Importance of Branding as a Tool of Marketing

BRAND
MANAGEMENT

Table of Contents
INTRODUCTION.......................................................................................................................3
LO 1 ............................................................................................................................................3
P 1 Importance of branding as a tool of marketing............................................................3
P 2 key components of a successful brand strategy for building and managing brand equity
............................................................................................................................................5
LO 2 ............................................................................................................................................7
P 3 Strategies of portfolio management, brand hierarchy and brand equity management.7
LO 3 ............................................................................................................................................9
P 4 Collaboration and partnership of brand........................................................................9
LO 4...........................................................................................................................................11
P 5 Techniques for measuring and managing brand value...............................................11
CONCLUSION..........................................................................................................................13
REFERENCES..........................................................................................................................14

INTRODUCTION
Brand management is based on the planning and analysis on how a brand
perceived in global marketplace. It will perform the function of marketing that uses
method or technique to increase perceived value of product line. An effective brand
management enables to maintain product price and go up with build a loyal or strong
consumer through brand association. In context of marketing, brand management is
an essential process of planning the tangible and intangible products. It is developing
the strategic plan that will maintain the brand value and equality which requires for
understanding overall brand, its target market.
Nestle is based on the multinational organization that provide food and drink
services to customer. It is the largest food business in world that measured by
revenue and their metrics. The organization was established in 1866 by Charles page
and George. Nestle’s produce various type of products such as bottle water, coffee,
tea and dairy items. The company operates in 189 nations, 447 industries and
339,000 employees working within organization.
The report will discuss about the importance of branding as a marketing tool
and determine that how it will emerge in business practices. It will analyse key
components of successful brand strategy for managing and building the brand equity.
Furthermore, the documentation will evaluate the different strategies of portfolio
management, brand hierarchy and other type of brand equality management. At last,
it will evaluate the various type of techniques which help for managing brand value
and identifying specific needs of business.

LO 1
P 1 Importance of branding as a tool of marketing
Branding is considered as a critical aspect for the company because it helps
the company to grow in market and leave a positive presence. It helps the company
to position their brand in the eyes of customers with a better perceived value. Apart
from this it also helps the company to increase their awareness so that they can be
more popular in market (Melewar and Skinner, 2018).
It helps to get recognition-
Branding is considered as important by every company in the market as it
helps them to get recognition which increases the reach to their consumers. Most
important element of branding is the logo of the brand, specially when the company
wants to increase their awareness. Logo is presented as the face of the company. It
is suggested that companies dealing in the market must work on the logo and present
it in such a way that it is easily remembered by the people and leave the first
impression in a positive manner (Nguyen, Melewar and Hemsley-Brown, 2019).
It helps in increasing the value of the brand-
Branding is important if the company is looking to expand their operations and
prepare for the opportunities that may arise in future. Brands such as Kitkat is a
established brand in the market which states that they have more value as compared
to companies which are struggling in the market. It helps them to gain competitive
advantage in the market. They have the advantage of expanding their operations into
new countries as they already have value and awareness in the market which will
increase the possibility of achieving success (King, 2017).
It helps to generate new customers-
Companies such as Nestle have a sense of strong branding which has helped
them to leave positive influence in the minds of customers. Strong branding helps the
company to gain the level of trust in market which is the reason why companies get
repeated sales from them. Kitkat is a established brand and any variety of product
they bring into the market is promoted with the benefit of word of mouth which is
considered as one of the most effective techniques of advertising (Wider, von
Wallpach and Mühlbacher, 2018).