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Brand Management System PDF

Added on - 23 Nov 2020

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BRAND MANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 & P.2................................................................................................................................3TASK 2............................................................................................................................................7P3. Different strategies of portfolio management, brand hierarchy and brand equitymanagement............................................................................................................................7TASK 3............................................................................................................................................9P4 Evaluating how brands are managed collaboratively and in partnership both at a domesticand global level......................................................................................................................9TASK 4..........................................................................................................................................11P5 Evaluating different types of techniques for measuring and managing brand value......11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONBrand management is an aret of creating and saustaining the brand. Branding is aneffecting tool for marketing which helps in attracting customer and increased the revenue of thebusiness. Brand management is an growing segmenet that every company should consider for thebuisness to keep up the market standards, improve services and maker profit for company. Thepresent repirt is based on different management system in an organisation. The repotrt will helpin understanding the brand equity and the stages involved in making sauccessful brands. Further,the report will consoider Cadbury to discuss the strategy for strenthen the brand equity, bramndsextension, reinforcement and overcoming a brand crises. The report woll also demonstrate theorganisation's brand potfolio strategy with an example of hierarchy managemenet of brands. Thereport will trhan critically evaluate the brand looking. Various techniques used for measuring andmanaging are doscussed in the report.TASK 1P1 & P.2.In today's market place, where thousand of products and services are available and whichare rapidly customising with the changes in market trend and customer demands a brand is aname of products or services that attracts the customer attention. A brand is a name that can beseparated from a thousand of similar products because of its loyalty, faith, and its mass-marketappeal. A brand differentiates a products from various similar products that enables it to higherpremium because of its identity and faith in functions.In marketing term, a value of a brand is known as brand equity. That value of brand inanalysed by the perception and experience of a customer regarding that brand. If the customerhas favourable opinion, the brand has a positive. Where, if a brand are ignored and continuouslydisappointing the customers, it has negative brand equity. A brand equity developed and growsas result of a customer's experiences with the brand (Definition of 'Brands', 2018). For example,Cad-bury ranked as the most popular chocolates brand in world, it is a classic example ofpositive brand equity.Successful brand building process reflects competition and plays an important role tocreate a customer loyalty towards the company. Whether it is superior product quality, excellentcustomer service, or an effective marketing campaign, it is important for a company to generate
recognition and respect from customer so that customer will spend more for their brand. . Thefollowing are the stages of building a successful brand name:Step 1: Determining a correct target audience and communicating them about a product isvery important to build a brand. Analysing the requirement of audience and integrate itwith the mission of the product will help in growing the brand image(Keller,Parameswaran and Jacob, 2011). The target audience should be filters according to their,age, gender, location etc.Step 2: defining and communicating the value of your product to the target audience andcreating a base is very important. Communicating the vision and mission of the companyand the brand will help in guide the building process of brand. From the tag line of yourproduct to its logo it should reflect the mission of the company.Step 3: For building a successful brand, it is foremost important to know the competitorand about the product they are offering. It is important to differentiate the company fromits competitors. The process of branding your product will define how the product isdifferent from the rest of the product in market. To build a successful brand building, it iscrucial to know about the strategies of competitors, analyse their USP, communicate thecustomer about the best thing of the brand.Step 4: for building a successful brand image, it is important that company should alwaysfocus on the thing that makes them unique and valuable. Finding the value propositionand enhance it to set apart from the competition. As there are many brands available tocustomer, a company needs to communicate effectively what makes them different fromother brand (Ertimur and Coskuner-Balli, 2015). Diving the value preposition isimportant step in building successful brand name. So effective communication aboutbrand value to customer is very important.Step 5- determining brand guidelines and specific rules on what criteria the business willinteract to its customer is the next step in building a brand. It helps the business to morerecognisable and maintain consistency across the communication channels.Step 6: preparing a definite marketing strategy based on the information gatheredthrough the stages are the most important stage(Nam, Ekinci and Whyatt, 2011).Applying effective branding strategies thorough every communication channels from
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