logo

Managing the Brand

23 Pages8803 Words400 Views
   

Added on  2020-10-23

About This Document

Brand Management INTRODUCTION 3 TASK 13 Introduction 3 Main body5 Conclusion 9 TASK 29 1. Purchasing Intent | |In case of | |customers| |brand equity is the tool and technique that helps in analyse and plan that make perception about the product and services in market. TASK 1 |Article 'Brand is Power'| |To: Board of Directors of ' Optimum Impression Ltd ' | |From: Marketing Manager | |Date: Feburay 6th , 2019| |

Managing the Brand

   Added on 2020-10-23

ShareRelated Documents
Brand Management
Managing the Brand_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Introduction............................................................................................................................3Main body...............................................................................................................................5Conclusion..............................................................................................................................9TASK 2............................................................................................................................................91. Brand portfolio strategy:.....................................................................................................92. Hierarchy management of brands within organisations portfolio......................................93. Analysis of strategies used for managing equity of brands..............................................12TASK 3..........................................................................................................................................131. Strength of a brand that can be leveraged .......................................................................13Difference between brand extension and line extension......................................................132. Weaknesses that need attention and providing some possible suggestions.....................143. Collaborative and partnership agreements.......................................................................15TASK 4 .........................................................................................................................................161. Brand Value......................................................................................................................162. Brand Awareness:.............................................................................................................173. Market Share....................................................................................................................184. Consumer Attitudes..........................................................................................................185. Purchasing Intent..............................................................................................................18CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
Managing the Brand_2
INTRODUCTIONBrand management is the tool and technique that helps in analyse and plan that makeperception about the product and services in market. Develop and maintain a strong relationshipwith target market is very important tool in brand management. In tangible elements of brandmanagement consist of product and services and their important features such as look, price andpackaging of product and services. It is about deep knowledge of the term ''Brand'' in whichincludes develop the promise, make it and maintain for the customers to meet their perception .Brand management is the art of creating and maintaining it for long period of time and managingtangible and intangible characteristics of brand. This report is based on L'oreal Group which is a French personal care company, itsheadquarter is in Clinchy and registered in London. It is one of the world's largest cosmeticcompany and provides products such as hair colour, skin care, sun protection, make-up andperfumes. This report is based on Brand and its equity and how to make an successful brand withrole of marketing in building brand. Further it elaborates brand portfolio strategy and hierarchymanagement in organisation with strategies to maintain brand equity in the market. In addition toit focus on brand leveraging, its strength and weaknesses with help of collaborative andpartnership agreements. It also explains Value, awareness, share and customer attitudes of brandwhich are important attributes in organisation stability.TASK 1Article 'Brand is Power'To: Board of Directors of ' Optimum Impression Ltd 'From: Marketing ManagerDate: Feburay 6th , 2019IntroductionOptimum Impression Ltd. is an advertising organisation of UK, that offers a wide range ofservices. This company always aims to deliver high quality of services to its consumers as pertheir requirement. In this regard, its marketing manager has prepared an article on L'oreal Groupfor developing new marketing Brochure, named by 'Brand is Power'. Brand is an unique design, sign, symbol and words or combination of all these, it helps in
Managing the Brand_3
creating an image to identify an product and services and helps in differentiate from competitors(Anselmsson, Vestman Bondesson and Johansson, 2014). With the passage of time its imageassociated with the credibility, quality and perception with satisfaction of consumers mind.With 18 international brands like Garnier, Lancome, Ralph Lauren and more, L'oreal isconsidered as one the leading brand in cosmetics, skin care and luxury production. Brand equity refers to the value and enhancement that is generated by the organisation in theirproduct and services and create an valuable or recognizable name in comparison to theircompetitors. An product can be become valuable assets by providing memories, easyrecognition and superior in quality and reliability (Dunes and Pras, 2013). Brand equity hasthree important components in which includes perception of the consumer, positive andnegative effects and their resulting value. In case of optimum impression Ltd. it creates its brandequity by giving best quality to their consumers. Brand equity is very important when anorganisation plan to expand its market share.Stages of Building a successful brand Brand building is a linear process in which main andimportant components that helps in building a strong foundation of brand (Eggers and et. al.,2013). That in some time become mature and nurture, this process have essential stages thathelp in creating brand value for the product and services in case of optimum impression Ltd.There are some specific steps in building a strong brand that are as follows:Consider brand authenticity Achieving the authenticity is the big deal and it is old saying thatactions speak louder than the words. In case of building brand authenticity organisation have togive their product description in true manner. Every organisation in today's scenario areavailable on the websites, social media and proclaim their mission and objectives if they are nottrue in their words then it creates risk factor and damage the brand value. Authenticity isimportant factor in brand identity by that people interact with their customers and community asa whole. So building the brand there is need to create authenticity in product and services. Inscenario of optimum impression Ltd. It works on authenticity in their product and services tofully satisfy their customer base.Identify the target audience Identify the target audience is one of the most important aspect inbuilding brand, to build brand there is need to identify the target audience. In case of Optimumimpression limited their consumer base is corporates because it deals in professional joinery andcarpentry related services so while expand their market share there is need to evaluate consumer
Managing the Brand_4
base. So that according to that products should be frame.Develop a mission statement to develop a strong brand there is need to evaluate purpose andmission of the organisation so that employees can give their best in organisational goals andobjectives while expand market share in Optimum impression limited. Mission statementshould be actionable form so that necessary steps should be taken to accomplish goals (Eschand et. al., 2014).To develop an brand name there is need to frame mission statement that givedirection and give purpose also. In that current and potential future consumer should beevaluated in better manner in optimum impression Ltd.Determine the value To build a strong brand name there is need to evaluate organisation keyvalues or strong points and after that find out in which area they can expand their market sharein case of optimum impression limited their value is openness and their product quality so by itthey create brand name while expand its market share.Establish voice and personality of organisation To build strong brand identity there is needto make product their voice by provide suitable content and available on all channels(Fetscherin and et. al., 2014). It is depend on type of product if product is professional then themethod of communication is different from Bash products. In case of optimum professionallimited they provide carpentry products to corporates so their communication channel andmethod is different from other field and that communication gradually their voice.Role of marketing department in creating brand equity Marketing play a very importantrole in creating brand equity to give differentiated products, marketing majorly work to promoteproducts by show unique features. Product should be brand name when it is accessible toeveryone and it is work of marketing to give accessibility of product to customers. The globalcosmetic market is valued to reach an estimate of USD 80bn in 2026 by giving opportunities infuture. It has get specialised information by sites in which Quancast and Market samurai arereliable source from which organisation collect data and information. Hence marketing work asa tool to collect important data and information. They find out solution of consumers problemby read their feedbacks and give relevant information to other departments.Main bodySuccessful strategy for strengthen: Brand equity- Quality products and services is the backbone of brand strategy that is related todeliver quality products to the consumers (Franzak, Makarem and Jae, 2014). In that strategy
Managing the Brand_5
deliver products that satisfy not only current needs of consumers but also their future needs sothat they can get delighted experiences from products and services from optimum impressionlimited.Competitive analysis To build an strong brand there is need to evaluate competitors strategy,recent trends and activities that prevail into the market so that according to consumer demandthey can reform in their products and services by optimum impression limited.Consistent brand image The most convenient and usable strategy to make an strong brandname there is need to find the place in which organisation presently exist and to remain alwaysfaviorate of the consumers methods of communication in consistent and engaged way. Tomaintain consistent brand image there is need to evaluate prices and quality of the products withpromotion strategy also. In case of optimum impression limited to build consistent brand imagethere is need to give always provide products that satisfy consumer needs and wants.Keller's consumer brand equity Keller brand equity model helps in strengthen the brandequity that are as follows:Brand identity ( who are You) That point states about what kind of brand it is and how it isdiffer from competitors. That step enables to create Brand salience or awareness in products(Griffiths and McLean, 2015). This helps in create goals and objectives to bring brandawareness by evaluating that brand perception is correct at every stage of buying process ofproduct and services. In that marketers find out the choices between brand of competitors andtheir own. For example: To specify brand, L'oreal use the tag line in its product 'Because I'mWorth it'. Brand Meaning ( what are you) ? In that identify and communicate what brand stands for andit also helps in performance and imagery in which product is able to satisfy consumer needs andwants. In performance defines in which manner wants of consumers meet properly and inperformance consist of five factors in which primary characteristic and their features, productreliability, serviceability, effectiveness of services and efficiency and style with design. Inimagery in which manner customer's needs and wants satisfy needs in social and psychologicalmanner. In case of L'oreal, for this company it defines brand as one of the luxurious image incosmetic and skin care products. Brand Response(What do I think or feel, about you) In response consist of feedback relatedto products and services with judgements and feeling regarding products. For this process,
Managing the Brand_6

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Brand Management of Optimum Impression Ltd & Coca Cola
|22
|6068
|161

Brand Management Assignment Solution (pdf)
|17
|5539
|92

Brand Management Assignment Solved - Optimum Impression Ltd
|22
|6169
|330

Brand Management - Optimum Impressions Ltd Assignment
|18
|5030
|464

Brand Management In Marketing
|24
|6964
|465

Brand Management Assignment - (Doc)
|23
|6945
|135