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Importance of Brand Management (pdf)

   

Added on  2021-02-18

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Brand Management

Table of ContentsINTERODUCTION.........................................................................................................................1TASK 1............................................................................................................................................1P1. Importance of branding as a marketing tool: .......................................................................1P2. Key components of a successful brand strategy for building and managing brand equity:.2TASK 2............................................................................................................................................4P3. Different Strategies of Portfolio Management, Brand Hierarchy and Brand EquityManagement................................................................................................................................4TASK 3............................................................................................................................................6P4 Management of brands collaboratively and in partnership....................................................6TASK 4............................................................................................................................................8P5 Various types of techniques for measuring and managing brand value................................8CONCLUSION..............................................................................................................................10

INTERODUCTIONBrand management is a planning and analysing that how brand is sensed in the market.According to Muller(2015), It is the analysis and planning on how that brand is being perceivedinto the market. Developing an effective relationship with defined target market is important andsuitable for an effective management. Creating an effective relationship with the target market isvery important for brand management. Tangible components of brand management involve theproducts, packaging, price, designs, looks etc. A brand administrator overseas all prospects of thecustomer's brand union and relationship with associate of the supply chain(Arai, Ko, and Ross,2014). In the current time, brand is described to as most crucial factors and determination,because, it would lead to customer attraction point, where they are now influenced by just nameof the company's brand before making the purchase. In this report, chosen organisation is Coca-cola, which was founded in 8 May, 1886 byJohn Pemberton. It deals in drinks and beverages market with the product range includes Soft &hard drinks, food products, solution and other beverage items. This brand is considered as mostreputed and highest valued brand on the basis of customer portfolio, market size & base, productsuperiority along with unique taste & preference and net worth of the company. Coca-cola willlead the market in future as result of their effective and well-structured strategies and plans. In this report include importance of branding as a marketing tools and key components ofsuccessful brand strategy for building and managing brand equity. In this also include differentstrategies of portfolio management, brand hierarchy and brand equity management. In thisconsists, how brands are managed collaboratively and in partnership both at a global anddomestic level. Here, it will show working in the collaboration and team to achieve the actualpurpose of the brand and its related products. At last include, application of techniques formanaging and measuring brand value in relation to developing a strong and enduring brand.Along with this, report will also put its consideration on analysing the technique/ approach forenhancing the proper and effective brand value for the Coca-cola. TASK 1P1. Importance of branding as a marketing tool: Brand:Brand is a most essential prospect for any business either large or small, B2B or retail.An effective brand gives to a company major side in leading competitive markets. Brand is a1

promise to the consumers. (Brand Management - Meaning and Important Concepts. 2017). Abrand is an image or idea of a specific goods and services that customers link with, bydetermining the logo, design, name, slogan of the organisation who owns the image and idea.Branding is when those image and idea is marketed in which it is identifiable by more and morepersons and determined with a certain goods and services when there are various other businessoffering the same products and services(Buil, De Chernatony and Martinez, 2013) . Promotionprofessionals activity on branding not only establish brand acknowledgement of ASDA, but alsoform effective reputation and a set of regulation in which the company must strive to surpassand maintain. There are many types of importance of branding in context of Coca-cola which areas follows:Importance of branding: Branding improves recognition: Logo is a major element of a brand because it the faceof a company, it's what persons immediately acknowledge. A professional logo or trademarkdesign is simple sufficient to be memorable, but powerful sufficient to provide desiredimpression to the company. Coca-cola company delivered a modern and positive design whichconveyed development and growth.Branding helps to advertising: Advertising is other significant element of a brand. Bothdemographics targeted and medium chosen support to build a brand. Grow, learn and discoveradded its logo to printed materials, packaging, apparel to spread the information about thecompany and stand out from the rivalry.Create loyal customers and employees: Brand not only making loyal consumers, but italso making loyal workers or employees. A quality brand provide to the persons something totrust in, and stand behind. It support to Coca-cola workers to understand the goal of thecompany for which they perform. Workers feel as that they are part of something important andnot just a worker in a force(Chauhan and Pillai, 2013) . Generates increased market share and revenues: when a business does extensivebranding and marketing, its market share and revenues increases. Its mean that business can turninto stronger and effective then it was before. Coca-cola use this power for enter into newgeographical area for do co-branding and gaining new opportunities of distribution.Attracts new customers:Brand is a component that come into a intangible assets of abusiness as nobody touch it. Brand economic worth of Coca-Cola is approximate $67 million.2

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