Literature Review on Brand Management

Brand Management

Table of Contents
INTRODUCTION...........................................................................................................................1
SECTION 1......................................................................................................................................1
P1 Significance of branding as a marketing tool........................................................................1
P2 Key components of a successful brand strategy....................................................................3
SECTION 2......................................................................................................................................6
P3 Various strategies of portfolio management..........................................................................6
P4 Brand management in partnership and collaboratively.........................................................7
P5 Various types of techniques for measuring and managing brand value................................9
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Process of examine that how a brand is perceived in market is known as brand
management. Today an enterprise is either small, medium or large and deal in any kind of sector
is very essential to manage brand. For this, it is significant for companies to first create and
maintain good relations with customers (Ashworth and Kavaratzis, 2010). Mainly, management
of brand consists of various tangible and intangible factors. Experience which a customer gets
after purchasing or consuming a product comes under intangible element while price, look and
packaging of a product comes under the tangible one. This function perform by the marketing
department of a company in which manager use different tools and techniques to increase
perceive value of a specific product and service. One of the major advantage of brand
management is that it increases profits of company and provides various long term benefits. A
multinational beverage corporation called Coca-Cola, manufacturer and retailer of different type
of non-alcoholic beverages is taken in present study. Major elements of a effective strategy of
brand management and significance of branding as a marketing tool is all given in this report.
Further, management of brand in partnership and different strategies of portfolio management is
also mentioned under this. In addition, various techniques for managing brand value are all
detailed in this.
SECTION 1
P1 Significance of branding as a marketing tool
Branding refers to the process in which various activities for create a unique image and
name in mind of customers for a specific product with help of promotional activities is include.
Major aim of enterprises behind this is to form a different and relevant presence of a product in
market in order to attract large number of customers. Main feature of this is that it helps firm in
identifying and analysing what customers think about the services and products that are offered
by them (Brodie and et. al., 2013). Further, this support customers find out the products of their
choice and as per their own requirements. Today, it is very essential for companies to create and
maintain a positive image of brand this not only attract large number of customers but at the
same time provide competitive advantage to firm. Branding helps firm to differentiate its
offerings from the goods offered by its rivals. All this helps firm in retaining its customers for a
long period of time which provide various long term benefits to company. Branding plays a big
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role in business activities and significance of this as a marketing tool for enterprises can be
understood by following points: Branding provide competitive benefit: It is very important for an enterprise to have
adequate amount of resources and funds to execute its business operations and to achieve
set goals and objectives (Buil, De Chernatony and Martínez, 2013). Companies
formulate business plans and strategies as well as implement the same to execute
business operations in an effective way. When all operations done in an adequate manner
than brand reflect company's strategic plan. Along with this, it supports in promoting
various key areas that contribute in growth of enterprise. Brand offer a stable assets: This is known as one of the major reason why branding is
known as very important. Brand is something which remains constant for long time
period and provides various benefits. It may be possible that the products which firm
brings or introduce in market can fail but a strong brand image remain the same and
contribute in success and growth of firm (Christiaans, 2012). Today, brand is known as
one of the most important and sustainable assets of every type of firm. When this aligned
with business strategy, then it also increases the effectiveness of decision making process.
Coca-Cola is a popular brand around more than 120 years and on the contrary, most
valued and popular brands have existed for 50 to 25 years. Brand offer economic value: Value of a company is mainly divided into two major areas
known as tangible and intangible assets and brand is an intangible asset. Brand name of
Coca-Cola has a value of $ 67 million which report over 54% of stock value of firm.
Further, firms which have an effective brand value attract skilled individuals and partners
towards the firm which increase quality of products and services offered by the firm
(Dempsey and Gruver, 2012). Along with this, brand helps in cutting the clutter from
market, creating awareness about company's products and at the same time, helps in
developing and boosting good relationship with customers. All this helps enterprise in
achieving its set goals and objectives easily.
 Brand set expectations: Branding also refers to the promise made by firms to its
audiences. Promise which a company made by its customers indicate what the company
believe, what it is and the core values and services offered by it (Esch and et. al., 2014).
Capability of enterprise to fulfil that promise is the major element that affects failure and
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