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Report on Brand Marketing Tool - McDonald and Coca-Cola

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Added on  2020-06-04

Report on Brand Marketing Tool - McDonald and Coca-Cola

   Added on 2020-06-04

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BRAND MANAGEMENT
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Significance of branding as a marketing tool ...................................................................1P2 Analysing the key components of a successful brand strategy for building and managingbrand equity............................................................................................................................3P3 Discussing strategies for portfolio management, brand hierarchy and brand equitymanagement............................................................................................................................5TASK 3............................................................................................................................................8P4 How brands are managed collaboratively and in partnership at domestic and internationallevel........................................................................................................................................8TASK 4..........................................................................................................................................12P5 Various types of techniques to evaluate and manage the brand value............................12CONCLUSION .............................................................................................................................14REFERENCES..............................................................................................................................15
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INTRODUCTIONA brand is defined as a unique symbol, design, words etc. It helps business entity indifferentiating their product with that of competitors. Brand management refers to the procedureof maintaining, enhancing and upholding of brand. It includes very significant aspects likecustomer satisfaction, cost, competition and in-store presentation. The basis of brandmanagement is marketing. The objectives of brand management are more concerned withidentifying the way through which the brand can remain popular and favourable to consumers.The brand management activity assists organisation in increasing its sales and generatingrevenue. The various elements of brand management are product, price, packaging andpromotion. Furthermore, the brand management is important as it supports firm in increasingtheir business value and getting recognition in the market. The objective of brand management isto develop an emotional connection between people, consumer and products. It also enablesorganisation to get recognition in the market. Brand identity refers the marketing managercommitment to deliver good quality of product or services to its customer.The report emphasises on demonstrating the significance of branding a marketing tool. Itwill highlight the important elements of brand and components of effective strategy fordeveloping as well as managing brand equity. The project will focus on the strategies adopted byMcDonald’s and Coca-Cola for developing and enhancing brand image in the market.TASK 1P1 Significance of branding as a marketing tool The brand is referred to as name, symbol, design or combination of all these elements. Itis developed in order to differentiate firm products from that of competitors. Brand is essential asit allows consumer to recognise the products or service of seller and compare with othercompetitors. The brand consists of tangible as well as intangible attributes. Tangibles featuresinclude product, price, packaging, labelling and other functional advantages. Intangibles attributeinvolve quality, values, cultural, image, emotional advantages. The brand is the significantelement that assists organisation in demonstrating or communicating the objective of company. Ithas physical qualities. Personal brand indicates individual personality. It defines the quality orfeatures of the organisation (Leonidou and et.al., 2013).1
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SIGNIFICANCE OF BRANDINGThe branding is important as it assists business entity in increasing its value. It allowsworkers or staff member in organisation to get update themselves with the business goals andobjectives. Brand provides direction as well as motivation to employees. It supports firm inattracting more number of consumer. A brand provides organisation an opportunity to developand maintain healthy relationship with their client. Effective as well as attractive brand indicatesthe customer perception about the company products and services, reputation, logo andadvertisement. McDonald’s and Coca-Cola Company have been able to develop and enhancebrand image to its quality of product or services. Brand is the element that allows consumer tomake purchase decision (Sarin, Challagalla and Kohli, 2012).Branding Enhance Recognition- The important element of brand is logo. This is the importantfactor that has supported McDonald's to achieve success and foster growth. Logo is essential as itsupports organisation in promoting its product or service in the market. It is important for thecompanies to develop simple logo as it has great and long term effect on consumer. It alsoattracts customer to buy particular brand.Brands develop trust- Professional and attractive brand helps business entity in developingcreditability and trust. It also allows firm to create and maintain healthy relationship with itsclients. Brands provide an organisation an opportunity to gain customer loyalty and influencethem to buy goods or services. As The McDonald’s and Coca-Cola is dealing in food andbeverages the cited ventures it is essential for them to gain customer loyalty in order to achievebusiness goals and objectives (Cronin-Gilmore,2012.)It supports Advertisement- Other component of brand is advertisement. It allows business entityto promote its products or services in the market and attract the targeted consumer group. Brandalso provides organisation an opportunity to expand core business activities.Brands develop financial value-. A strong brand usually guarantees future business.It helps in motivating Employee- Many workers in business entity requires more rather thanfacilitating work, they require something to do unique. Employees want to work at such placewhere they feel that they have scope to foster their career as well as development process. Whenthe workers get knowledge about the firm objectives, it enables them to feel pride. Brands alsoprovide direction to workers in order to accomplish goals (Kumar, Rahman and Kazmi 2013.)2
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