Brand Management Analysis - Nestle
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Added on 2021-02-19
Brand Management Analysis - Nestle
Added on 2021-02-19
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BRAND MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Introduction..................................................................................................................................3Main body....................................................................................................................................4Conclusion...................................................................................................................................6TASK 2............................................................................................................................................6Strategies for managing equity of brands within Nestle' portfolio..............................................9TASK 3..........................................................................................................................................10Strengths of Kit Kat that can be leveraged................................................................................10Weakness that need to attention.................................................................................................11Partnership and collaborative agreements.................................................................................12TASK 4..........................................................................................................................................13Techniques for Managing and measuring brand value..............................................................13CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONBrand Management is the marketing function in several marketing techniques areused to increase the perceived value of product line or service line over a period of time.Effective brand management includes management of intangible and tangiblecharacteristics of a brand which helps in attraction of customers (Hwang, Baloglu andTanford, 2019). Also, effective brand management enables a company to increase theprice of their products and services and also helps in building a loyal customers for theorganisation. Also, effective brand management includes building a positive brandassociation, positive image and also results in a strong brand awareness. In this reportNestke is taken as an organisation which is a multinational food and drink producingcompany operating in UK. Present report discusses about the importance of the brandand brand equity and the importance of marketing tools within the business. This reportalso includes the how brands are organised within the brand portfolio and how brandhierarchies are built as well as managed. Current report also includes how a companyshould extend the brand domestically and internationally and also evaluates the varioustechniques for managing and measuring the brand value and how these techniques areapplied in the organisation.TASK 1This task is based on scenario based on organization called Optimum ImpressionLtd which discuss new article of firm new marketing broacher with headline 'BrandPower”-Brand Power-IntroductionBrand may be defined as a name design, symbol or a term or any othercharacteristic which helps in identifying the company's goods and services whichdistinct it from those of its competitors. Brand helps the customers to identify anddistinguish product or service of one company with another company which are quitesimilar in nature. Also, it helps in providing the major competitive edge within thecompetitive markets. On the other hand brand equity may be defined as a valuepremium which a company generates from its products with a identifiable name when
compared with generic equivalent (Brunetti, Confente and Kaufmann, 2019).Organisations can develop a brand equity for their products and services by makingtheir products and services easily recognisable, memorable with superior reliability andhigh quality. Optimum Impression can build a successful brand through different stages of brandbuilding which are as follows:Stage 1-Determine target audience: In this stage company should determine itstarget markets and they should keep in mind the target audience. Here company alsohave to identify the type of communication which helps in delivering the best message.Stage 2-Define brand and mission: In this stage firm has to create a missionstatement which will help in guiding brand process across channels.Stage 3-Research competition: organization should be aware of its competitorsstrategies and should try to build a brand which is unique and has capability to attractcustomers. Stage 4-Create value proposition: they should always focus on making its brandunique and valuable and try to find the values proposition which sets the company'sbusiness. Step 5-Determine Brand Guidelines: Company should develop a brand guidelinesby setting a various patterns of visual elements of a brand like templates, logo, etc.Step 6-Market the brand: In this stage company has to develop an effective marketingstrategy for marketing the brand. Marketing department plays an essential role in building a brand equity likebuilding a marketing programs, choosing a medium of communication, setting a priceand choosing a communication channels. Main bodyOptimum Impression Ltd can should develop a proper strategy for strengtheningits brand equity and company can develop a strong brand equity by using a Aaker'sBrand Equity model which can be explained below:Brand loyalty: company can build brand loyalty by reducing the cost of its productsand service, attracting new customers towards the products and also company shouldrespond to their competitive threats.
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