Assignment on Brand Management : Pepsi and Coca-Cola
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Added on 2020-06-05
Assignment on Brand Management : Pepsi and Coca-Cola
Added on 2020-06-05
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BRAND MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1 .....................................................................................................................................1P1. Importance of branding and its management in the business practice.............................1P2. Key elements of beneficial brand strategy for making brand equity...............................3SECTION 2......................................................................................................................................5P3. Different strategies related to portfolio management, brand hierarchy and equitymanagement............................................................................................................................5P4 Management of brand collaboratively and in partnership.................................................8P5. Various types of techniques for measuring and managing brand value...........................9CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONBrand management can be defined as a procedure which helps in generating link betweenthe products and emotional perception of consumers. This will facilitate the reason creatingsegregation in front of competitors as well as it helps in building loyal factor amongst customers.This term refers to the role of promotional activities which can adopt unique tools for improvingsales and profit of particular company. This factor plays an important function to enable the priceof goods or services to grow and make loyal clients of brand. Brand management basicallyfacilitates constant strong position of particular brand in trends of market scenarios. There areseveral aspects such as marketing, designing, planning, advertisements, etc. which may beincluded in brand management (Ashworth and Kavaratzis, 2010.). This report is based on Pepsiwhich is a carbonated soft drink manufactured by PepsiCo and originated in United States. It wasfound in the year 1893 by Caleb Bradham and launched as Brad's drink which was renamed asPepsi-cola in 1898. Finally, in 1961, it was named as Pepsi. In this assignment, brandmanagement will discussed comparatively with examples of Pepsi and Coca-Cola includingimportance of branding to increase productivity and profitability. Use of key elements formaking effective brand strategy and maintaining portfolio, brand hierarchy, brand equity likevarious aspects by applying unique or innovative methods. Collaborations of brand is one of theeffective methods for calculating and managing brand values.SECTION 1 P1. Importance of branding and its management in the business practiceBrand is not just a name but it is an identity of an organisation having unique logo, designor snazzy strap-line which considers everything to help in creating its originality different fromothers. This term can be generated through several aspects such as visual identity with logos orwebsites, advertising or communication, goods and its packaging style, pricing, sponsorships,partnerships, etc. It is necessary to manage a strong brand image because it impacts on all kindsof products or services which are affiliated with the same brand. All loyal customers of particularbrand will automatically prefer new or current goods of the same. It will be benefited toorganisation whenever they need to introduce some new product in market then it will becomeeasy to grab market position for that in respect of brand image (Balmer, 2011).
Pepsi and Coca-Cola are the organisations which are manufacturing soft drinks from along time (Vigneron, and Johnson, 2017). Both these companies are competitors of each other asthey have to implement new ideas and thoughts for maintaining their brand image stronger. Thisresults in attracting new customers and retaining current ones. In today's scenario of market, it istrendy or flexible that means tastes or preferences may change after short period of time. Peoplewant themselves up to date regarding their life styles so that enterprises have to work on trendsto make their goods or services according to current fashion. Because brand image or goodwillplays an important role to boost up sales and profitability of an organisation. Improving recognition: - The organisation have to build their strong identity of brandfor retaining their clients for a long time through unique slogans, symbols, logos etc. They needto maintain a connective association with their customers and that will results in increasing valueof the particular brand. Pepsi and coca cola may use this factor to manage its brand image inmarket trends (Barrow and Mosley, 2011).Branding creates trust factor: - Various enterprises have to put their efforts to buildassurance and belief for brand amongst customers which results in improving profitability andproductivity. Because if people trusts the brand then it will become quite easy for launching newproducts and it can grab market very soon with reference of brand value. Pepsi and Coca-Colacan also work on this aspect to maintain their goodwill to gain more profits. As both of thecompanies attain good brand image and reputation in competitive market world with the help ofwhich they can easily influence the interest and behaviour of targeted customers.Support on advertisement: - Generally, several organisations prefer the factor ofpromotional activities or advertisements to conduct for creating a strong brand image in front ofcustomers. Pepsi and coca cola may apply this factor to improve their sales or profitssuccessfully. Following various promotional strategies such as TV ads, online advertisement etc.help company in grabbing attention of customers towards their product. Hiring models,Bollywood actresses for promoting their brand easily get attention of public.Creates financial value: - Besides building brand image from beginning, it is necessaryto maintain the value of brand by applying certain techniques to retain goodwill or improve it togain effective or efficient position in front of competitors in market trends. Pepsi and Coca-Colahave to implement this factor to boost up its market value amongst customers (Chauhan, andPillai, 2013).
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