Report on Brand Techniques and Method
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Added on 2020-06-03
Report on Brand Techniques and Method
Added on 2020-06-03
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BRAND MANAGEMENT1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3SECTION 1......................................................................................................................................3Brand............................................................................................................................................3Importance of branding................................................................................................................3Brand equity.................................................................................................................................4Difference between brand and the product..................................................................................4Key elements of a strong brand...................................................................................................4Steps to manage and develop a brand over the time....................................................................5Challenges to developing a brand................................................................................................51. Challenges faced by Coca-colaCoca-Cola...............................................................................52. Challenges faced by Mcdonald'sMcDonald’s.........................................................................6SECTION 2......................................................................................................................................6The brand's portfolio strategy:.....................................................................................................6The management hierarchy of Coca-colaCoca-Cola and Mcdonald'sMcDonald’s:....................6Evaluation on how brands are leveraged and extended...................................................................8Description on the technique of measuring and managing the brand over the time......................10CONCLUSION..............................................................................................................................12REFERENCES .............................................................................................................................132
INTRODUCTIONThe brand management is very important technique to maximize the market share andprofitability of the firm in market. It can be termed as marketing which defines brand value. It ismainly based on customer's perception about the brand. In order to increase the value of brands,companies need to focus on the uniqueness and the quality of the product (Kottemann, Plumeyerand Decker, 2018). This will greatly influence value of their brands. With the help of this kind oftechnique, the brand can be developed in the market and will also have good growth andpotential in the firm. The present report will cover the following activities such as brand qualityand value, critical evaluation on the brand techniques and method of the brand measurement sothat brand of the commodities can be tracked easily. By giving the particular modification in thecommodities, they are able to maximise the profitability and productivity. For this, they need tomake the portfolio strategy so that brand can be managed effectively. In addition to this, themajor consideration is to be given over the two companies like McDonald’s and Coca-Cola. Thiskind of activities will be helpful in relation to have growth in the market. Brand has the specificidentity which can be helpful in relation to gain competitive advantage in market. With the helpof this kind of activities, consumers tend to attract with the brand of products.SECTION 1P1.Importance of brandingBrand:By using symbols, words or logo that can identify a product and also differentiates it fromothers is referred to as a Brand. When it represents a firm, it is known as brand name which canbe categorised as an asset which has to be developed by time to time. For example, Coca-Colaand McDonald’s are one of the most leading brands in the world. They are developed as per theneeds of the consumers and also designed efficiently to make their unique position in market(Zhou and Wang, 2014).Branding: The process of creating an image in consumers mind of a specific product, is calledbranding of that product.Importance: By branding, a Coca-Cola actually makes customers understand about themselveswho they are. Although branding is way tougher today, but it is equally important too. Thecreativity of branding, the words and the elements which a company uses can highly influencethe branding. It makes the higher level trust in customers and gives a better identity to company.By branding, each of both the companies made their presence felt to the world. In order to3
become a profitable company whether it is small or large like McDonald’s or Coca-Cola, theyhave been established themselves as strong brand builder (Zhu and Chung, 2014). In today'sworld, it is very challenging to stand apart from others and in order to do so, branding can bevery helpful. It is also important to give a clear idea to staff members about requirements andneeds of the customers and they will act accordingly to satisfy their needs as well as to get moreprofits to the company. In addition, if a company do branding, it will create referrals about whatthey are among people and will become more known publicly and also add more customers.P2. components of successful brand strategyBrand equity:Brand equity means how a company has established itself by its brand or product.It is the ability of a particular brand that keep customers attract and retain their interest in it. Itcan be called as a marketing term which defines the value of a brand. It is based on customer'sperception about the brand. It can be categorised in two parts, if people think of it as a highquality, it is considered 'positive brand equity', on the flip side if they consider it to be a lowquality, it’s been called 'negative brand equity' (Lilleker, 2015). In order to get more of thepositive brand equity, McDonald’s and Coca-Cola transfer the equity to the line extensions. Ithelps them to improve their stock price too. Although, these companies have already a positivebrand equity, both Coca-Cola and McDonald’s have been increased the prices of their productsto gain more profits for the company and for maintaining it, they are also focusing on the brandsto make positive equity for them. For example, the value of brand equity of Coca- Cola isestimated at $81.6 billion in 2013 which is far more than other soft drink brands.Difference between brand and the productThere are some basic differences of the brands and products of a company. Companiesmake the products while after the perception which is made by their customers, the productsbecome brands. The product can be replaced by brands but brands can't be replaced. Products arereferred for what they can do for customers whereas brand creates attachment for it amongcustomers. For example, Coca-Cola sells beverage as a product, but In spite of the arrival of newcompanies with new beverages, it became a very popular and world known brand over the timeby perceptions of the consumers about it (Napoli and et. al. 2014). Same can be said forMcDonald’s also which is a leading food brand that sells burgers, sandwiches according to thecustomer's need and also maintains the hygiene level of the food. It also became world famousbrand. This was the major difference between brands and products. 4
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