Brand Management: Building and Managing Brand Equity
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This document discusses the importance of branding as a marketing tool and analyzes the key components involved in successful brand strategy to build and manage brand equity. It includes a case study of Frasers Group, a UK-based retail group.
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Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 P1. Explaining importance of branding as a marketing tool along with the ways it has emerged in practice of entity......................................................................................................................3 P2. Analysing key components involved in successful brand strategy to build and manage equity of a brand..........................................................................................................................5 M1. Evaluating the ways brands are managed in successful aspects over time by using application of suitable models and theories.................................................................................7 M2. Applying appropriate along with validate examples in a company.....................................7 TASK 2............................................................................................................................................8 P3. Analysing distinct strategies related to portfolio management, brand equity management and brand hierarchy management................................................................................................8 M3. Critical analysis of brand hierarchies, equity of brand and portfolio management by using appropriate frameworks and models..........................................................................................10 TASK 3..........................................................................................................................................10 P4. Evaluation of the ways brands are managed collectively as well as in partnership at domestic and global level...........................................................................................................10 M4. Critical evaluating of used of distinct techniques for leveraging and extending brand.....11 TASK 4..........................................................................................................................................12 P5. Evaluating different kinds techniques to measure and manage values of brand.................12 M5. Critical evaluation of application of techniques to measure and manage value of brand for developing strong together with enduring brand.......................................................................14 D1. Providing critical evaluation which is supported by justified evidence that demonstrates comprehensive understanding of branding in context to company..........................................14 CONCLUSION..............................................................................................................................15 REFERENCES..............................................................................................................................16 2
INTRODUCTION The word brand can be said to an emotional shorthand to accumulate and assumed data. It is present at the time when values and standards of what a commodity, service, etc means to target population is higher than what it performs for the population. Similarly, brand management referstomanagementfunctionwhichutilisestoolsforenhancingperceivedvaluesof organisation and its product line over time. When brand management is priced accurately they it gives cost leverage, establishes meaning awareness and increase customer loyalty by embodying purchase process relationships. To understand more about brand management, Frasers Group is chosen. It is UK based retail group whose headquarters are established at Shirebook, England. The company was founded by Mike Ashley in 1982 (Frasers Group. 2020). The organisation is courageous for dealing with constantly challenge in the industry for creating new ideas of business as well as seizing opportunities. The management of retailer are thinking to strengthen the brand for improving its market share. For this, the administrators have decided to open official stores in Nortfolk where all its products will be made available are reasonable prices without compromising with quality to attract larger people. The report highlights about the ways a brand is built along with managed with time. It also analyse the ways brand is organised in portfolios and the ways in which hierarchies are developed as well as managed. At last, it evaluates technique and tools to measure addition to manage value of the brand with time. TASK 1 P1. Explaining importance of branding as a marketing tool along with the ways it has emerged in practice of entity In simple terms, brand refers to the promise the firm makes to its customers. Likewise, branding can be explained as a process to craft positive and powerful perception of business, its offerings and others in mind-set of customers through combining multiple elements including mission statement, consistent theme as well as design across overall marketing communications. In an entity, effective marketing aids in differentiating themselves against their rivals together with develop loyal customer base. Around 87% consumers believe that consistent branding on all traditional along with online platforms is necessary for success(Atwal and Williams, 2017). For Frasers Group, branding is significant as not because it makes memorable experience on target 3
audience rather it allows them to know what to expect from the business. As per Trexsol (2020), Branding is fundamental piece of marketing process as there are several rivals of a product manufactured by entities. Moreover, branding is seen as significant marketing tools whose importance to Frasers Group are underneath: Expandingestimatedworth:Inmarketing,brandingperformsroleofincreasing predicted organisational worth in market. It is analysed that other resources such as physical resources, intellectual resources, financial resources etc have limited contribution in making values of business in comparison to branding as tool of marketing(Almodarresi and Rasty, 2019). For Frasers Group, branding helps in expanding worth of its products and brand equity within target market. It helps the managers to develop future business and enhancing business worth through providing more leverage within the industry. It makes branding an appealing investment opportunity to expand predicted worth. Generating consumer loyalty: Branding have power to provide word of mouth referrals to business which creates positive impression of entity on its consumers and develops trust that generates loyalty from consumer’s side towards business(Azham and Ahmad, 2020). As marketingtool,brandingisimportantbecauseitencouragestargetpeoplebypresenting commodities in attractive ways which inspire them in their whole purchase journey that results in developing loyalty among users. For Frasers Group, branding is perceived as import market tool as it assist marketers to encourage customers to buy its products from physical outlets addition to online and build strong loyalty with the brand. Connecting consumers emotionally: Emotional branding involves forming relations among brand and target audience via provoking their emotions. Branding is the marketing which understands consumer psychology through their behaviour and attitude towards the brand and makes efforts to connect with them in emotional manner. The marketers of Frasers Group have skills to achieve this through creating powerful and influencing content which appeals to emotional state, aspirations, choices and ego of consumers that leads to connecting with potential consumers emotionally. Within business practice, the concept of branding have emerged because to help businesses in adapting fastest changing digital landscape to become more thriving. If an organisation have to stag ahead in market or industry then branding assist in reading for comprehensive guide. Brand evolution reflectspotentialcustomersthatthe organisation isgrowing additionto 4
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evolving, for understanding what the customers and company wants, who the entity is as well as keeps enterprise competitive despite of falling behind or letting rivals taking over. In context to Frasers Group, branding have evolved to generate more awareness about the business in market, making customer base stronger and staying ahead in competition. In business practice, branding evolved since long time ago. Evolution of brand have helps the business to remain in minds of existing consumers without rebranding. Population have branded their livestock for indicating ownership from ancient times. Procter and Gamble were the associations who have originated the concept of branding and later it is adopted by all business concerns.At its centre, major function performed in brand evolution is determining target audience(Brahmbhatt and Shah, 2017). Research study is other element in brand evolution within business practice as it gained sociological understanding about target population and their requirements form offerings of company. It includes a process which plays crucial element in evolution or emergence of brand within practices of Frasers Group. In the process, initial phase isdetermining target populationin which administrators of company participates in recognising requirements of suitable market. Once target audience is determined then the next isdefining brand missionwherein mission statement is framed and it is embraced in all communication channels across the company. The next stage ofresearchin which marketers identifies other companies in the market which offers similar commodities and provide the information to business managers so that important decisions are framed for product differentiation. The next is determining guidelineswherein organisational professionals defies set of guidelines that are required to undertaken while practicing activities. The last phase is of marketing brand through effectivepromotionalstrategiesinordertopromotethebrandincompetitivebusiness surroundings. Marketing department plays significant roles in emergence of equity of Frasers Group. P2. Analysing key components involved in successful brand strategy to build and manage equity of a brand In successful strategy of brand, there are numerous components that performs significant responsibilities in developing and managing brand equity commendably. All components are analysed by applying various methods and theories. For Frasers Group, Adkar Brand Equity is one of theory which is applied to ensure that it is a leading brand in market. The theory helps 5
managers to devise a brad strategy that is made of multiple components which separate the entity from its rivals. The elements of the model are analysed below: Brand as organisation: It flows unswervingly from a unique group of population along with their attitudes, values and so on(Beck, 2016). The element represents what the brand “Stands for”. In this element, involved parts are organisational characteristics, domestic practices along with international activities. Brand as symbol: It represents personality of brand as well as contributes towards recognition rate. It is part of brand stylistics along with made of visual style elements. It covers aspects concerned with audio and visual imagery, metaphorical symbols, emotional state and heritage. Brand as person: Brand as person is seen as being impressive, active, competent, humorous and impressive. It defines about consumer brand relations and personalisation of the brand in all. Brand as offering: It engrosses essential, fundamental and important features which are linked with what the company offers in market. Attributes, scope and value are elements involved in this. Frasers Group is an example that makes various efforts to build and manage the equity of brand. By applying the model, experts have devised brand reinforcement as well as extension through focusing in certain components which are as follows: Brand loyalty: It is termed to the tendency of consumers for purchasing products of one brand over others in continuous manner. The component defines demonstrates when consumer behaviour will motivate them to buy offerings of company continuously which fosters trusting relationships(Brexendorf and Keller, 2017). For Frasers Group, marketers are working on building brand loyalty among users by compelling advertisements and content that garbs attention of mass target audiences as well as increases their commitment that assist in building and managing brand equity promptly.Consistency is one of element which assist a brand to build loyalty that leads to building a successful brand. In case with Frasers Group, the brand provides customers a similar feel all time they gains an opportunity for consuming their offerings that makes them loyal to the company which results in successful brand building in market. Brand awareness: It defines level of consumer recognition of commodity by its name. Creating brand awareness is seen as crucial stage to promote commodities or reviving older 6
brand. For Frasers Group,it is important component to develop and manage brand equity in market. Ideally, brand awareness comprises characteristics which differentiates a business from rivals. The marketing team of the establishment boost consciousness and attentiveness within target groups through multiple channels including search engine optimisation, intermediates, social media, etc to recall its identity that helps successfully in managing equity of brand.Brand awareness contribute in building successful brand as it helps paving the way to attain variety of business marketing goals as well as objectives such as staying ahead in rivalry, generating more leads along with building an audience. Brand association: It is concerned with duration when traits of brand are rooted in minds of customers. Major objective of brand association is linkage of brand with positive attributes. For Frasers Group, marketers are responsible to increase brand association through having integration or communication with wider audiences and sharing information related to necessary benefits from purchasing organisation offerings. With this, success is achieved timely and equity of brand is managed resourcefully.Within Frasers Group, brand associations is the element that generates value as well as equity of company linked with positive variables that legitimately build the company as successful brand. It is important for all organisations to build and execute essential concepts and model to improvise brand and deal with negative crisis(Cheung and Baum, 2018). In relevance to Frasers Group, professionals can apply focused concept. Moreover, it is analysed that the organisation have faced certain challenges in last couple of years that includes battle over re-election, minimum wage claims and profit warning amid disruption due to coronavirus that directly influence brand equity in overseas market. At same time, the company have also faced issue of neglecting legislations because of which its distribution system is greatly hampered. To deal with such situation, Frasers Group managers can install Automation Technology and Customer Relationship Management systems so that all its distribution system is managed without human errors and relations with customers are managed properly. M1. Evaluatingthe ways brandsare managed in successful aspectsover time by using application of suitable models and theories All business concerns executes suitable models to manage its activities successfully. In context to Frasers Group, managers have manages all practices of the brand by applying Adkar Brand Equity model in order to improve all related concerns of the brand. In this, main 7
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functioning are dine by organisational employees and professionals to analyse situations, setting strategies, making necessary changes in structure, implementing strategies and many more that results in successful management of the brand. Likewise, brand equity theory also assisted in building relations with target population towards brand so that equity is improved. In contrary, it is evaluated from statements ofDecker and Baade (2016)that developing and managing equity of brand by applying the concepts and model is time consuming and costly approach that increases expenses of entity which impacts drastically on brand equity. M2. Applying appropriate along with validate examples in a company FrasersGroupispopularandforemostretailerofUnitedKingdom.Organisational administrators have executed various models and theories to promote and increase its brand equity in overseas market. Currently, the brand have evolved as best known company through designing effective brand strategy and management of equity together. In this aspects, the key components includes brand awareness, brand association and brand loyalty. At same time, the company is required to implement certain strategies to handle issues(Depeyre, Rigaud and Seraidarian, 2018). For example, to manage relations with customers, Customer Relationship System is effective strategy for Frasers Group to manage equity of brand and gain success. TASK 2 P3. Analysing distinct strategies related to portfolio management, brand equity management and brand hierarchy management Portfolio management: It refers to selection, prioritisation along with controlling projects or programmes of business.Brand portfolio strategy meets prioritised strategic business issues together with decisions despite of linkages of brands.Some of the portfolio management strategies that could be adopted by Frasers Group for efficient portfolio management so to generate maximum possible returns are as analysed: House of brands: By using the portfolio strategy, business market two or more distinct brands. In context to Frasers Group, house of brand strategy applies core strengths as well as infrastructure of parent entity to multiple markets by one or more stand alone house brands. It permits each brand to set different values together with meaning with customers and prospects. 8
Active Portfolio management strategy: It depends on the aspect that specific analysis style generate returns which have possibilities to beat the market(Doyle, 2019). With Frasers Group,managerscanapplyactiveportfoliostrategyformakingspecificinvestmentto outperform investment target return and benchmark index. Benefit that will be attain by using the strategy is that it can exploit opportunities in market by buying undervalued or overvalued securities. In contrary, limitation of it is that it only provides short term profits and include high transaction costs. Passive Portfolio management strategy: It is based on the fundamentals that markets are well-organized, it is impossible to beat returns regularly along with best returns are gained from minimum cost investment for longer durations. In Frasers Group, administrators can apply the strategy for emphasising on maximising diversification with restricted expectational output. Benefit that can be experienced from adopting the strategy is generating returns similar to selected index. However, disadvantage of it is huge involvement of risks and uncertainties that impacts current portfolio. Branded house strategy: It offers many goodness to establishment that provide multiple goods within one branded company. To Frasers Group, use of branded house strategy could assist in offering variants under the brand. Some of its benefits includes efficiency in which one marketing strategy addition to one brand code engrosses every offering (Branded house strategy, 2020). The other benefit is easethat leaves no room for confusion and avoids competition through keeping every product under the same brand. According the above analysed strategies of portfolio management, experts of Frasers Group adopts active portfolio management strategy in order to exploit opportunities of inefficient market to make higher revenues from various portfolios with company. Brand equity The word brand equity is a value premium which an organisation builds from offering with a familiar name at the time compared with generic equivalent(Fatma, Khan and Rahman, 2016). It is the word that is popular in marketing to analyse perceived worth of company in and of itself. Keller’s brand equity theory is suitable for managers of Frasers Group for managing equity. The concept is simple to use as it builds powerful brand that shapes thinking of target people about the offerings. It is essential to build right kind of consumer nearby the brand with the hope that customers have feelings, perceptions, positive thoughts and opinions about it. Key 9
strategiesconcernedwithbrandequitythatcanbeusedinFrasersGroupareanalysed underneath: Innovation: It is the practice to apply ideas on existing products that are useful and novel. In case with Frasers Group, by offering something new will lead to managing brand equity. Implementation of the strategy by managers of Frasers Group will benefit in reducing waste, improving relations and making larger sales. However, execution of innovation strategy can end up wasting available resources, time consuming and requires huge money with ideas. Holding brand image: The strategy influences employees to take actions for holding image in current and target market that leads to developing and managing brand equity. Implementation of the strategy will benefit managers of Frasers Group to build unique and competitivepositionindynamicretailindustryformanagingbrandequity.However, disadvantage of the strategy is that it ignores various factors that potentially impacts of position of company. From analysed brand equity strategy, Innovation strategy is effective for Frasers Group as innovatingormodifyingcurrentproductsleadstoincreasingproductivitythatimproves profitability in competitive business scenario. Brand hierarchy management It is explained as organising brand elements or components as an attempt for utilising equity of brand in order to improvise recognition in market(Fritz, Schoenmueller and Bruhn, 2017). Fewer brand hierarchy strategies are analysed for Frasers Group below: Individual branding: It is said to the strategy that restricts essentials of company to one product category. In other words, individual branding is hierarchical management branding strategy wherein products are allotted brand nameswhich are newly produces as well as generally do not have any connections with names of established brands that are offered by an organisation. If managers of Frasers Group uses the strategy then it can build unique image and identity in the market. However, use of the strategy can create difficulties, expense to devise separate programme and so on on brand equity. Corporate branding: Herein, all administrators of organisation involves in promoting along with managing hierarchy of recognised products under individual brand. Advertising tool are main technique of the strategy. Implementation of corporate branding strategy in Frasers 10
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Group will benefit in increasing values by grabbing opportunities and shaping reputation. At same time, the strategy fosters scrutiny and transparency which is its key limitation. Hybrid strategy: It is combination of house of brands, endorsed and product brand in one hierarchy. In Frasers Group, hybrid strategy can be used when managers are planning to acquire new brands by merger-acquisition and these fails to fit in present brand structure. The advantage of hybrid strategy is that it helps business to come with perfect unique solution which meets requirements of market. However, limitation of hybrid strategy is that creates huge complexities to manage new and present resources in such hierarchy. From analysed brand hierarchy strategy, administrators of Frasers Group adopts hybrid strategy as it have all needed resources to manage critical relationships among brands. M3. Critical analysis of brand hierarchies, equity of brand and portfolio management by using appropriate frameworks and models According toGuillén and Rubio (2019), it critically analysed that an organisation selects and implement suitable strategy after analysing pertaining situations. In context to brand hierarchy strategy, administrators of Frasers Group adopts hybrid strategy that benefits in integrating working of all resources adequately. However, the strategy results in generating issues among resources. The next is brand equity in which innovation strategy is adopted by managers as it helps in offering something different to market. In contrary, innovation requires huge investment and is time consuming approach. The last is portfolio management in which managers uses active portfolio management strategy which benefits in exploiting opportunities from ineffective market and making success. However, the strategy only focus on short term success. TASK 3 P4. Evaluation of the ways brands are managed collectively as well as in partnership at domestic and global level In the competitive business environment, brands are managed collectively through brand leveraging along with brand extension at domestic and international level is respectable manner. The term brand leveraging is all about suing powers of well-established brand’s name for supporting entrance of organisation in relatable product category. For instance, management of Frasers Group used the brand name strength to launch sportswear and related commodities in domestic and overseas market. There is powerful correlation among the two goods which the 11
brand name have effective influence on consumers at both level(Jessica, 2017). At same time, with the help of brand extension, administrators of Frasers Group are able to manage the brand in partnership in domestic and global market. In brand extension, an entity uses one of settled brand names on new commodity or category. Numerous efforts are made by management of the UK based firm for managing working in partnership with other brands by leveraging strategies. Mentioned below are brand leveraging and extension strategies used by the establishment: Types of strategyBrand extension strategyLine extension strategy DefinitionIn this, an organisation promotes and sells its offerings with well- developedpictureusingsame name of brand in other category ofproduct.Thenewproducts can be said to spin-off. It is an approach for manufacturing new commodities for prospects that do not purchase from the company. Extendingproductlineengrosses addingnewattributestocurrent productsdespiteofdevelopinga total new commodity(Kamboj and Rahman, 2017). BenefitsWith brand extension strategy, professionalofFrasersGroup enjoysbenefitsofproviding variants to consumers, labeling efficiencies,improvingbrand image and reducing expenses in marketing programs. Through the strategy, managers of FrasersGroupenhanceswider alternativestoreachwidelocated consumerswithlowerproduction cost, lower development cost, easy implementation,friendlyretailer relationships and possible economies of scale. LimitationsBrand extension strategy dilutes value of the core brand, arises issueofcannibalisation, inappropriate extensions and so onthatnegativeimpactsof Frasers Group. Line extension strategy requires huge investmentwhichaddsmore transactionstocompanyand increaseschancesofvariousrisk occurrenceforprofessionalsof Frasers Group. 12
By executing the mentioned strategies effective, managers of Frasers Group coordinates all practices with partners so that entire business is managed towards success at domestic and international market.The brand manages working collaboratively at domestic as well as global level through leveraging brand extension strategy in which managers of Frasers Groups makes relations with other business to market its products with well developed images that are used by same brand name but in distinct categories of business. At same time, brands manages business in partnership at domestic and global level through line extension strategy that is an approach for designingandmanufacturinganewcommoditytoexistingcustomersatnationaland international level. Frasers Groups makes efforts by sharing same values, having track record together, defining clear roles and responsibilities, working with right business structure and being honest with entities while carrying out activities of partnership at global and international level. M4. Critical evaluating of used of distinct techniques for leveraging and extending brand As perKleine-Kalmer (2016), it have been evaluated that organisational professional uses two kinds of strategies including line extension addition to brand extension strategy for the purpose of leveraging together with extending brand in domestic and overseas market. Through line extension strategy, Frasers Group enters into new market easily. In contrary, there are various complexities associated with the strategy. At same time, implementation of brand extension strategy benefits Frasers Group in saving cost of developing new brand, reducing risk perceived and expenses related to introductory. TASK 4 P5. Evaluating different kinds techniques to measure and manage values of brand Frasers Group is the organisation which have succeed launching a brand that is Slanzenger in year 2004. In this context, the company have adopted distinct kinds of techniques in order to measure and manage the brand value that are as follows: Brand value: It is the financial worth of brand that is determined through worth in the market or the values that customers purchases.(Lin, Lobo and Leckie, 2017).Placing values on brand is quite complex and all consumers want values for the money that they are willing to pay. Brand values are the things which cause people to buy one 13
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company's product or service rather than another.In other words, brand value can be demarcated as desirable principle which embodies a brand. In relevance to Frasers Group, techniques used to measure and manage the value of brand are below: Doc view: With this technique, all the information about promotions, advertisement, market size and so on are prepared in report format in documents which is possible because of launching a totally new product or product category. In Frasers Group, the technique benefits in recoding all data concerned with customers as well as expansion outcomes at one document so that measuring values becomes easy. However, to perform all the practices, skilled or professional is required who charged high salary. Market based:The market approach is termed to an approach that examine value based which is associated to transaction worth of assets . In Frasers Group, the approach of perceived brand value can be used to analyse valuation of assets as per transactions to third party which is characterised through high objectivity and intellectual property rights. However, limitation of the valuation method includes complexityto obtain recent comparable company data and the standard of value being used may be unclear. Income based:The income based method approach measure and manage the value of brand focus on the present value of the economic advantages that brands could generate in future. Through this technique, managers of Frasers Group can evaluate profits which can be gained in future through utilising brand name However, limitation of the method is that it is accompanied by the uncertainty of future forecasts.Video view:In this technique, details about brand in market are measured and managed easily. By using it, managers of Frasers Group analyses proportion of people who have watched the videos shared on various channels. At same time, using the technique managers measures values as per percentage and view list in specified duration. Market share: It refers to percent of total sales made by company in an industry(Randrianasolo, 2017). In this aspect, administrators of Frasers Group have adopted mentioned below techniques for measuring and managing the brand value in retail industry: Market share maintenance: For an organisation, it is quite complex to maintain brand values due to various top players in industry. In case with Frasers Group, experts 14
optimise resources effectively and maintain values in proper manner. However, the technique is used in restricted situations only to measure values in market.Market share building: With this, managers of Frasers Group expands in various groups so to devise effective brand value by responding towards customers quickly, being more flexible, staying relevant via innovation and snapping up customers that benefits in acquiring larger market share and enjoying being leader. Consumer attitudes: It is a feeling or behaviour of favourableness as well as unfavourableness which a person have towards an organisation(Shi, Li and Lim, 2017).Consumers have various feelings or attitudes towards products or brands. In this aspect, some of techniques to measure brand values associated to consumer attitudes are below: Structured mechanisms: A systematic tactic that helps in analysing customer attitudes by segmenting them into certain groups such as disguised or non-disguised. It is computation of deflections, internal forces and deformations in structures of entity, for example, Frasers Group, to analyse results so to perceive brand values among target population.Customer satisfaction: The measurement which determines the ways happy customers are with products, capabilities and so on of business. For measuring brand value through customer satisfaction, managers of Frasers Group uses surveys and ratings that give accurate results. In contrary, the technique needs huge time and proper results from respondent. Purchasing intent: It refers to probability which a consumer will purchase offerings of company(Veloutsou and Guzman, 2017). For the purpose of measure brand value, administrators of Frasers Group makes effective usage of following techniques concerned with purchasing intent: Funnel Model: This technique is also known as purchase funnel which is customer emphasised tool that defines theoretical journey of customer for purchasing a product or service. It includes various stages including awareness, interest, consideration, evaluation along with purchase. By using the technique, marketing consultant of Frasers Group takes multiple actions that influences customers to buy its product and total sales figure states brand values in market. 15
Offers: It is total offer a company provides to its customers. The technique comprises elementswhichrepresentsadditionalvaluesoforganisationalcustomersincluding convenient delivery, quality service, availability and technical support. For measuring andmaintainingvaluesofFrasersGroup,variousdiscountsareofferedtolarge consumers that benefits in attracting billions of customers for buying that leads to making huge money through which managers measure values of the brand in the industry. M5. Critical evaluation of application of techniques to measure and manage value of brand for developing strong together with enduring brand In accordance withur Rehman and Kausar (2016), it is critically evaluated that marketing consultant of organisations makes use of wider techniques to measure addition to maintain perceived brand values in pertaining industry. In case with Frasers Group, marketing department measures and maintains values of brand by making effective use of offers, customer satisfaction, video view, funnel view, structured mechanisms and so on that benefits in attain set brand values productively. However, these techniques requires huge efforts, contributions and resources that adds diverse expenses for entity. D1. Providing critical evaluation which is supported by justified evidence that demonstrates comprehensive understanding of branding in context to company Branding is a practice which is significant for an entity because it makes memorable impressions of target audience addition to allow customers to have knowledge about what to expect from the establishment. Brand of company, for instance, Frasers Group is built on true representation about what the business is and the ways wishes of consumer are met satisfactorily. At same time, branding is beneficial to a company as it aids in getting recognition, generating new customers, increases business values, creates trust within pertaining industry and supports advertising. It is perception of target audience for the organisation. With effective branding, a business stands out in competition, creates consistent experiences, sparks connection that converts prospects into potentials and builds recognition. However,Urbancová and Hudáková (2017)argues that branding discourages consumers from trying organisational products, creates confusion, imposes huge responsibilities, expensive approach and results in monopoly. 16
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CONCLUSION From the report of brand management, it is concluded that it is essential for brand managertoensureinnovationofofferings,developingbrandawarenessthroughusing packaging, associated color and logo. Effective brand management enables enterprise to build a trusted and loyal customer base who makes huge purchase that leads to fuelling profits of company. The concept of branding have emerged long duration ago in business practice and facilitated workings to attract customers towards offerings in innovative manner. Components concerned with successful branding strategy that plays essential role in building brand equity includesbrandrecognition,awarenessandloyalty.Byoptimisingleveragingextension strategies, an entity manages collaboratively and partnership in domestically and globally over time. Kinds of strategies which helps in measuring and managing values are doc view, funnel model, market share building, offers, video view, structured mechanisms and market share maintenance. Branding is one of way to recognise the business. A strong and powerful brand is more than symbol or logo that reflects everything from business cards, customer service staff along with premises to materials of marketing. It transfers first time purchasers into whole time customers along with indifferent population to brand evangelists. 17
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