial officesfit outs and partitioning. SAMSUNG is a largest information technology company whichprovides various electronic components, telecommunication equipment’s, etc. to its consumer's.In this report, the importance of branding as a marketing tool is explained along with its strategyfor building and managing brand equity. In addition to this, there are also some tactics which areconcerned with brand hierarchy, equity management and portfolio management. Lastly, severalways of managing and measuring the value of brand is also specified under this assignment. TASK 1P1 Importance of branding as a marketing tool and its emergence in business practiceBrand: A brand is defined as an identifying mark, logo, symbol, word or name which isused by the firms to differentiate their products and services form other companies. It representsthe face of an organisation within marketplace. Upholding the integrity of brand is important ifSAMSUNG wishes to sustain a firm presence within marketplace. Brand equity: It is a marketing concept which defines the value of a brand. This value isacknowledged on the basis of customer perceptions and their experience while dealing with theorganisation and its products. If a brand is capable to cater the preference and requirements ofcustomers appropriately, it is called as positive brand equity. In case, brand disappoints andunder delivers then it creates a negative brand equity due to which sales and profit of a companydecreases. Optimum Impression Limited is a renowned brand of UK which provides carpentryservices to different commercial offices in country. The company provides services at highlycompetitive prices to its customers. It provides services according to the requirements of users inorder to satisfy them. In this task, role of marketing department is specified along with stages of1
building successful brand. In addition to this, importance of branding as marketing tool is statedunder.Branding is concerned with planning, designing, creating a brand name which helps todetermine company easily among several organisations. It is an important aspect as it helps todevelop loyalty among users and also motivates them to buy products. By this, customers canalso differentiate products with other brands. This also assists company to improve theirrecognition by providing different sign and logos. This creates a kind of mutual trust betweencostumers and company (Kapferer, 2012). On the other hand, 'Brand equity' refers to a valuewhich company generates from a good with a recognizable name. It helps company to make theirproducts memorable and easily recognizable. In this, marketing campaigns assist companies todevelop brand equity. These concepts are also considered by Optimum Expression Limitedwhich assist them to create identifiable brand. Benefits of branding for a businessCustomer recognition: Branding of a product of services helps customers to recognizethem easily by their name, colour, symbol and logo (Valette-Florence, Guizani and Merunka,2011). It is essential for company to make their products eye-catching and familiar which enableusers to identify them easily. In context of Optimum Impression Limited, the company has alsoits own logo and symbol by which consumers can easily recognize their brand. Consumer loyalty: Branding also gives benefits and advantages to a businessorganisation by creating customer loyalty. If company adds a good and creative product with itsbrand it will attract more customers towards them. This will create customer loyalty with brandand products. In case of Optimum Impression Limited, the company provides superior qualityproducts to its uses which enhance customer loyalty and relationship.Stages for building a successful brandThere are some stages which helps company to create and build their brand successful.These are also considered by Optimum Impression Limited which are as follows:Define how to be perceived:This is the first important stage which company considerbuilding a successful brand. In this company determine experience, taste or preference ofcustomers related to products (Barrow and Mosley, 2011). By this stage, business enterprise canunderstand which product is mostly liked by their users. This also assist the manager of2
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