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Brand management assignment : Optimum Impression Ltd

   

Added on  2021-01-01

18 Pages4757 Words205 Views
Brand Management

INTRODUCTIONBrand management refers to marketing tool in which planning and analysis of how brandis detected in the market is done. It can also be said as creation of relation among company'sproduct and customer's perception. It helps in growth of prices of product and building of loyalcustomers. The present study will explain the brand and brand equity of new product. Furthermore it will describe the stages for developing a successful brand and role of marketingdepartment in creating a brand equity. Brand portfolio strategy and hierarchy management andstrategies for management of brand equity will be determined in this report. The present studywill also explain the evaluation regarding brand looking, collaborative and partnershipagreements. Further more, different techniques for measuring brand value will be described inthis report.TASK 1Brand and Brand EquityIntroductionBrand refers to the distinguishing symbol or feature which separates a company from itsrivals. It also refers to a name of a product which is helpful in identifying itself. To show loyaltyand faith of company towards its customers, a brand names becomes a standing tool for it. Brandbecomes a differentiating tool for Optimum Impression Ltd. to differentiate itself from othercompany's in the market(Rosenbaum-Elliott, Percy and Pervan. 2015). Brand has its ownpersonality, culture, identity, name and intelligence. Through brand customers are easily targetedand more number of customers are also attracted.Brand Equity refers to a marketing term which describes value of a brand. It is dependenton consumer's perception and experience. If people is concerned more about brand than it willcreate a positive brand equity. Through this prices of company's stocks can be increased.There are six stages to build a successful brand-Determine Target Audience- In this the audience which are to be targeted by OptimumImpression Ltd. is determined and their aim is to satisfy their needs.Define Brand Mission- According to this, the values and purpose of Optimum ImpressionLtd. will be incorporated with audiences. Mission of brand will be known to people.1

Research Competition- This includes analysing of competition which is helpful indifferentiating Optimum Impressions from its competitors. This also includes convincingof customers for buying their products.Create Value Propositions- This includes focussing of brand so that it can be made morevaluable, different from others and unique. This is important for Optimum Impression tohave an attractive brand.Determine Brand Guidelines- Brand Guidelines are helpful in making brand of OptimumImpression more recognisable for the customers. Market Your Brand- It includes preparation of marketing strategy regarding promotionsof brand. This includes displaying of brand of Optimum Impression Ltd. to as manypossible places. Identification of new channels for advertising of brand.This is a never ending process and following of these steps will be helpful in creating asuccessful brand.In developing a successful brand, marketing department plays a very important role.Some of this role can be explained as follows-Listening to customer needs- Marketing department before creating a brand analysescustomers' needs and choices so that brand of Optimum Impression Ltd. can be madeaccordingly and it can be successful in market.Monitor Competition- Marketing Department of Optimum Impression Ltd. continuouslymonitors competition prevailing in the market. Accordingly, they prepare their marketingstrategies so that their brand becomes more successful.2Illustration 1: 7 Stages Of BrandingSource:(The 7 Stages Of Branding,2018)

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