Brand Management: Building and Managing Brand Equity

Brand Management
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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
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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
refers to management function which utilises tools for enhancing perceived values of
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
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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:
Expanding estimated worth: In marketing, branding performs role of increasing
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
marketing tool, branding is important because it encourages target people by presenting
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 reflects potential customers that the organisation is growing addition to
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