Brand Management - Optimum Impression Ltd
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Added on 2020-11-23
Brand Management - Optimum Impression Ltd
Added on 2020-11-23
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BRANDMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4Building and managing brand over time................................................................................4Introduction............................................................................................................................4Main Body..............................................................................................................................4Conclusion..............................................................................................................................7TASK 2............................................................................................................................................7Analysis of Samsung's Portfolio Strategy..............................................................................7Illustration of Hierarchical Management of brands................................................................9Analysis of strategies for managing equity of brands..........................................................11TASK 3..........................................................................................................................................13Evaluation of how brands are managed collaboratively and in partnership both at a domesticand global level.....................................................................................................................13TASK 4..........................................................................................................................................16Evaluation of different types of techniques for measuring and managing brand value.......16CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................21
INTRODUCTIONBrand Management is an activity to plan and analyse how a brand is perceived in front ofits customers as well as in the market. It requires companies to develop effective relationshipswith their target markets (Braun, Kavaratzis and Zenker, 2013). It undertakes all the aspectsabout a firm's offerings like the offering itself, its appearance, price, packaging. The projectbelow is based on Optimum Impression Ltd., which is marketing consultant company. This is theorganisation which deals with big brand and suggest promotional strategies to these firms. Thereport covers an understanding on how a brand is built and managed overtime and analysis oforganisation of brands in portfolios and building and management of brand hierarchies . It alsocovers evaluation of how brands are leveraged overtime domestically and internationally andtechniques for measuring and managing brand value.
TASK 1Building and managing brand over timeBRAND IS POWERIntroductionA brand is referred to as a service, product or a concept that distinguish the offerings ofa company from other products and services so that it could easily be marketed andcommunicated (Batey, 2015). Brand Equity is a term which is used to determine the perceptionof customers towards product or service of the organisation i.e., a commercial value of productsand services of an organisation by their brand names (Su and Tong, 2015). In order to build astrong brand name companies are required to follow certain steps effectively. Firstly, they musteffectively determine target audiences, i.e., customers actually interested in buying theirproducts. The next step requires them to determine their brand mission, which includes creationof mission statement which clearly defines their ideology. Companies then must effectivelydetermine their competition, their activities as well as factors that differentiate them from othercompanies. After their detailed analysis, firms must create value propositions which requirethem to determine the uniqueness, value and benefits of their products and services. The nextstep requires them to decide brand guidelines which undertake tone and strategy of their brand.The last stage needs them to market their brands. Marketing Department plays a prominent rolein creation of brand equity. They analyse the marketplace to determine the exact needs ofcustomers and communicate the brand effectively to the customers. Most importantly, theyacquire their feedbacks through which firms get an opportunity for strengthen brand equity.Main BodyOptimum Impression Ltd. is the organisation which works as marketing consultant to bigbrands. This company provides knowledge about marketing and advertisement campaign whichhelps to create good brand image in industry. In this article, there is discussion about Apple Inc.,which isa multinational brand that deals in technological products and having its headquartersin California, US.In this era of tough competition and dynamism, it is very crucial for companies toeffectively apply certain successful strategies to strengthen their brand equity. There are variouscompanies in electronic and telecommunication industry which have applied such strategies that
have effectively aided the purpose. One of the most prominent examples of companies that haveadopted strategies for brand equity is Apple, Inc. The firm has effectively manage to retain itsposition as the most valuable brand quite recently with growth of brand value up to 16% at$214.5bn (Apple retains crown as world's most valuable brand as Facebook value sinks, 2018).The firm has used various strategies that enabled it to gain such status and enhance its brandequity. However, according to (Christiaans, 2012), there are various uncertainties and risksassociated with these strategies. The most prominent strategy used by Apple recently isinnovation. The firm has been consistent in empowering customers who have a different waysof thinking and thus, it produces products and services that satisfy these unique demands of thecustomers. The most evident example of such product is AirPods, which are unique earphonesby Apple that don't involve wires and work via Bluetooth. However, the risk in such a strategyis that if the firm fails to fulfil their innovative demands, they would shift their preference toanother company. Another strategy of the company to enhance their brand equity was its pricingstrategy. Brand equity is quite influenced by the price of a firm's products or services. The firmis again consistent with its premium pricing policy for its new products in the market. Thiscreates a perception of receiving a high value with its offerings. The firm, however, hasexperienced certain pitfalls from their pricing strategies. During mid-90's, the company's pricingstrategy wasn't quite beneficial at that time and faced backlash (Why Apple Is Still A GreatMarketer And What You Can Learn, 2019). This remarks that the strategies used by companiesmust be effectively channelised to avoid any kind of risk that could serve the firm in a negativemanner. There are certain benefits of branding on the business operation. As this would help thebusiness to be recognised and would also help them to make the business globally viable.. As itis seen in the case of Apple they are able to make a brands image of most trusted device whichhelps them to convince the customer and create positive image on the mind of customer.Above example clearly shows how important branding is for a company. Organisationscan use various models to enhance their brand equity. One such model is Aaker's Brand EquityModel and the company that could effectively apply this is Samsung. It is one of the biggestcompanies in telecommunication and electronic industries. Implementation of Brand equity modelThe company has customers worldwide and this model could help it achieve utmost
brand equity in the market. This model was developed by David Aaker and suggests that brandequity could be overviewed as an accumulation of brand loyalty, quality perceived and brandawareness which are also components of a successful brand strategy as per the model. Thismodel describes how effectively brand management could begin with building up of brandidentity. There are four major elements of Brand Identity as per this model which are mentionedbelow:Brand as a Product: This effectively deals with the scope, attributes, value and quality of firm'sofferings.Brand as an Organisation: As a company, this element deals with attributes of theorganisation, its local as well as global activities.Brand as a Person: According to the model, this element consists of personality of the brand aswell as customer relationships.Brand as a Symbol: This element requires the brand to create effective visual and audioimagery as well as metaphorical symbols that appeal customer attention.As for Samsung, there are some suggestions for brand extension as well asreinforcements as per this model which are mentioned below:Brand Loyalty: One of the prominent ways in which Samsung could enhance its brand equityand extend as well as reinforce its brand is by enhancing the loyalty of customers towards thebrand (Dessart, Veloutsou and Morgan-Thomas, 2015). It can do so by reducing its marketingcost by focusing its strategies to its existing and loyal customers. Brand loyalty could also beenhanced by reducing competitive threats effectively.Brand Awareness: This element could be used to reinforce the brand and maximise brandequity despite of its popularity. The firm must make its products and innovations familiar withthe public to build strong perception about the quality of their offerings.Quality Perceived: As one of the most prominent ways to enhance brand equity for Samsung,this requires the firm to make customers familiar with the quality of its products. It couldeffectively be done by running various aggressive product tests internally. It could also be doneby employing effective sales channels and differentiating the product from that of the market.Brand Associations: There are various associations that could be triggered effectively by thisbrand. To successfully achieve this, the firm could better the ways it presents its TV and onlineadvertisement so as to retrieve the brand effectively. Moreover, the firm must work towards
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