Brand Management Strategies for Building and Managing Brand Equity

Brand Management
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Importance of Branding as marketing tool, why and how it have been emerged in business
practices.......................................................................................................................................3
Key component of successful brand strategy for building and managing brand equity..............5
Different strategies of Portfolio management, brand hierarchy and brand equity management. 7
Evaluation of the way brands are managed collaboratively and in partnership both at Domestic
and global level............................................................................................................................9
Evaluate different types of techniques for measuring and managing brand value using specific
organisational examples.............................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Brand management is series of techniques that is used to enhance value of products or
services of company or its reputation in minds of people so that they are motivated to become
part of organisation for satisfaction of their respective requirements. Marketer is mainly
responsible for analysing existing brand image and find different method that can be used to
promote company and its products to maximum number of customers. This report is about one of
the international company named as Tesco that offers range of products starting from home care,
personal care to financial services. Company have strong market share and products portfolio
that helps in adding new and new customers to the organisation. The report has contained
information related to importance of branding as marketing tool and why, how it has evolved in
business practices. It has also covered detailed related to the way brand are collaboratively or in
partnership manage at both domestic and global level. At last it explained about different types
of techniques that are used for measuring managing brand value of organisation.
Importance of Branding as marketing tool, why and how it have been emerged in
business practices
Branding is a term that means recognition of company (in terms of its name, symbol or
design) by number of people that are living in society so that they are influence to make purchase
from specific firm to satisfy their respective requirements. Tesco have maintain strong brand
image in market that have contributed company in gaining differentiate or competitive
positioning in retail sector of United Kingdom. Importance of branding as a marketing tool for
Tesco can be illustrated as follows:
It contribute in enhancing value of business: Branding act as a marketing tool as it create
awareness of company in minds of thousand and millions of people thus lead in enhancement of
overall profitability and market share (King, 2017). Therefore, it is important marketing tool for
Tesco as it helped in increase value of business among wide range of customers.
Add new customers: Company always market its products and services with main objectives to
increase sales volume and profitability of firm. Branding as one of the marketing tool helps in
retaining existing users and adding new consumers within organisation. Thereby Tesco by
focusing more on building and maintaining strong brand image is able to contribute towards
future growth and success of enterprise in retail industry.
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Branding support advertisement: It is another point that state branding as important marketing
tool that induce large number of customers to prefer products or services of specific firm rather
than other competitors. Tesco have strong brand image thus it act as advertisement or promote
customers to buy its products as they are highly aware of quality, perceived value provided by
company (Prymon, 2016). Branding also appeal to people about company value, its products,
helps in building strong relationship with customers or their confidence and trust level to select
only Tesco for fulfilment of their respective requirements.
Improve employee’s pride and satisfaction level: Most of the people want to work with
enterprise that have strong image in market as they feed pride or more satisfied. Employees of
Tesco are happy and satisfied to work for growth and success of firm as it have maximum
market share in retail sector of United Kingdom. They are highly determined and dedicated to
offer qualitative products and services to customers thus it act as a sales promotions and
satisfaction of customers requirements beyond their expectancy level.
Contribute in increasing revenue: Branding also helps in increasing revenue and market share
of organisation overtime by making more and more individuals parts of organisation. Tesco have
strong brand image so it can easily diversify or enter into new market to add new customers and
enjoy higher profit margin for longer run (Bıçakcıoğlu, İpek and Bayraktaroğlu, 2018). So,
company by offering valuable products to end customers have built strong reputation of
organisation and increase overall sales and revenue.
How and when Brand has emerged
Branding have emerged since number of years, it was referred as piece of burning wood
or derived from word named as Norse which means “ to burn”. In AD 1500, brand is know as
burning mark on livestock or cattle, then in 1820, it was used to distinguish between goods that
are shipped through logo or special symbols. In 1870, brand was used as register trademark so
that no other enterprise can operate similar business in order to attract more customers within
organisation. On the other hand in early 1990, brand has become more valuable or act as
advertisement method by emotionally connecting with people. Then it can 1980 i.e.,
globalisation of brand in which companies started building brand image or reputation in order to
attract maximum number of customers in the organisation. Recently with innovative in
technology, branding has moved online as companies are making use of social sites to generate
awareness among people and enhance profitability of firm. There are many reasons which
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