Brand management on Marks and Spencer Assignment
Added on 2021-02-21
14 Pages4009 Words149 Views
Brand management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Introduction.................................................................................................................................1Main body...................................................................................................................................2Conclusion...................................................................................................................................3TASK 2............................................................................................................................................4P3. Various strategies of portfolio management, brand hierarchy and brand equitymanagement................................................................................................................................4TASK 3............................................................................................................................................6P4. Brands are managed collaboratively and in partnership for international and national level......................................................................................................................................................6TASK4.............................................................................................................................................8P5. Various kinds of techniques for measuring and managing brand value...............................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11Online.......................................................................................................................................11.......................................................................................................................................................12
INTRODUCTIONBrand management is considered as the analysis and plan to understand the brand atmarket area. This needs several aspects such as consumer satisfaction, cost, competition and soon. It is essential to build relation with target consumers as well as components of brandsinvolves packaging, design and many more (A. TauteSierra, 2014). For this report the chosencompany is Marks and Spencer and Optimum Impression Limited. Marks and Spencer is leadingBritish multinational clothing, home products and so on retailer. Its headquarters is in London,UK. The purpose of this report is to explain the significance of branding as marketing tool aswell as key components for good brand strategy for developing and managing brand equity.Various strategies for brand hierarchy, portfolio management and equity management. Brand ismanaged collaboratively as well as in partnership at national and international level. Apart fromthis, various types of techniques for measuring and managing brand values are also mentioned inthis report. TASK 1IntroductionBrand is considered as any term, design, name and another characteristics thatdifferentiate firm and their products from others. Its legal name is trademark that presentscompany is known as brand name (Austerberry, 2012). Brand Equity refers to the value ofbrand which helps in attracting customers and increases the goodwill in the market. Brandequity assist a company to expand its business as well as create brand awareness. Along with thisit also aid in building strong brand image due to which customer is able to trust the brand and itsquality.Stages of building a successful brandAccording to Arun Agarwal, the stages to build a successful brand is explained asfollows-Determine target audience,In context of Optimum Impression Ltd. while building abrand it is important for company to think what kind of communication is to be done withcustomers which will help to gain their trust. The firm must target potential customers and meettheir requirements in effective manner. Define Brand Mission,In respect of OptimumImpression Ltd. to build the successful brand, company need to tell their target audience abouttheir brand and the mission of company as well its goals.Research Competition,To beat1
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