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Brand management assignment | Mark and Spencer

   

Added on  2021-02-19

12 Pages3602 Words91 Views
Brand Management

TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3LO1..................................................................................................................................................3P1 Importance of branding as a potential technique for marketing and the way it is used in abusiness practice.....................................................................................................................3P2 The key factors of successful brand strategy for building and managing brand equity....4LO 2.................................................................................................................................................6P3 Analysing various strategies of portfolio management, brand hierarchy and brand-equitymanagement through the use of theories................................................................................6LO3 .................................................................................................................................................8P4 Evaluation of different ways through which brands are managed collaboratively and inpartnership both at domestic and global level........................................................................8LO4..................................................................................................................................................9P5 Various types of techniques for measuring and managing brand value with the examples ofcompanies...............................................................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTION Brand Management is related with marketing function that uses different tools in order toincrease the overall perceived value of different product line. In order to achieve brand value acomplete understanding is required with respect to the brand and its target market. Present studyis based on the organization Mark and Spencer which is a retail company established in the year1884 by M. Marks and Thomas Spencer having its head quarter at London, UK. Presentlycompany is having 80,787 employees at 1463 locations with over all revenue of about£10,3777.3 million. The report will include therole of branding as a measuring tool and the wayhas emerged in the business practices of M&S. Furthermore the report will include keycomponents of successful brand strategy to manage brand equity of the company. Report willalso include different techniques of portfolio management, brand hierarchy and brand equitymanagement(Gaustad and et.al., 2019). Further report will evaluate the way brands are managedcollaboratively and in partnership both domestically and internationally. Finally report willevaluate different kinds of techniques for measuring and managing brand value used by differentorganization.LO1P1 Importance of branding as a potential technique for marketing and the way it is used in abusiness practice.Branding is concerned with creating a name, logo and design that creates a separateidentity for the product or service and distinguishes it from its competitors in the market. It isextremely crucial to establish a brand name for the product as it helps in attracting customers andmaximise company's profits. The Marks & Spencer created a separate brand name for itselfwhich made them successful but the company failed to create a brand strategy and that led to itsultimate failure. Importance of branding includesRecognition: Branding promotes recognition which means that it makes it easy for thecustomers to recognize the product and purchase it accordingly. It is imperative for everybusiness to create a brand value as it would help in increasing their growth andsustainability. Competitive advantage: The advantage of branding is that it helps a business in achievingcompetitive advantage. A good brand name and logo speaks for itself and further attracts

the customers to buy it. Marks and Spencer created a strong brand value especially in theUnited Kingdom which gave them a competitive advantage but unfortunately thecompany failed to keep up with the changing needs and wants of the public and thatresulted in their overall failure and shutting down of stores(Çifci and et.al., 2016).Evaluating successful management of brands using branding theoryThe three stage theory of branding focuses on creation of a brand and it successfulpositioning towards the target audience. The three steps in the branding procedure includesDesign: Design is an important aspect of a product or service. It includes the colour,shape and size of the product. For this purpose, it is important for a company to developand design products according to the needs and wants of their customers. Marks andSpencer used to design dynamic range of products by performing market research butwithin the past few years the company faced downfall as it did not performed marketresearch and now it is finding difficult to survive in this extremely competitive market.Value proposition: Value proposition is concerned with what the company has to offer.Value proposition may include the values attached with the product. It is important toprovide unique and additional values in order to develop a brand name for product orservice(Davis, 2017).Positioning: Positioning means what the company wishes to portray in consumer's mindregarding the product. It is imperative to create a strong image ion the minds of consumerwhich leads them to buying the product every single time.P2 The key factors of successful brand strategy for building and managing brand equity.Strong brand names cannot be easily created, it takes a complete brand strategy to buildthem. In the view point of author, it is essential to have successful brand strategy as it can help acompany in building strong brand name for their goods and services which will further help inincreasing their profits and market share accordingly. The key elements of successful brandstrategy involves: Customer satisfaction: Customer satisfaction is the most important thing to achieve forany organization. It is the first step for any company if they wish to create a brand namefor themselves(Gaustad and et.al., 2019). The Marks and Spencer company focused oncreating customer satisfaction which helped them in establishing a brand name forthemselves.

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