Brand Management in Zara (pdf)
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Added on 2021-02-18
Brand Management in Zara (pdf)
Added on 2021-02-18
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BRANDMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explain the importance of branding as a marketing tool and why and how it has emergedin business practice.....................................................................................................................1P2 Analyse the key components of a successful brand strategy for building and managingbrand equity.................................................................................................................................3TASK 2............................................................................................................................................5P3 Analyse different strategies of portfolio management, brand hierarchy and brand equitymanagement................................................................................................................................5TASK 3............................................................................................................................................7P4 Evaluate how brands are managed collaboratively and in partnership both at a domestic andglobal level.......................................................................................................................................7TASK 4 ...........................................................................................................................................8P5 Evaluate different types of techniques for measuring and managing brand value usingspecific organisational examples.................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONBrand management is a process of marketing in which companies maintaining goodrelationship with customers for increasing the value of their product line and creating a positiveimage of its brand at the market place (Brand Management, 2019). The main motive of brandmanagement is to enhance a level of brand loyalty among existing users. Also it is veryimportant for every businesses as it helps companies to evaluate an overall performance of itsbrand. In this present report, chosen company is Zara which is largest international fashionindustry across the whole world. This is founded by Amancio Ortega and Rosalia Mera in theyear 1975. Along with this report, it covered various topics such as importance of branding aswell as component of successful brand strategy and also it has been analyse the differentstrategies of portfolio management, brand hierarchy, and brand equity management. In order tothis, it can be evaluate that how brands are managed collaboratively and in particular at bothdomestic and global level. At the end, in this report, different types of techniques for measuringand managing brand value are going to be covered. TASK 1P1 Explain the importance of branding as a marketing tool and why and how it has emerged inbusiness practiceThe term branding refers to process of marketing which involves creation of uniqueidentity for the product in minds of consumers through advertising media comprising of pursuanttheme (Abratt and Kleyn, 2012). The aim of branding is to set up pivotal and differentiatedpresence at the marketplace so that ample number of loyal customers are attracted and retained inZARA. Branding acts as very important tool for marketing of products of ZARA and have majorimpact on the company. The importance of branding as a marketing tool is defined below:-Branding Gets Recognition- Branding is essential for every business organisationbecause it helps them to get acknowledgement and becomes better-known to customers.For ZARA, most important component of branding is its Logo as it powerful,unforgettable and builds omnipotent impression at the first glimpse. For creating strongimage and brand identity in minds of customers Zara's brand ambassador is chosen aspart of marketing tool. Currently brand ambassador of company is ZARA Phillips. 1
Attracts Investors- A strong brand image in the market helps to increase the value ofbusiness by providing the company more leverage (Annie Jin, 2012). This leads to attractmore opportunities for investment as organisation has established good place at themarketplace. In context of ZARA, managers focus on fulfilling needs of customers whichdevelops good image in minds of investors and they invest in the shares of company. So,it leads to increase of business value for ZARA. Increases Employee Productivity and satisfaction-The well- known brand attractsmore qualified and talented employee in the organisation. More and more people wish towork in ZARA as managers their emphasises on both employee satisfaction andproductivity. Employees of ZARA are highly satisfied because they get their salaries,rewards and other various incentives on time which leads to decrease in employeeturnover and increase in productivity for company.Strengthens Negotiation power with Suppliers- ZARA is largest organisation infashion industry so, for suppliers it is the biggest customer. The managers of ZARA hasbuild up good brand identity in market which leads to strengthen the negotiation powerwith the supplier. This power must be used to insist suppliers to deliver quality productson time and also, managers of ZARA can bargain over prices.Increase in Customer Base- A good brand will assist company to win referralbusinesses. Once the brand is popularised and trust is developed which helps to attractmore and more customers for company (Balmer, 2012). Managers of ZARA fulfilrequirements of customers without any delay and launches new products according totrend followed in market which helps to maintain the customer loyalty with brand equity.Attracts New Distribution Partners- Zara is very popular brand with huge customerloyalty. So, this leads to attract more distribution partners for its products at both localand international level. New distribution partners are attracted for ZARA because of highreturn on investment and maximum customer satisfaction.Creates Consumer Preference- Customers prefer those brands which possess strongbrand image as they are aware with the brand. The well known brands are seem to be lessrisky to prefer to buy products from the ZARA. Customers of ZARA prefer to buyproducts from this brand as its products are well-known with quality products.2
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