Brand Management of Coca Cola Doc
Added on 2020-09-08
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Brand Management
Table of ContentsINTRODUCTION ..........................................................................................................................1SECTION 1......................................................................................................................................1LO 1.................................................................................................................................................1P1 Importance of branding as a marketing technique.................................................................1P2 Key elements of a successful brand strategy.........................................................................3SECTION 2......................................................................................................................................4LO 2.................................................................................................................................................4P3 Different strategies of portfolio management, brand equity and hierarchy management......4LO 3.................................................................................................................................................8P4 Brands are managed collaboratively and in partnership........................................................8LO 4...............................................................................................................................................10P5 Various kind of techniques and tools for evaluating and managing brand value ...............10CONCLUSION .............................................................................................................................13REFERENCES................................................................................................................................1.........................................................................................................................................................3
INTRODUCTION Brand management is identify as a process of upholding, improving and maintaining abrand so that name is formed with positive outputs. It will considers different number of essentialaspects such as buyers satisfaction, cost, competition and in-store presentation. Is is also defineas a marketing part that deals with evaluate and planning of target clients, brand image,perception and positioning. With the help of these company can attract million customers andincrease their sales effectively. It also helps them in establishing better relationship with buyersso they can maintain long-term connection with business. It can be maintained by intangible andtangible aspects of the business product. Tangible elements includes the packaging, core product,and price etc. Intangible components covers clients experience, product positioning, value addedfacility and buyers relationship with the product image (Rosenbaum-Elliott and et. al., 2015).This report is based on Coca-Cola is a multinational company which cover worldwide. Thisproject discussed about the importance of branding and key elements of successful strategy.Different types of strategies such as brand equity, portfolio management and other also shown inthis study. Company use various types of tools and techniques for managing and evaluating theirbrand image in an effective manner. SECTION 1LO 1P1 Importance of branding as a marketing techniqueBranding can be defined as a process of creating unique image and name of the productwhich distinct the particular product or services from other rivalry firm. It aims to developdifferentiated & significance presence in the market place that stimulates and keep loyalconsumer for longer period. Brand represents the buyers perception in terms of company'sproduct or services, advertising, logo or reputation (Kelley and et. al., 2015). Thus, it becomeimportant for a business firm to establish strong brand image in the eyes of their potentialcustomer. Below mentioned are the importance of branding as a marketing tool: 1. Branding Enhances Recognition: One of the major component of Brand is its “logo” as itinstantly attracts the buyers. For instance, Coco-Cola follows its one brand strategy. Theirinnovation includes classic, diet coke and no calories & sugar. They are promoting their entire1
range with different characteristics which stimulates the buyers and make them to buy theirproduct.2. Brands provide a stable asset: There are certain situations when technologies might change,product might fail but if the company is having strong brand image they will pass through allsuch changes easily. Coco-Cola has been serving their consumer for more than 120 years whichis quite long in comparison to the other competitors firm who have existence normally for 20-30years. 3. Branding generates new customer: Coco-Cola new range attracted the buyers on vast levelwho are fitness freak. When Coco-Cola launched its Zero-Sugar product worldwide, within ashort span of time its sales had increased up-to 35%. Also Branding enablers the firm to getbusiness through referral (Dinnie, 2015). A fitness freak person will definitely share his/herreview about the product with their friends, family members etc. which gives Coco-Cola freepublicity or advertisement through word of mouth.4. Brand sets expectation: Today we live in world where everything is based on promises orexpectation. Teacher promise to educate children, Restaurant promise to serve the best quality offood to its consumer etc. This increased the expectation of buyers and often make them blindregarding the Company's Product. For instance, Coco-Cola No Sugar No Calorie product makesthe audience to expect that their product is not containing any sugar particles. Client'sexpectation liable Coco-Cola to make product according that satisfies the changing needs ofbuyers. There are certain chances when customer get confused between the brand or product. Though both are extremely different, but there are certain situations when people consider brand as Company's Product (Abrahams, 2016). Below mentioned are the key points that distinguish brand from a product: Brand Product Brand is often built by trust of customer.It is normally developed by the organisation in a factory. It is unique.Competitors can copy Product.Strong Brand is TimelessProduct become obsolete with passage of timeIt become meaningful over time. They are instantly meaningful.2
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