Brand Management - Optimum Impression
16 Pages5699 Words299 Views
Added on 2020-12-26
Brand Management - Optimum Impression
Added on 2020-12-26
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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 (Covers P1, P2)..................................................................................................................1TASK 2............................................................................................................................................4P3 Different strategies of portfolio management, brand hierarchy and brand equitymanagement................................................................................................................................4TASK 3............................................................................................................................................7P4 Evaluation of collaborative management of brands in partnership at national andinternational level........................................................................................................................7TASK 4..........................................................................................................................................10P5 Various techniques of managing and measuring brand value.............................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONBrand management is the process through which planning related to market a brand inindustry. This is the term which is important and relevant for making changes according toexternal environment. This is the asset which is intangible in nature and has effect on accountingstatus of association. With managing brand it is easy to increase base of consumers and sales,revenues gets polished (Abrahams, 2016). There are many changes which are taking place inexternal environment of business, hence to make good brand image, it is important to makechanges which are relevant and significant for creating and managing business in long run. Thisreport is based on Optimum Impression Ltd. This is an advertising agency who are thinking tomake an article for new marketing brochure. There is discussion about brand portfolio andhierarchy management, strengths of the brand, weakness which requires different suggestions,collaborative agreements and at last it discusses about evaluation of different techniques formanaging and measuring brand. TASK 1 (Covers P1, P2)BRAND IS POWERIntroductionThe use of unique designs, signs, symbols, or a combination of these, employed increating a different image of the product from that of competitors is what Brand means. BrandEquity refers to the commercial value that is derived from the perception of the brand name of aproduct, not from the product. Marketing Department plays an important role in creating theBrand Equity, it can be done by communicating to people by conducting various MarketingPrograms and Social Marketing which may relate to the product, price and its distributionchannels. There are several components which helps in making and managing the Brand Equity ofa product such as selection of audience or market to whom your product will target, giving clearmessage to the target audience that product is promising, checking the brand perception fromthe customers, educating customers about the power of your brand, and finally the brand gainsloyalty from the customers (Annie Jin, 2012). The company maintains the loyalty of thecustomers by thanking them, or by giving them special discounts and gifts due to their loyaltyof the product.1
Main BodyOptimum Impression Ltd. is an advertising agency which helps brands to promote andmarket heir product and services with different measures. This helps them to enhance consumerbase and increase brand value in industry. Optimal Impression Limited promote brand ofCadbury which is discussed in this article. For understanding the importance of Brand Equity ofCadbury, there use of Keller's Customer Based-Brand Equity Model is done. In this model,building the Brand Equity is shown with the help of a Pyramid and which is done byunderstanding the needs, requirements and implementing strategies accordingly. Cadbury hasgood consumer base but it is not possible within few years, it took long time of targeting andthen branding of the product that have been able to create solid brand equity. The Model showssix key levels that helped Cadbury in creating its Brand Equity. These are as under:(Source: CBBE Model, 2018)1.Salience: Cadbury enjoys a very high brand salience on the whole. It enjoys high recallon the time when it comes to recall or recognition of brand instantly linking with thepurple colour trademark. Some strong associations include “purple”, “milky”. Thisfeature strengthen the brand equity of Cadbury.2.Performance: Despite its minor issues facing with the packaging of the chocolate,Cadbury has changed its strategies and remove all such problems. That's why now its2Illustration 1: CBBE Model
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