Brand Management - Assignment
Added on 2021-02-19
14 Pages4003 Words120 Views
Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1A) Importance of Branding as Tool and Emergence of Branding in Business Practise.........1B) How do organisations develop and grow brand equity.....................................................2Key Components of Successful Brand Strategy for Building and Managing Brand Equity..2TASK 2............................................................................................................................................4Different Strategies of Portfolio Management, Brand Hierarchy and Brand EquityManagement...........................................................................................................................4A) House of Brands:...............................................................................................................4B) Branded house...................................................................................................................5TASK 3............................................................................................................................................6Evaluation of Management of Brands Collaboratively in Partnership at Domestic as well asGlobal Level...........................................................................................................................6A) Meaning of Brand Leverage..............................................................................................6B) Strengths and weakness of the M&S brand.......................................................................7C) Some options for collaboration and partnership................................................................7TASK 4............................................................................................................................................8Techniques to Managing and Measuring Brand Value:.........................................................81) Brand Awareness:..............................................................................................................82) Market Share:.....................................................................................................................83) Consumer Attitude:............................................................................................................84) Purchase Intent:..................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONBrand Management can be defined as the function of marketing that makes use of varioustechniques in order to enhance the value of product or brand. The following assignment willmake its focus on the significance of branding, development and growth of brand equity andsuggestions will be provided to M&S can be extended, reinforce and revitalised. In addition tothis, the discussion will also be made about the brand portfolio and hierarchy management.Further the discussion will be made about the brand leverage, strengths and weaknesses of M&SBrand and will provide the options for collaborating and partnership for the growth of brandlocally and internationally. Moreover, the evaluation of various techniques used for measuringand managing the brand by making use of different organisations will be provided. The companychosen for the completion of this assignment is M&S. The company was founded in the year1884 and is headquartered in London, United Kingdom. The company provides their customerswith high quality clothing, home products and food products. TASK 1A) Importance of Branding as Tool and Emergence of Branding in Business PractiseFor the businesses, Branding plays crucial role in the success and failure of anorganisation. It is because branding provides various advantages and help to an organisation inthe growth and development (Abrahams, 2016). This will ensure long term survival and goodimage in the market and in the mind-set of consumers. So the reasons due to which Marks &Spencer should consider the importance of branding and make strategies to increasing theirbrand image in the market are provided as under;Branding gets Recognition: The firs importance of branding as tool for organisations is relatedto the recognition that it provides to the brand of an organisation such as Marks & Spencer. Logoof the company is the most important element that support in the differentiation of the product ofone company from that of others. So it can be said that branding will help an organisation inincreasing the brand awareness in the minds of customers.Branding Increases Business Value: The second importance because of which brandingis used as tool is the increment in the business value. As the strong established brand could helpin increasing the business value as the company such as Marks & Spencer could make use ofleverage in the industry by making advantage from the opportunities to investment. 1
Customer Creation: With the help of branding, it is easy for organisation to increase thenumber of their customers. As earlier, the customers do not know about firm but with the help ofbranding, customers will come to know about the organisation and may provide the company achance to prove itself (Annie Jin, 2012).In this way, Branding also works for an organisation like the Marketing Tool that helps inimage building, customer creation and many more to companies such as Marks & Spencer.Emergence of Marketing in Business Practise:Earlier, there were no means with the help of which an organisation could make thepeople aware about the products and services offered by it to their customers. So it was notpossible for the business to enhancethe sales of their services and various products offered bythem. Additionally, the products of all the sellers also look alike so there needs to bedifferentiation in them that could help customers in differentiating the product of oneorganisation from that of others. So the emergence of branding as tool for marketing was relatedto differentiation and increase in the sales of organisation (Asmussen and et. al., 2013).Additionally, it came into practise because of increase in competition and making the productsdifferent from that of other competitors. As branding provides the product with a differentiatedlook from that of others. As the quality of products of different companies differ from oneanother so branding helps in providing separate distinction from that of others. So, the reasonbehind the existence of branding is related to the distinction and making the people aware aboutthe services and products of a company.For the extension of the brand of Marks & Spencer, the company could make use ofarrange Public Relation Campaign, making use of poly flow packaging, educating the retailersabout keeping safe the products for a long period of time. B) How do organisations develop and grow brand equityKey Components of Successful Brand Strategy for Building and Managing Brand EquityIn order to analyse about building and managing brand over time, the use of Keller'sCustomer Based Brand Equity Model will be done. The following model will be applied to thecontext of Marks & Spencer (Balmer, 2012). This model is used in building the brand equitywith the help of Pyramid, and this has been facilitated with the help of understanding the needsand demands, requirements and the implementation of the strategies accordingly. For thecreation of good brand equity, it is important that the organisation must connect with the2
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