Brand Management Assignment : Volkswagen and Hyundai
Added on 2020-07-23
18 Pages4928 Words103 Views
Brand Management
INTRODUCTIONBrand management is vital part in the successful operations of business. It helps in creating astrong brand image and goodwill of company in maintaining sustainability. It is considered asone of the beneficial tools in order to gain competitive advantages over competitors. In thisassignment, two companies are preferred i.e. Volkswagen and Hyundai which are considered asthe top most brands of 2017. Both of these are famous auto-mobile sector having good marketposition in external environment and building brand place in market for enhancing productportfolio over competitors. This project discusses about the significance of branding, keycomponents in managing successful brand strategy and various techniques used in measuringbrand value by applying suitable tools. Therefore, because of changing technology in thebusiness environment, it is essential for strategic level to develop innovative and creative tacticsin their organisational structure. Although, management of brand portfolio is important and itshould be extended towards domestic and international market place over a specific period oftime(Ashworth and Kavaratzis , 2010).TASK 1P1. Significance of branding as a marketing tool and its management in business practicesBrand is described as a term in which type of product manufactured by firm underparticular brand name or in other words use of symbol, mark, colour and design which enablecompany to distinguish their goods and services from their competitors. Therefore, it is essentialfor company to manage appropriate brand management strategy which helps in providing acompetitive edge over others so that all working operations run in an effective manner. Main objective of branding is to create distinct place in market that leads to establishmentof trust and loyalty among customers. Therefore, it helps in retaining and attracting a largenumber of customers by offering high quality of goods and services in their vehicles designing atthe time of manufacturing of cars. In today’s scenario, Volkswagen comes in reputed positionhaving good brand value with providing luxury cars in their services. On the other hand,Hyundai operates as the world’s largest company facilitate auto-mobile facility in carmanufacturing and employ around 75,000 employees. Branding acts as a marketing tool in order to give knowledge to people about the luxuryfeatures provided in cars which leads to enhance the sales and productivity of company.
Although for big company branding plays positive impact and consider as important marketingtool which described below for Volkswagen and Hyundai:-Improve recognition: - Branding which have market value help in improving recognitionamong customers. In order to enhance sales and profitability, management team needs toconcentrate on logo and symbol. Although Volkswagen has their own symbol in which Vplaced over W and blue colour in logo shows reliability, class and excellence.Establish trust factor: - This is another important feature of brand which helps in creatingtrust and reliability factor among target audience. Customers impressed by particularcompany when it provide standard quality, comfort and attractive features in theirproducts and that enhance credibility among them. High class appearance of Volkswagenassists in creating trust factors among users.Advertising tool: - Brand becomes popular only when it creates a particular image in theminds of customers and it can be possible when organisation’s marketing team usespromotional tool like advertising in managing brand value of company. Both Hyundaiand Volkswagen advertise their cars when they launch new model under it thathighlighted the effective features and techniques.Create financial values: - Company is able to earn profit when it creates a good financialvalue in market and it can be possible only through manufacturing of cars in an effectiveway which reduces the cost factor and utilises amount in development of innovativetechniques which increases their value in financial terms.Large customer base: - Major objective of every organisation is to establish a largecustomer base which increases the market value and profit of organisation. If company ishaving a strong brand value in market then it creates a long lasting impression amongcustomers so that better and effective gains can be promoted. According to market sharedata, both Hyundai and Volkswagen having good brand image which enable them togenerate more customers.Apart from this, it is important to differentiate in between brand and product in order tounderstand the business practices in an effective manner which are stated as below:Products BrandsProduct is built and manufactured in factory oforganisation.Brand is something which is created from trustand long term relationship with target
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