Brand Management of Marriott International Hotel
16 Pages5790 Words152 Views
Added on 2021-02-20
Brand Management of Marriott International Hotel
Added on 2021-02-20
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BRAND MANAGEMENT
CONTENTSINTRODUCTION.....................................................................................................................................1TASK – 1 (ESSAY)....................................................................................................................................1TASK – 2 (REPORT).................................................................................................................................3Brand portfolio strategy of Marriott International Hotel...................................................................3Hierarchy Management of brands.....................................................................................................4Strategies for managing equity of brand...........................................................................................5TASK – 3 (REPORT).................................................................................................................................6TASK – 4 (REPORT).................................................................................................................................8Brand value........................................................................................................................................8Brand awareness...............................................................................................................................8Market share.....................................................................................................................................9Consumer attitude.............................................................................................................................9Purchasing intent.............................................................................................................................10CONCLUSION.......................................................................................................................................10REFERENCES........................................................................................................................................11
INTRODUCTION Speaking in volume about the brand management, it is a giant umbrella that clearlyexplains all the elements concerning to marketing, design, advertising & placement as well asdistribution that helps in identification and evolvement of brand personality. Brandmanagement begins with comprehensive understanding of the term brand which includesdevelopment of promise, making promises and maintaining the same. With this, the businessorganization can make their customers committed towards them. In addition to this, a strongbrand image of the firm can also support in differentiating their products and services fromother companies in the same market. Therefore, brand offers a quality image to the company(Kapferer, 2017).The current research study is also related with the understanding of brandmanagement, its concepts and related theories and techniques by utilizing different casestudies. As a Manager of the marketing department the main aim is to analyse the importanceof branding within an organization and will throw light on the ways of strengthening brandequity & brand extension. Further, a critical analysis of the portfolio management, brandhierarchies and brand equity by using suitable theories will be done. The final part of thereport will focus on the ways brand are leveraged as well as extended overtime and willsignificantly explain varied techniques for measurement and management of brand value,brand awareness, consumer attitude and market shares. TASK – 1 (ESSAY)“Brand is power”In the current business scenario, a business is being analysed and understood by thepeople from its brand. When talking about the brand name, people starts imagine all types ofproducts and services being offered to them by different firms. Thus, it can be said that thebrand is a name, design, any feature, term and symbol that helps in determining the productsand services different from those of the other company’s products in the market. The fourletter word ‘brand’ is all inclusive when it is being utilized in terms of marketing. Therefore,it can be well-said that it is the brand and its name that influences the customers to takedecision related to purchase of a particular goods, products or services (Tepeci, 2009). On theother side, brand equity is being defined as a value premium generated by the company from1
its product with recognizable name in comparison to its generic equivalent. More value canbe generated by the company from brand recognition. Talking in relation with Marks & Spencer, it is multinational fashion retailer offeringdifferent products to the customers from past several years. The firm has achieved growthand success by successfully maintaining quality, value, innovation and trust. For achievingsuccess in the international market, each and every firm needs a good brand name. In theabsence of this, the leading presence is not imaginable. Branding offers numerous benefits toM&S and their business and some of them are being defined underneath. The very firstbenefit is that it helps in achieving recognition in the market very smoothly and easily.Secondly, it supports in augmentation of the reputation of the company. Further, it alsocreates a feeling of trust and bond with the people (Kapferer, 2012). Other than this, a goodbrand helps in overcoming the new competition prevailing in the market. Moreover, it alsoleads to effective distribution of the products, goods and services. Underpinning the discussion further, it is vital for the M&S to create successful brandso as to avail the above defined benefits. Thus, company should have successful brandbuilding process in place so as to outshine the competition and to develop loyalty from thecustomers. The branding process of the firm clearly defines its vision and position in themarket. Additionally, it will also help in increasing the sales of the firm will advocate theproducts and services of the company too. There are 6 stages of building a successful brand.The very first stage is determining the target customers and tailor the company’s mission tomeet their requirement. The next stage is defining the mission of the brand i.e. the purpose ofits existence. Further, at the next stage it is vital to analyse the competition and search it outtheir offerings in the market (Agrawal, 2017). At the subsequent level, it is crucial for thecompany to create value preposition or what makes the brand different and unique. At thenext stage, company should identify the brand guidelines i.e. its logo, templates and manymore. The final stage is marketing the brand using various channels such as emails, web andaffiliates. Throwing light in relation with the Aaker’s brand equity model, it is being developedby David Aaker. He viewed brand equity as a combination of brand loyalty, brand awarenessand brand associations. According to this model, brand management initiates with buildingbrand identity which significantly has four perspective i.e. brand as a product, organization,person and symbol. In addition to this, there are five categories as per Aaker model such as2
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