(doc) Brand Management Assignment

Added on - 22 Nov 2020

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BRANDMANAGEMENT
Table of ContentsINTRODUCTION..................................................................................................................................................3TASK 1...................................................................................................................................................................3P1: Explain the importance of branding as a marketing tool and why and how it has emerged in businesspractice...............................................................................................................................................................3TASK......................................................................................................................................................................6P2: Analyse the key components of a successful brand strategy for building and managing brand equality....6TASK 3...................................................................................................................................................................9P3: Analyse different strategies of portfolio management, brand hierarchy and brand equity management....9TASK 4.................................................................................................................................................................10P4: Determine the ways in which brands are managed collaboratively and in partnership at global &domestic level...................................................................................................................................................10CONCLUSION.....................................................................................................................................................12
INTRODUCTIONBrand management is defined as the function of marketing which uses various techniques just for thepurpose of achieving positive results from the current market. It is necessary because it helps to create betterrelationship between consumer and suppliers which helps to enhance the overall profit of the companyBalmer, 2012). The assignment is to be conduct on the basis of Waitrose company which is one of the retailsector company. It is the third biggest company of UK which have millions of customers within UnitedKingdom. The main focus in this file will be on branding of the company with its major key components of asuccessful brand strategy. Even this file will include various types of strategy for portfolio management. Also,there will be evaluation of of brand that how they are managed collaboratively in domestic and global level. Inthe end, this file will discuss about different types of techniques for measuring and managing brand value.TASK 1P1: Explain the importance of branding as a marketing tool and why and how it has emerged in businesspracticeBranding:Branding is explained as the tactics of the market that helps any of the association to design their planand policies which are related with name and status of the company through which consumer can easily knownthem. It helps to compete in front of those organisation which belongs to the similar market(Wirtz and et. al.,2018). In context of Waitrose, they uses various strategies through which they can take the competitiveadvantage from the market. They mainly focus in the field of advertisement, logo of the organisation andcustomer satisfaction to show their brand image in the market.Brand identity:It refer to the message derived by customer regarding product which forms its recognition value(Barrow andMosley, 2011). Herein, Waitrose company basically design its messages, colour, logos and packaging thatenhances the image of company and attract the customer due to its brand identity company has gained hugemarket share.Brand promise:It is the statement given by company like what advantage or benefit customer will getafter experiencing product. It can be either in form of tangible or intangible form. In context to Waitrosecompany prepares the advertisement regarding the discount company offers to its customer as well as qualityproduct customer will receive from the retail store.Brand Equity:Brand equity means the brand value of product, so if company has high brand equitythen customer can even pay high prices for product instead of switching to the customer. In term of tangibleaspect that is revenue generation the brand equity of Waitrose is approximately£5,200.4 million.
Stage of building a successful brand:Determine target audience:At first stage market segmentation is done based on the target customerfurther campaigns are run accordingly to deliver vital message to the targetted audience. Selected companytarget to all those group who are keen to purchase day to day necessity items to run their livelihood.Define brand mission:Company determine their vision or mission of existence like the vision ofWairose company is to set high brand equity as well as recognition value so that they can expand their marketshare by overpowering their competitors.Research competition:While drafting the strategy company analysis the the move of their existingrivalries. Like, Waitrose focuses on the strategy of Tesco and its Special discounted store like Aldi and Jackstore and adopted cost leadership price strategy.Determine value proposition:Waitrose at this stage focuses on how the unique value of brand that isused to create differentiation value. This helps the company to leave less substitute for its product.Market the brand of company:To increase the visible of product branding is done by selectedcompany through social media, print media, traditional media as well as through packing or labelling ofproduct.The role of marketing in branding:Marketing techniques help to acquire the knowledge about market and target the audience effectively.Initially, Waitrose created the mission and identify the strategy of competitor effectively. Moreover, with theassistance of marketing department selected company attracted the customers with brand value of theirproducts. In the end, it is necessary for the Waitrose that must try to do the marketing of their product wherevital role is required to be played by marketing department. Even it will tell that what are essential requirementof customers and it will also help to take feedback through which it will be easy job to increase the quality ofthere product.The importance of branding as a marketing toolBuilding trust within the market place:When there are multiple option available in the market, it isalways difficult task for consumer that which one should be adopted. When this types of confusioncome across the mind of individual then then the best option which is available for them is to preferbranded products(Hosaini, Rooshani and Fathi, 2012). In context of Waitrose, their main focus is todeliver the best service in the market through which they can satisfy their customers.Increase market share and revenue:In every market, percentage of share in the market plays the vitalrole to generate additional revenue. While talking about Waitrose, they are one of the creditworthy
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