Brand Management Assignment Solution - Doc
Added on 2020-10-05
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BRAND MANAGEMENT
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1 ...........................................................................................................................................1P1. Significance of Branding as marketing tool and manner in which it has emerged inbusiness practice..........................................................................................................................1P2. Key aspects of a successful brand strategy for establishing and managing brand equity.....3TASK 2............................................................................................................................................5P3. various strategies of Brand equity management, brand hierarchy and portfoliomanagement................................................................................................................................5P4 Brands are managed collaboratively and in partnership........................................................8TASK 3.........................................................................................................................................10P5. Evaluate different types of techniques for measuring and managing brand value usingspecific organisational examples...............................................................................................10CONCLUSION..............................................................................................................................12REFRENCES.................................................................................................................................13
INTRODUCTION Brand management is an aspect in the field of marketing that involves some tactics toenhance the perceived value of a brand or product. Efficient management of brand enables theincreased rates of products and helps in maintaining a loyal customer base. This is because of thepositive brand image. To sustain in market and competition for a long time it is must for everyfirm to upgrade their brand value from time to time (Braun, 2012). Companies use variouscomponents like funds, brand ambassador, product and finance etc. to increase the market shareof a brand. This assignment is based on Apple which is an America based multinationaltechnology corporation, headquartered in California. This company is successful in expanding itspresence globally. Apple is pioneer in the field of computer software, electronics, online anddigital services. Hardware products of Apple are smartphones, iPad, iPod and Mac personalcomputer. Report involves analysis of brand image at both foreign and domestic market. Also, itincludes the way in which trust of consumers can be achieved which will provide sustainabilityin business for a long time. At last, this research different approaches used by an executive tomeasure brand image is discussed.TASK 1 P1. Significance of Branding as marketing tool and manner in which it has emerged in businesspracticeDeveloping good brand image can improve the position of company within the market.Along with it, this process help the company to stand against rivals in better way. This benefitsthe firm by improving their market shares and enhancing their revenue generation. Advertisingof product results in gathering attention of millions of consumers. These advertised productsbecame more familiar with market (Cooper, Merrilees and Miller, 2015). There are many tacticsthat is used by Apple to increase its goodwill. Their logo acts a eye catching factor that gainsattention of huge population. Along with this, company can go for implementing differentprocessors, improves design so that the requirement of customers can be satisfied moreappropriately. As we know market is dynamic in nature. Thus, to maintain their market positionApple needs to adopt changes as per the need of market. This will make them strong enough tofight against competition. To run a business sustainably it is essential for Apple to establish along term relation with clients. 1
(Source: Logo of Apple, 2018)To improve the image and reputation of a brand, factors like improvement in quality ofproduct, adopting advanced technology, development and training can be of great help. Inpresent time, it is must for each company to manage their brand image. Importance related withit are outlined below:Helps in making a firm unique: Major merit of brand management is to attract a hugecustomer base so that the market share of firms can be improved. This helps in enhancingboth profit margin and productivity at workplace. Also, it differentiates their productfrom other brands present in market (De Vries and Carlson, 2014). Logo of anorganisation needs to be eye catching. Usually, standardised products and services rulesthe market for a long time. Apple is continuously upgrading its features offered throughlaptops, mobiles and iPads etc. which has benefited the company by increasing the valueof their brand and company at marketplace.Trustworthiness: Most of the customers in market place likes to spend money onstandardised products and their taste changes from time to time. Hence, it is very2Illustration 1: Logo of Apple
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