Brand management assignment : Marks and Spencer
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Added on 2021-01-03
Brand management assignment : Marks and Spencer
Added on 2021-01-03
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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................4a) Importance of branding for an organisation............................................................................4b) Organisations grow and develop brand equity.......................................................................4c) Suggestions of how the brand can be extended, reinforce and revitalised..............................6TASK 2............................................................................................................................................7Managing brand portfolio...........................................................................................................7TASK 3............................................................................................................................................8Brand Leverage...........................................................................................................................8Strengths and Weaknesses of M&S brand..................................................................................8Collaborative and partnership agreements..................................................................................9TASK 4..........................................................................................................................................10Evaluation of various techniques for measuring and managing brand value............................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12.........................................................................................................................................................1
INTRODUCTIONBrand Management is considered as an important process that helps in maintaining anddeveloping a positive name of the company all over the world. In this complex businessenvironment company should create a strong brand image by offering customers product of highquality and meeting all the requirements with standardisation (Anselmsson, Vestman Bondessonand Johansson, 2014). Branding can increase loyalty of customer's towards the product. In thisreport chosen company is Marks and Spencer. It is a British multinational retailer that specialisesin clothing, home products and luxury food products, headquartered in Westminster, London(UK). The present report will discuss about the importance of building and managing brand overtime. It also determines the models for managing brand portfolio and hierarchy management.Along with this it also discusses brand extension and leverage of the brand of the respectivecompany. At last various techniques for measuring and managing brand value is also discussed.TASK 1 a) Importance of branding for an organisationBranding is the process of creating a unique name, symbol or design that helps todistinguish company's product from its competitors by creating a lasting impression in the mindsof customers. As it is mentioned in the case study that because of M&S low presence in themarket, it has unable to attract large number of customers and has closed 21 stores till now andfurther planning to close more. Branding is very important to the M&S which is describedbelow-Branding promotes recognisation- Effective branding can promote recognisation of thecompany's product in the outside world. Important element of the brand is logo as itmakes easy for the customers to recognise company's products. This way people can gainfamiliarity towards the respective company products which persuades them to buy.Brand sets apart from competition- In a highly competitive global environment it isnecessary for the company to stand out from similar organisations who are offering samevariety of products (Bruhn, Schoenmueller and Schäfer, 2012). Branding will help M&Sto differentiate its products from its competitors and attract large number of customers.Branding generates new customers- Branding of the company helps them to get wordof mouth referrals. Existing customers of the respective company will persuade others
buyers about the branded products of M&S. This will assist other customers to buy theproducts of M&S Which will lead to increase in target customer base. Branding create trusts- When the respective company provides high qualitystandardised products across the market. It helps them to develop trust over thecompany's products as they get value for money by buying products of M&S.b) Organisations grow and develop brand equityBrand equity generally refers to the premium that a company generates from the productswith a recognisable name in market. It is marketing term that describes the value of the brand.Perception of the customer plays a crucial role in developing brand equity (Dunes and Pras,2013). If the customers are having a positive brand equity about respective company's products,it helps organisation to enhance its brand image in the market. Their are various ways which theM&S can choose to develop brand equity-Brand awareness by offering Quality products- The most important strategy fordeveloping and building brand equity is to create awareness of its brand in the mind ofcustomers. With the help of social media marketing tools it can create awareness about itsproduct as well as targeting the audiences and offering offering quality products canmake high awareness of M&S products (Eggers and et. al., 2013).Consistent in its brand image- Respective company should focus on creating andcommunicating a consistent brand image. It should target every segment of the customerand carefully identifies and fulfil their needs tin order to create strong image in theirminds. This helps them to maximise brand equity as well as allow business to boost sales.Listen to customers- In order to create a high brand equity, respective company shouldanalyse customer neds and solve their issues regarding product quality or packagingwhich will increase trust of the customers on company's products and will boost sales.Legal and ethical decision making- Respective company should make legal and ethicalbusiness decisions in context to customer satisfaction. By operating its business functionslegally and ethically it enables them to build trust an long term relationship withcustomers thereby enhancing high brand equity for company.
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