Report on Brand Management
Added on 2020-06-04
14 Pages4269 Words37 Views
BRANDMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P1............................................................................................................................................1P2............................................................................................................................................3SECTION 2......................................................................................................................................5P3. ..........................................................................................................................................5P4. ..........................................................................................................................................7P5. ..........................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONBrand management is a process of planning and analysing that how respective brands canbe perceived in the target market (Park, 2013). Main motive of this entire process is to maintain ahealthy relationship with customers because they are the mouth publishers of brand. If customersare satisfied then they give positive feedbacks to others. This include tangible and intangibleboth factors therefore, tangible are; packaging, cost of product, physical appearance. On theother hand, intangible are; feedback of customers after using product, image of brand in marketetc. the assignment is settled on Microsoft company which is an American internationaltechnology organisation founded in the year 1975. Products served by them worldwide iswindows, Skype, office, Visual Studio, etc. Below mentioned report explains the value of brandas a marketing tool or keys for successful brand image building and managing brand equity(Ashworth, 2010). Through light on, various scheme of brand hierarchy, portfolio managementand equity management . At the end explain techniques for measuring and managing brandvalue. SECTION 1P1Brand is playing an important role now a days because people purchase products withbrand name. Every venture owner is running to create positive image of their commodity andwork in market. The entire process done with the help of good quality, innovation, creativity andaffordable price of products. Every organisation has to do market research and then produceproduct so that they can satisfy their customers by producing products according to their tastesand preferences.In this competing surroundings, it is needed for every organisation to make up aoptimistic brand picture in the eyes of customers and this can be done with the help of providinggoods and services according to needs and wants of them (Bigné, 2012). Branding is the way bywhich venture and start-ups can distinguish their new products which they bring in market fromexisting goods. This helps in enhancing and encouraging customers towards products andservices offered by them and after that, convert them into loyal customers. Branding as amerchandising tool and the manner it come out in business activity is explained as below:1
Brand provides competitive advantages: For every type of firms whether it is small,medium or large positive brand image help them in competing with other companies incompetitive business environment. Organisation apply various tools and techniques forcreating brand image and value in market. This entire process will help organisation inachieving their goals and objectives.Brand provide a stable assets: For making stable assets, branding is an essential toolrequired in organisation. This helps in creating long term profits which is necessary formaintaining in the market (Brodie, 2013). Sometimes, it happens that companymanufacture products get fail for this they have to do some innovation in their goods thatwas failed. Microsoft is the famous brand since 42 years instead of this more brand comein market within this period.Brand set Expectations: Customers expect something from the brand they arepurchasing even the respective brand also promise to their audience. If organisation failedto fulfil these then it will gives bad impression in the eyes of customers. Various productsserved by Microsoft to their customers according to latest technologies and needs. Byoffering best quality of products and services this help in creating positive image oforganisation. Create loyal customers base: Every organisation wants loyal customers same Microsoftalso. So for this they create various strategies and do planning for making image in theeyes of customers. Thus, customer will be satisfied and can create goodwill in market. Establish credibility for product: In this company do planning and establish effectivestrategies for developing brand image and maintaining good will in market. For thisprocess, organisation has to maintain the quality of products and services offered by them(Buil, 2013). Brand and its products; both are different from each other most of peoples are confusedin this. Below given explanation clarify the difference between both:- BrandProductBrand is experience and perception ofcustomer and expectation of buyers for productand services offered by the particular brand.Products are manufactured by a particularcompany and sold in market to targetcustomers in exchange of money.Brand is in intangible form (Nam and Pardo,Product is tangible because they are in physical2
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