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Brand Management Assignment - Optimum Impression Ltd

   

Added on  2020-10-04

21 Pages6983 Words226 Views
Brand Management

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31. Introduction........................................................................................................................32.Main body............................................................................................................................53.Conclusion...........................................................................................................................7TASK 2............................................................................................................................................71. Costa Coffee's brand portfolio strategy..............................................................................7Branded House.......................................................................................................................8House of Brands.....................................................................................................................82. Illustration of the hierarchy management of brands within Costa Coffee's portfolio........83. Strategies used for managing the equity of the brand within Costa Coffee's portfolio......9TASK 3..........................................................................................................................................11Define and explain Brand extension and Line extension.....................................................111. Strengths of the brand that can get leverage.....................................................................122. Weaknesses that may need attention providing some possible suggestions....................133. Collaborative and partnership agreements.......................................................................13TASK 4..........................................................................................................................................14Different types of techniques for measuring and managing brand value.............................141. Brand value.......................................................................................................................142. Brand Awareness..............................................................................................................153. Market share.....................................................................................................................164. Consumer attitudes...........................................................................................................165. Purchasing intent .............................................................................................................17CONCLUSION .............................................................................................................................17REFERENCES..............................................................................................................................19

INTRODUCTIONBrand management refers to maintain and improve a brand so that the name is associatedwith the positive outcomes. This includes a large number of aspects such as cost, customersatisfaction and competition. This is generate on the foundation of marketing but focus on thebrand directly and concentrate on how the brand remain favourable towards customers. Thepresent report is about Optimum Impression Ltd, which is an advertising company (Arai, Ko andRoss, 2014) . This report will generate an article which include Aaker Brand Equity Model(CBBE Model). Apart from this, for rest of the tasks, a well known company that has been takenCosta Coffee, which is a British multinational coffee house found in 1971 by Bruno Costa andSergie Costa. Along with this, the report will also show brand portfolio, extension and leverage.At last, the report will be end up with the assignment, which will focus on managing the over allbrand value of the company.TASK 1Article : Brand is PowerTo - Board of Directors of ‘Optimum Impression Ltd’From - Marketing manager Date - February 14 ,2019Subject - Brand is Power1. IntroductionBrand –A brand name is the name of the unique product, service, or idea. Branding isthe process of spreading and creating the name of brand. Branding can be applied to the entirefirm identity as well as to a single product and names of services. This can be defined as aunique design, a combination of words that a company carries for developing its uniqueidentity. In present world, it has been identified that brand is a product, concept and also servicewhich is publicly different from other services or products so that it can easily communicated.Generally, it is protected from the use through others with the help of securing service ortrademark from authorized agency. In other words, brand can be understood as a concept which

helps consumers in identifying a company's products and services with the help of logo, designof the organisation. It is the duty of managing director to create right symbol so that thecustomers can easily identify the name and product of the company when the individual seesthe designed statement of the company (Song, Hur and Kim, 2012) .Brand equity – Brand equity is the combination of brand awareness, loyalty, associationsand perceived quality. It is the commercial value of a brand which is a result of customer’sperception about the brand name of specific product or service (Buil, De Chernatony andMartinez, 2013) . In other words, it can be defined as the market image which has been derivedfrom the recognition of a brand among customers. It can be created by the companies for theirproducts by making them unique, memorable, good in quality and easily recognisable. It is atype of element which can help the organisations to identify their brand image in the market andamong competitors. If the customers are not having good experience with the brand than it maycreate bad brand image in their mind that may affect the image of a company.Some of steps through which a successful brand can be made are given below:Step 1: Find out Target Audience: The main foundation for building the brand is todetermine the target audience as the company can't be everything to everyone. So, whilebuilding a brand, it is to keep in mind that where the individual is trying to reach, and shouldadapt the mission and message to meet the needs. Step 2: Define Brand Mission:The management of the company shall prepare a missionstatement for short- term and long-term goals. Everything related to the company such as logo,tag-line, voice and message, all should reflect the mission. Step 3: Research Competition : In this, the role of managing director is to examine theoverall competition and measure what they are producing for their targeted audience. This caneasily help in developing a successful brand with an ease because after examining the situation,company can easily make changes in their products for the betterment of their business(Chauhan and Pillai, 2013) .Step 4: Create Value Propositions: In this, managing director of the organisation needs tounderstand the external and internal environment and try to create effective strategy which willaid in creating proper values along with creating an unequalled brand of the company. Themarketers of a company have to always focus on what makes their brand valuable and unique.This is possible with the help of proper communication channels with customers.

Step 5: Determine Brand Guidelines: In this, Brand guide lines set rules and regulations onthe way in which companies interact with their target audience. It is suggested to everyorganisation to set definite pattern for visual elements and structure of the company. At last, inthe end, companies have to prepare a specific marketing strategy to market the brand.Organisations should supply branding in every piece of communication (Da Silveira, Lages andSimões, 2013) .Marketing department has a vital role to play in promoting the brand to huge number of public.The advertising activities done by it increases the brand awareness which impact the companyoperations and sales in a positive way. The role of marketing in creating brand equity are asfollows: Defining and managing the brand. Management of conducting various marketing initiatives. Development of marketing and promotional plan. Monitoring the whole process and taking corrective steps to improve the results. Managing internal communications of employees. Conducting customer and market research. Maintaining cordial relationship with vendors and agencies. 2.Main bodyHershey’s is an American company that has been working into the chocolate factorysince 1894. It is headquartered in Pennsylvania and considered as one of the largestmanufacturing company in chocolate. Hershey’s chocolate is available across the United States.Hershey’s production of chocolate mainly focuses on four main flavours which are milk, white,dark and gold. Hershey’s chocolates are manufactured using 100% farm fresh milk whichmakes the milk chocolate so well. The Cocoa that is used in the production is sourced fromvarious growing regions of the world. Due to their huge products and their taste, Hershey’s isconsidered as one of the top Cadbury competitors. However,a question arises about Hershey's,about the packaging because a worm can not get into the package unless and until it has beenpacked properly. This is still discussed by the people. The outcome of this has destroyed itshuge brand image which affected its sales in a very negative way. Customer-Based Brand Equity (CBBE) model: This model will help Hershey's to enhance

their brand equity and will help to build strategies for enhancing overall reputation oforganisation. 4 levels of CBBE model are discussed below: Level 1- Brand identify: Hershey's consume more on advertising their services and productsso that they can uphold within market for long time. Level 2 – Brand Meaning: It comprises of two sections which are as-Brand performance : Performance of a company helps to decide the brand performance.Hershey's also produce best products but focus is on their own reputation. Brand imagery : Customer's mind is important element which plays a critical role inBrand imagery (Buil, De Chernatony and Martinez, 2013). Just like Hershey's providean innovative image of their products.Level 3 – Brand Response: When audience buys their services or products, they havecertain expectation against business brand. If customer's expectations are met, then they aresatisfied and have better view related to brand. Level 4 – Brand Resonance: Organisations have built good image of themselves as theyhave good reach to their customers. It is confined to connections, engagement of customers,behaviour and many more. Hershey's must focus on their image this lead them to reach newheights.Strengthen brand equity : Brand equity is the financial benefits that a company gets bycharging premium prices for its products on the basis of its brand image. If an organisation iswilling to strengthen brand equity than it is essential for the company to implement followingstrategies this may help to set a proper and effective brand equity(Dolbec and Chebat, 2013). Brand extension refers to using an already famous or established name in new productline. It is not compulsory that, expansion will be of same products, it can have differentproducts as well. It is assumed that new products will improve brand image by lowering therisks and providing category opportunities. To restore the lost brand name, Hershey'sintroduced many new items in its existing product lines of chocolates. One of the reason forbrand extension is to shift the attention in the public eye from the incident that destroyed it'sbrand position in the market. Brand reinforcement is an activity to maintain brand equity by making the customersbuy products of a particular brand on a repetitive basis together with attracting new consumer.It is an effort to keep the existing brand alive in the market.

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