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Brand Management of Samsung

   

Added on  2020-12-09

18 Pages5753 Words499 Views
BrandManagement

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.INTRODUCTION...............................................................................................................32.MAIN BODY......................................................................................................................53.CONCLUSION...................................................................................................................7TASK 2............................................................................................................................................71. Analysis of organisation's brand portfolio strategy............................................................72. Illustration of hierarchy management of brands.................................................................83. Analysis of strategies used for managing equity of brands................................................9TASK 3..........................................................................................................................................101. Strength of a brand that can be leveraged .......................................................................10Difference between brand extension and line extension......................................................102. Weaknesses that need attention and providing some possible suggestions.....................113. Collaborative and partnership agreements.......................................................................12TASK 4 .........................................................................................................................................131. Brand Value......................................................................................................................132. Brand Awareness..............................................................................................................133. Market share.....................................................................................................................144. Consumer Attitudes..........................................................................................................145. Purchasing intent..............................................................................................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17.......................................................................................................................................................18

INTRODUCTIONBrand management develops customers loyalty through positive brand association andalso have optimistic impacts on bottom line of firm (Chitale and Gupta, 2013). It is crucial forevery company to create effective relations with the market in order to accomplish theirobjectives. Some aspects like competitions, consumer satisfaction and so on are covered in it.Brand management is refers to a series of techniques utilise to enhance the recognise product andservices value. This is essential for organisation to maintain their value of brand into market inorder to attain their targets. For this report the chosen company is Samsung; which is a leadingSouth Korean corporation. Its headquarters is in Seoul, South Korea. The purpose of this reportis to discuss the significance of brand and how it is developed and managed over time. Brandportfolio as well as hierarchy management. Brand extension and leverage are mentioned.Evaluation of various techniques that are used for measuring and managing value of brand arealso mentioned in this report. TASK 11.INTRODUCTIONBrand is considered to be a sign, symbol, term, name or combination of all these so thatproduct and services can be differentiated from another competitors. This presents theknowledge, personality and values that is utilised for marketing and advertising. Customers,shareholders, management and employees all these four components are connected with brand.Brand equity is referred as a brand value and strength that determine the product worth.This aim to put focus on brand management issues (Cooper, Merrilees and Miller, 2015). So,organisation can develop their equity of brand by quality, reliability, recognisable andmemorable of goods and services. Branding facilitates many benefits to Samsung in developing the loyalty for consumers. Itassists in encouraging customers interests for purchasing or availing products and services alsoserves credibility.There are various stages which are included in developing illustrious and successfulbrand. In Stage one, company want to perceived; in this organisation have to create a successfulbrand within customers mind. It considered many factors like clients experiences, preferences,tastes and so on which are related with product and services. With the help of this stage firm

have the knowledge regarding their goods that are liked by its consumers. At this stage Samsung,produce products and services according to the requirements of its consumers. Stage two, enterprise are to be organised as per the promise; this is totally depends uponthe promise done through organisation to their customers. According to this stage, company haveto set some promises as well as values for fulfilling the needs of consumers. At this stageSamsung have to organise business in order to satisfy wants and needs of its clients. Stage three, promise has to be communicated, In this firm can create some strategies thataids them to make promise which are made to their consumers. The colours, texts and designsare provided in products according to the communication done with their clients (Das, Datta andGuin, 2012). This is the duty of Samsung to promise and also facilitates standard quality ofproducts and services and consequently produce for creating successful brand into consumersminds. Stage four, Be consistent; In this firm stay consistent and manufacture according towant, demand and needs of customer. They can not break their promises which it had made to itsclients. At this stage Samsung should remain consistent to deliver promises that aids indeveloping brand and improving relations in marketplace.Role of marketing department for building equity of brand; Marketing department playsa crucial role for creating brand equity in the mind of consumers. Some role of marketingdepartment are Differentiation, awareness, value, accessibility and so on. Differentiation, brand required to be differentiated or distinguished from anothercompetitors. So, its a department responsibilities to put focus on for promoting differentiatedproducts and services into market place. Awareness,for creating awareness, Samsung apply various channels. It assists indeveloping awareness and promoting goods between buyers. Value,in this role consumers generally opt standard quality products and convinced topay for that. Accessibility, when products can reach easily to all consumers then this aids to developthe image of brand into user minds. It can also be performed wit the help of awareness aboutgoods and services (Ellery and Hansen, 2012). Therefore, department of marketing required toplay effectual role in deciding goods for its clients.

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