Brand Management: Strategies for Building and Managing Brand Equity

Brand Management

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Define the significance of branding as a marketing tool and why it had emerged in
business practice..........................................................................................................................1
P2. Determine the key components of a successful brand strategy for building and managing
brand equity.................................................................................................................................3
TASK 2............................................................................................................................................4
P3. Analyse different strategies of portfolio management, brand hierarchy and brand equity
management.................................................................................................................................4
TASK 3............................................................................................................................................6
P4. Assess how brands are managed collaboratively and in partnership both at a domestic and
global level...................................................................................................................................6
TASK 4............................................................................................................................................9
P5. Assess different kinds of tools for measuring and administrating brand value.....................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Brand management refers activities that are conducted by business enterprise for
appropriately manage brand. There are several techniques and tools which are implemented by
organisation for managing brand and getting attention wide range of target audiences. Along
with this, it is most essential to retain loyal consumer for long term (Rambocas, Kirpalani and
Simms, 2018). For the completion of this assessment, Marks and Spencer is taken in to
consideration. This business venture was incorporated in 1884 by Michael Marks and Thomas
Spencer. They centre on offering products and services crosswise the world. This written
document will discuss about the importance of branding as a tool of marketing. The key factor of
managing strategies for successful brand is managing or handling brand equity in an effective
form. In this assignment, there are different plan of action that are utilised for portfolio
management, brand equity management as well as brand hierarchy is considered. It also
considers assessment to how brand is managed collobarively at both domestic and global scale.
Along with this, there are different tools that are utilised for measuring and handling values of
brand which is define within this document.
TASK 1
P1. Define the significance of branding as a marketing tool and why it had emerged in business
practice
Branding denotes actions that are taken by business organisation for endorsement of
products and services associated to brand. It is significant for Marks & Spencer to execute
effective activities associated to branding that provide several benefits during specific phase of
time frame (Rather and Camilleri, 2019). Along with this, branding plays an important function
in making that helps in getting attention large number of user in respect of business that develops
sales of establishment. Marks & Spencer centres on developing their brand image by provide
higher quality products and services to its consumers and fulfilling their require. Along with
this, branding is analysed as an effective plan of organisation that is useful for developing sales
in upcoming time. The importance of branding as a tool of marketing that is going to be defined
as under:
The brand offer competitive benefits brand is very important because it helps organisation in
accomplishing rivalry benefits over competitors at market place. By utilising higher brand image,
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the Marks and Spencer is capable to accomplish competitive benefits over rival organisations at
market and also it is utilised in performing different activities of company. There are different
techniques of company. Brand is important activities that offer support to establishment in
developing market share of firm.
Attract customers- The brand is crucial for getting attention large number of user in
context of organisation. The brand image associated to Marks & Spencer is able to getting
attention of range of consumer and develops sales of firm (Anees-ur-Rehman and et. al., 2018).
Thus, the brand image of company to be importance because it attracts a number of customers
with the aim of developing brand image. This strong branding that is efficient for developing
positive impact of brand among consumers.
Increase profitability- Maximisation in profitability margin of the firm is the key objective
of firm and it crucial for respective firm to develop higher brand image for increasing revenue
and income. Branding is analysed as a significant segment of firm as it supports in maximising
activities of marketing of firm. It is crucial as branding will aids supports in making business
value that will be crucial for efficiently execute activities of business enterprise.
Enhance customer loyalty- By utilising strong brand in the company, they will be able to
maximise satisfaction degree of user. Branding is important marketing tool and it is crucial for
developing loyalty of consumer and for developing its brand image. It is crucial for Marks &
Spencer to analyse effective activities associated to branding with aim of accomplishing aim as
well as objective in timely form. Thus, it is needed to develop loyalty of consumer in context of
maximise consumer base and build optimistic image of position in the market place.
Along with this, branding is analysed a important segment of company as it will lead to
develop activities associated to branding for getting attention of large number of user in respect
of company. Branding actions and procedures posses direct impact on functions of company and
it is important for selected firm to consider efficient activity to execute successful branding. This
string branding poses optimistic influence on company and they are able to execute task of firm
in successful way (Goggins and et. al., 2020). The specific firm centres on executing different
activities of branding with aim of developing profit margin upcoming time duration. In Marks &
Spencer, branding activities aids support in developing different task and activities ineffective
manner. As per the particular firm, they accept several kinds of marketing tools for getting
attention of number of consumers with increasing revenue or income of the company.
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