Brand Management on Optimum Impression Ltd Assignment
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Added on 2021-02-19
Brand Management on Optimum Impression Ltd Assignment
Added on 2021-02-19
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BrandManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Article of Brand is Power............................................................................................................1TASK 2............................................................................................................................................4Brand portfolio and hierarchy management................................................................................4TASK 3............................................................................................................................................7Brand extension and leverage......................................................................................................7TASK 4............................................................................................................................................9Measuring and managing brand value.........................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONBrand management can be defined as the set of activities which are conducted by anorganisation in order to perceive the brand and establish a positive image in the mind ofcustomers. With the help of it different goods and services are promoted by companies in orderto attract large number of clients. Main goal of it is to establish good relationships with targetmarket segment by providing them detailed information regarding products and services offeredby the company (Cavender and H. Kincade, 2014). If an enterprise is not able to establish a goodbrand image then it will become difficult for it to sustain in the market. Main aim of this projectis to develop understanding regarding importance of brand management for organisations. Thisreport is based upon two different organisations first one is Optimum Impression Ltd and anotherone is Unilever which is one of the largest retailer of UK and executing business all around theworld.This report covers various topics such as an article on Brand is Power which is basedupon understanding of the way in which brand is built and managed over time, brand portfolio,hierarchy management, extension and leverage. Along with this, measuring and management ofbrand value is also covered under this report.TASK 1Article of Brand is PowerManager of the marketing department of an advertising organisation called OptimumImpression Ltd is asked to write an article for company's new brochure for the purpose ofreflecting importance of brand. The article which is being written by the manager is as follows:Brand is PowerIntroductionBrand: It can be defined as the name, term, sign, symbol or a tag line which is used byorganisations to aware clients regarding the products that are offered by it. Main purpose ofusing all these elements is to establish a separate identify of the company as compare to otherenterprises. It helps organisations to present a distinct image in front of its customers from othersellers in same sector. It is mainly used by Optimum impression Ltd for different purposes suchas marketing, advertising and other business activities as it is mainly concerned with deliveringadvertising services to its clients (D. Hollebeek and Chen, 2014). It helps customers in crowded1
and complex market places by standing for certain benefits and values.Brand equity: It can be defined as the name which is generated by the company by providingsuch products to clients that they were willing to buy. It could be created by organisations bymaking their goods and services superior in quality and recognizable for the customers andhighly reliable. Optimum Impression Ltd. uses mass marketing campaigns for the purpose ofcreating brand equity for all its clients. If a company is having high level of it then it will resultin ability of customers to pay higher amount for the products. In order to achieve sustainabilityin the market it is very important for companies to make sure that they are having good brandequity. It if focused with three different elements which are consumer perception, resultingvalue and negative or positive impacts.Stages of building successful brand: For all the business entities it is very important to buildbrand successfully. Optimum Impression Ltd. is an organisation which provides servicesregarding building the brand and it make sure that all its clients achieve all their objectivesregarding branding. Steps which are followed for this process are as follows:Step 1- Creating a skill inventory: In order to build the brand it is very important forthe companies to create skill inventory which can help to attract large number ofcustomers. In order to alter brand image it is vital to make sure that organisations arehaving capabilities to fulfil requirements if clients (DiMartino and Jessen, 2016).Step 2- Assessing customer's needs: At this stage, business entities are required toconduct market research and analyse needs and demands of customers. It will help tooffer them products or services according to their requirements which will be beneficialfor capturing larger market share and establishing a good brand image. If anorganisation is not able to figure out needs of consumers then it will become difficult tobuild brand.Step 3- Trying to be different from others in industry: When needs of all the clientsare assessed then it is very important for companies to try to add such features in theirproducts or services which can make them different from other companies. It helps helporganisation to stand out among the rest of the entities. If an organisation is not able todifferentiate it from others then it will be difficult for the company to sustain the marketand build a brand successfully.Step 4- Creating logo: In this stage managers of the companies are required to create a2
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