Brand Management of Audi and Ford Essay

Added on - 21 Jul 2020

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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................2P1 Significance of branding as a marketing tool........................................................................2P2 Major components of a successful brand strategy.................................................................4TASK 2............................................................................................................................................6P3 Various strategies of portfolio management..........................................................................6TASK 3............................................................................................................................................9P4 Management of brand in collaboratively and in partnership.................................................9TASK 4..........................................................................................................................................10P5 Different types of techniques for measuring and managing brand value............................10CONCLUSION..............................................................................................................................12REFERENCES................................................................................................................................11
INTRODUCTIONBrand management can be defined as one of the most important process which is requiredto be conductedins the companies. It helps in analysing the position and performance ofcompanies in the marketplace. The main element that is considered here is about creating andmaintaining good relationships with the customers so that they can get connected with thebrands. A brand is considered as a combination of factors which are both tangible and intangible(Ashworth and Kavaratzis, 2010). The factors that are included in tangible element are the look,packaging and price of the product and those included in intangible elements is the experiencegained by the customers. If a brand is having good reputation and likings of the customers, thenit will be able to gain huge market share as well which will help them in increasing the profits ofthe firm. The company that has been referred here is Audi and Ford. These are very famousautomotive companies that are having good market position as well. This report will discussaboutbuildinga brand and thenmanagingit in the market,constructionandmanagingbrandhierarchies, leverage and extension of brands domestically and at international level. Along withthis, several tools and techniques that can be used to manage the brand value will also beconsidered.TASK 1P1 Significance of branding as a marketing toolA brand can be defined as a sign or a symbol of a company that helps the companiesdifferentiating themselves from other products available in market. It also helps in creating animage of company in market as well in minds of the customers. It is very essential for thecompany to manage the brand in a proper manner so that their business operations are carried outin an effective manner.Every company is having an aim to increase their brand value in the market as it helpsthem in gaining more and more customers and maintaining them for a long time as well. But notevery company is successful in this endeavour (Brodie and et. al., 2013). After doing lots ofstruggle and facing so many failures in market, companies are able to make their brandsuccessful in market. The companies that are referred here i.e. Audi and Ford is givingcompetition to another firms in the market because they both are producing high quality productsthat are loved by customers. Audi is an automotive company that is famous for its stylish andhighly engineered vehicles. Since they are being designed with high quality products so their
prices is also high as compared to other brands. On the other hand, Ford is a company which isalso making good quality vehicles that are long lasting as well. They are making their productsfor not only high society but for the middle class people as well which Audi is not supplying.2
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