Brand Management and Portfolio Analysis
Added on 2020-10-22
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Brand Management
ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Importance of branding as a marketing tool and reason of its emergence in business practices1Key components of a successful brand strategy and building brand equity...............................3Different strategies of portfolio management, brand hierarchy and brand equity management.4How brands are managed collaboratively and in partnership both at a domestic and globallevel.............................................................................................................................................6Different techniques for measuring and managing brand value.................................................7CONCLUSION ...............................................................................................................................9REFERENCES .............................................................................................................................10
INTRODUCTIONA brand is the unique identification that is been provided to an organization that helps thefirm to effectively connect with the proper management of the business operations and activities.Other than this, branding is the proper management of the processes related to the brand,effecting the operations and thus supporting the rise in placing a wide range of business activitiesto a greater extent (Jugenheimer, Sheehan and Kelley, 2015). For present report, Virgin Group isbeen chosen as the organization of context. It is a UK based Multinational organization.The assignment will cover the importance of branding as the marketing tool and itsemergence as business practices. Besides this the effective brand management theories andconcepts are evaluated. Key components of successful brand building and brand equity. Differentstrategies of portfolio management, brand hierarchy and brand equity is analyzed. Also, varioustechniques to leverage and brand extension. Other than this, measures to manage the brand andbrand value is been discussed.MAIN BODYCompany detailsVirgin Group is a British multinational company which was founded by Sir RichardBranson and Nik Powell in 1970. It operates in a wide variety of businesses like publications,media, healthcare, traveling, banking and telecommunications. It is one of the largest MNC inthe world with approximately 71,000 employees and operating in about 39 countries. It has a Networth of about £19.5 billion. Importance of branding as a marketing tool and reason of its emergence in business practicesBrand or branding is the activity that helps an organisation to carry out the businessactivities and operations in order to gain a positive reputation for a firm. Branding is anassurance which helps the firm to grow and develop a wide range of other process which assistan organisation like selected business enterprise to have a good brand equity and marketposition. This is important for the organisation to have a good market image and thus will helpthe organisation to promote its products and services in much effective and significant manner(Ertimur and Coskuner-Balli, 2015). A proper branding operation will support a good placing ofproducts and services that are been offered by the business organisation in much suitable andsignificant manner. Branding is a very important marketing tools as psychologically, customersprefer to purchase the branded products due to their reputation of having the high quality and1
superior productivity. The placing of a brand in a market is the major challenge that is been facedby an organisation, but once it is properly established in market, it leads to effective growth andplacing of the business activities and operations in more significant manner (Renton and et.al.,2017). Branding has the following impact as the marketing tools for a business enterprise:It improves the customer trust level: In marketing, the customer trust level is the mostsignificant factor that is required to be taken in consideration by the firm. A good trusttowards a firm or brand will lead to increase in its sales and thus, improves revenue of thebusiness operations in much effective and significant manner. Besides this, it willencourage the firms like Virgin Group to improve their work process and activities inmuch effective manner.Branding increases the recognition of firm: branding process that is been taken in theconsideration by the firm will help the firm to identify the business activities causing theimprovement in the recognition or identification of a firm among the customers in themarket (Solomon and et.al., 2014). It reduces the expenses that are been laid uponcarrying out of marketing operations and activities which will support the positive growthand development of the organisation in much suitable manner. The improvement in thecustomer preferences and helps the buyers to decide the proper measures to provide theproducts and services accordingly.Leads to the growth of marketing Efforts: brand is been created by applying the highquality products and services at the reasonable cost. The proper placing of the businessactivities and thus handling of the promotional measures that are been taken inconsideration by the firm. Thus, the management of an organisation will lay a significantand serious focus upon the marketing and promotional activities and measures tomaintain the brand image (Malik, 2015).Motivates the employees: Branding will help the employees of an organisation to workmore effectively with dedication in order to sustain the brand image and reputation ofproducts and services in the mindset of people, impacting the overall operations andeffective placing of the business activities in much suitable and significant manner.Branding has emerged as an effective marketing tool in order to carry out the businesspractices and other operations in much effective and significant manner. With the globalisationand increasing of competition in market, branding has turned out to be the major weapon and2
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