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Report on Brand Management - Volkswagen and Toyota Group

   

Added on  2020-06-05

19 Pages6879 Words110 Views
Brand Management

Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P1 Importance of branding as a marketing tool and its management in business practices...1P2 Key components for managing successful brand strategy for managing equity...............3M1 Evaluation of management of brand successfully with appropriate theories and models7M2 Application of appropriate and valid example.................................................................7D1 Provide a critical evaluation for comprehensive understanding of branding with suitableexample...................................................................................................................................7SECTION 2......................................................................................................................................8P3 Strategies related to portfolio manageable, brand hierarchy and brand equity management8M3 Critically analyse portfolios management, brand hierarchies and brand equity ...........10P4 Management of brand collaboratively and in partnership both at domestic and internationallevel......................................................................................................................................10M4 Critically evaluation the use of different techniques use for leverage and extended brands..............................................................................................................................................12P5 Various techniques for measuring and managing brand values by applying suitableexample.................................................................................................................................12M5 Critically evaluate application for managing and measuring brand value in relation todeveloping a brand...............................................................................................................15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16

INTRODUCTIONBrand management is a process through which business become able to supervisingimage of a company in front of their customers (Vigneron and Johnson, 2017). It is essential tomaintain and manage brand value of a company by providing high quality standard products sothat better and effective gain could be estimated. This report signifies about Volkswagen andToyota Group whom are two best automotive companies in the world and have good marketshare as well as growth. This assessment includes about prospect about brand establishment andits management with a course of time so that effective return become possible. Along with this, itis important to manage brand in portfolio as well so that effective outcome become possible inframework. With changing course of action, appropriate strategy need to apply for managingbrand value of a company. SECTION 1P1 Importance of branding as a marketing tool and its management in business practicesBrand is considered as a symbol, sign or different image of organisation; therefore,people will differentiate items and services of firm from any other enterprise. This will assistthem to take benefits from their competitors. By maintaining image at marketplace, associationwill improve market share and revenues (Kapferer, 2017). Main purpose of branding is that it helps to attract individuals towards their goods as wellas services. Volkswagen and Toyota, both are rivals of each other and develop best items.Volkswagen is known for their luxurious brand as they produce quality goods in maximumamount. Hence, their brand image will work as a marketing technique for them which pullattention of numerous individuals. Rather than this, their fundamental aim is to accomplish needsand wants of every segment of people. Branding is considered as a tool of marketing which assistfirm to improve sales and profits at marketplace. Moreover, it assists to cater positive effect onbusiness. Therefore, there are certain significance of branding as a marketing tool, which aredescribed as beneath (6 Reasons Why a Strong Brand is Important for Your Small Business,2018):Improve recognition: With assistance of an appropriate branding, an organisation will beable to improve their production and sales (Rauschnabel and et. al., 2016). Thus, it ismust for them to concentrate on their symbol as well as logo. In context of Volkswagen,1

they are having distinctive design of logo which makes them unique. As a result, theywill easily manage entire sales of vehicles effectually.Branding creates trust: It is needed for company to develop loyalty and trust regardingtheir products amongst clients. This aids firm to maintain customer base for longer periodof time. Volkswagen is considered as a luxurious brand which helps them to take benefitsfrom other organisations.Support in advertising: If an association wants to survive at marketplace for longerduration then, it is must to gain competitive advantage. For above stated purpose, theywill utilise appropriate tools and methods of marketing. This will help them to developbrand value at market (Abrahams, 2016). For instance, Volkswagen never doesadvertisement of their products but, Toyota does this so that they will increase sales andprofits. Create financial values: With aid of an effective branding, association will develop theirfinancial value. If brand of firm is appropriate then, they will easily take loan from banksor other institutions (Buil, Catalán and Martínez, 2016). As a result, they will be able toarrange fund for business which help them to run operational activities in a proficientmanner. In context of Volkswagen and Toyota, they both are having good image whichassist them to develop financial value.Generate more customers: Each kind of affiliation wants to gain maximum clients andfor this, they need to provide qualitative items and services to them. This enables them tomaintain goodwill at marketplace. Hence, brand image of Volkswagen as well as Toyotais much efficient which help to attract many clients towards them as a result, they willtake benefits from competitors at marketplace (DiMartino and Jessen, 2016).Rather than this, there are certain differences amongst product and brand which is described asbeneath (Brand or Product – What Is the Difference?, 2018):ProductBrandThis is produced by firms and they sell it tobuyers with exchange of money.This is basically developed by perceptions aswell as expectations of clients.An item will easily get replaced and copied byothers. With assistance of an effective brand, anindividual will easily recognise it.Demand of product will change as per periodWhereas, brand will not be easily forgettable2

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