Essay on Brand Management - Apple Inc

Added on - 21 Jul 2020

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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P 1: Branding importance as marketing tool and the way it has emerged in business practices1P 2 Key components of successful brand strategies and managing brand equity.......................3TASK 2............................................................................................................................................4P3 Different strategies of portfolio management, brand hierarchy and brand equitymanagement................................................................................................................................4TASK 3............................................................................................................................................6P4 Brands management collaboratively and in partnership........................................................6TASK 4............................................................................................................................................7P5 Various kinds of methods & tools for assessing and managing brand value.........................7CONCLUSION................................................................................................................................9REFERENCES.............................................................................................................................10
INTRODUCTIONBrand management planning and analysing how brand is perceived in market. Essentialelement in the same is maintaining good relationship with the target market. There are bothtangible and intangible elements in brand management(Annie Jin, 2012). Tangible elementincludes product itself that is its size, packaging, look etc. whereas, intangible are customer’sexperience with brand and their relationship with the same. This assignment is based on AppleInc. which is an American multinational company founded on 1 April 1976 having 499 retailstores. Founder of respective brand is Steve Jobs, Steve Wozniak and Ronald Wayne. Productsserved by them are Apple TV, iPad, HomePod, Apple Watch and many more. This project isdivided in four parts and covers all the important elements which are required in managingbrand. Some important elements are examined that help in successful brand strategies throughportfolio, equity management and brand hierarchy. The same also help in eluate the cooperationand relationship with national and international level. In the end it explain that there is varioustools which help in managing brand and its image in market.TASK 1P 1: Branding importance as marketing tool and the way it has emerged in business practicesIn today's competitive environment, it is very hard for any brand to create its image in themind of peoples. When any start-ups or venture comes in market, they firstly have to create itsimage in mind of people as well in market so that they can sustain in business environment forlong time and easily generate revenue which is essential for every business. For overall process,there is requirement of market research so that respective organisation produce goods andservices according to current market trend, customer’s taste and preferences in order to satisfythem.If brand produce products according to customers need, then it will help them insatisfying their needs and wants, taste and preferences. Creating positive image in market isessential for every sector by providing best quality of goods and services so because of thesefeatures customer became loyal and mouth publisher of brand. Instead of this, customer who aresatisfy and loyal towards brand are mouth publisher of company(Asmussen and et.al., 2013).Several benefits of brand management one of them is creating difference between existing goodsand the new products comes in market.1
Brand: -It is simply design, name, symbol, term or many more features which help in creatingdifference between products in the eyes of customer as well as in market. Brand is a term whichhelps in identifying product easily.Brand as marketing tool: -In market, everyone wants to create its brand image with the help ofsome marketing tools which help in promotion of brand. Organisation hires professional anddeveloper for this entire process. For establishing the same, they work as follows:-Establish credibility for the products:In this process, organisation establishes effectivestrategies and planning for developing brand image in market. For this, they have to focus onestablishing and maintaining product’s quality and existing performance in market(Braun,Kavaratzis and Zenker, 2013).Create loyal customer base:every organisation want loyal customer for that they haveto create various strategies and do planning to applying promotional and advertising tools inmarket. So that, customer become satisfy as well as create goodwill in market.Emerging in business practices: -brand management has its impact at wide level indeveloping business. Branding is a marketing tool that helps in establishing goodwill and valuesat wide level. There are many elements which help in the same are explained below:-Managing brands overtime:there are several factors in market which affect brand suchas entrance and exit of companies, rules and regulations, high competition, supply chain anddistribution issues most important I cost of product all these should be managed in proper wayfor maintaining reputation of organisation.Adaptive and flexible:companies in business environment should be flexible andadaptive so that they can easily adapt all the changes take place in organisation as well as inenvironment. Business environment is flexible in nature and require various adoptions.Leverage technology:several organisations easily adopt new and updated technologybecause of their benefits and scalability for brand equity management. Apple Company mainlyfocuses on innovation and creation as well as solution to the problems; this helps in maintainingthem in competitive environment.Use custodians:this element requires consistency in brand identity, strategies andactivities. In this way, company can generate more and more revenue as well as create itspositive image in market(Erdoğmuş, and Cicek, 2012).Product vs. Brand:-2
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