Brand Management: Assignment

Brand Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
a) The importance of branding for an organisation................................................................1
b) Ways by which Organisations develop and grow brand equity.........................................2
c) Strategies of brand extension to reinforce and revitalized.................................................4
M1 Managing brands successfully overtime..........................................................................5
TASK 2............................................................................................................................................5
a) Models of managing brand portfolio, brand equity and brand hierarchy...........................5
M3 Brand hierarchies, portfolio management and brand equity............................................6
TASK 3............................................................................................................................................7
Meaning of Brand Leverage...................................................................................................8
Strengths and Weakness of M&S brand.................................................................................9
Evaluate some options for collaboration and partnership to help grow the M&S brand local
and international...................................................................................................................10
M4 Use of different techniques............................................................................................10
TASK 4..........................................................................................................................................10
Measuring and managing brand value..................................................................................10
M5 Measuring and managing brand value...........................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Brand management is a function of marketing that uses special techniques to increase
value of reputation of firm (Chernev, 2018). Present study is based on “Marks and Spencer”. It
was established in 1884 and its headquarter located in London, U.K. It is a multinational retailer
which specialises in home products, luxury food products and selling cloths. Report will cover
importance of branding as a marketing tool. It also lays emphasis on ways through which
organisation can develop brand equity. Study also highlights how brand can be revitalised and
reinforced. It will explain different strategy of portfolio management, brand hierarchy and brand
equity management. Assignment focuses on options for collaboration and partnership to help
grow the M&S brand local and international.
TASK 1
a) The importance of branding for an organisation.
Improve recognition: Branding is important for the Marks and Spencer because it helps
to increase global recognition of the company. It can help in improving recognition through
providing great consumer service (Gong, 2018). This will support firm in overcoming the decline
phase and establishing their name again in the market.
Branding generates new customer: Strong branding can increased the business and put
the positive impact on customers. This allows business to attract more consumers, people like to
buy products from well-known brand because of trust factor. For example: Marks & Spencer can
advertised its brand by creating a unique tag-line for its product or by making its goods different
from other competitors. For the re-establishment of company they can use effective
advertisement strategy like they can introduce new products to customer's Strong branding
motivates buyer to buy the products of firm. It creates credibility in the market, Mostly customer
likes to buy branded products. If company provide products according to customer’s demands
and needs then, it is helpful to satisfied them. Firm will be able to regain its position which has
been lost due to closing down of stores (Johansen, 2018).
Branding supports advertising: Advertising is effective component of the branding that
can help firm in building brand. Branding creates positive image in the mind of consumers, as
packaging, quality impress the consumers. By this way people gives positive comments to others
about firm’s product.
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Increase business value: Branding increases business value in the marketplace. M&S
uses effective branding techniques to increase its market value and gaining competitive
advantage. By increasing the brand value they will able to re-establish the brand at their places
with reputation.
b) Ways by which Organisations develop and grow brand equity.
Brand equity describe that the commercial value of brand’s products and services.
Aaker's model can use for developing and managing brand.
Brand loyalty: It’s necessary for the Marks & Spencer Company to maintain brand loyalty, this
can be created by reducing marketing cost and attracting new buyers by enhancing quality of
products. Responding timely to all threats may also help business in raising brand loyalty. For
the overcoming the issue of declining sales M&S can use new strategies like: provide free
sample of products and wait for the result. This will help in building consumer's loyalty towards
brand.
Brand awareness: It is important when company launch a new product and services. Marks &
Spencer can use social media, advertisement and other ways to promote their product and to
establish brand image in the market (Kasemsap, 2018). This can help firm in increasing the profit
thus, the loss from closing of stores can be recovered soon.
Perceived quality: The quality of goods and services play over perceived quality for long run.
M&S can differentiate its product from other company’s product by improving packing of goods
or through extension. For raising brand name again it has to offer better quality of clothes,
attractive packing of goods, reasonable price etc. All these things can attract the customer
towards brand that will aid in re-establishment of company again.
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