Brand Management - Optimum Impression Limited
18 Pages5647 Words286 Views
Added on 2020-10-22
Brand Management - Optimum Impression Limited
Added on 2020-10-22
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Brand Management
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK1 ..........................................................................................................................................3P1 and P2. ..................................................................................................................................3TASK2 ............................................................................................................................................6P3. Brand portfolio and hierarchy management.........................................................................6TASK3.............................................................................................................................................9P4. Brand extension and leverages..............................................................................................9TASK 4 .........................................................................................................................................11Measuring and Managing Brand Value....................................................................................11CONLCUSION..............................................................................................................................14REFRENCES.................................................................................................................................15
INTRODUCTION Brand management is an essential function of marketing which is used to increase thedetected economic value of a product line or brand over time. It helps in holding back, rising andpreserving a brand so that a name is connected with positive outcomes. Organisation undertakenin this report is Optimum impression limited which was founded in 2003 in UK and deals injoinery installations. For better understanding of brand management, another organisation takenwill be Nestle which was founded in 1866 in Switzerland which deals in wide variety of productslike baby products, confectionery, pet food, bottled water, etc. This report will explain theoverview of brand and brand management. It will also determine the various strategies requiredfor building brand. It further explains how brands are leveraged or extended domestically orinternationally. It also evaluates the techniques for measuring and managing brands.TASK1P1 and P2.Brand is PowerINTRODUCTIONBranding is a tool or marketing activity that helps in creating a name, symbol or designthat identifies and differentiates a products from other products. According to the report, brandis regarded as power. It is a set of expectations, memories, stories and relationships thattogether will help customer in taking decisions regarding selecting products and services fromvarious alternatives. Brand equity is a marketing term that defines the economic value or worthof a brand. This value is identified by various customers perceptions regarding the brand andtheir experiences of using organisations products and offerings (Abrahams, 2016). There arevarious stages for building successful brand which will help in exceeding the brand and dealingwith the competition by marking itself differentiated. These stages starts with determining targetaudience, defining brand mission, research regarding competition, create value propositions,determining brand guidelines and finally ends with marketing of the product. These stages helpsin maintaining customer loyalty and achieving organisations profits and sales at higher levels.Marketing department plays a very crucial role in building brand equity like promoting andmarketing the products, channelises integrated marketing communication, creating brandawareness, etc.
MAIN BODYBrand is more then a logo, image or sign. Processing a powerful and impulsive brandscreates a solidified base for the Nestle which is one of the largest organisation of food industry.But the long term success of the brands depends on brand equity. It is much more than aconcept and act as a model for understanding the customers perceptual experience in abstractionto the perspective. For instance, Nestle will use various strategies in strengthening its brandequity. Communication is one of the most crucial strategy which will be used by Nestle asbrand equity cannot be achieved without an effective communication. As Nestle operatesglobally, so multicultural market change substances and effective economic process needs arerequired so it assures that communication must be multilingual, cultural delicate, mobile andonline. This also useful in pull in financier, legal matters, resolving legal matters, etc. Further,brand awareness is a very powerful strategy which will help in making customers rememberabout the brand, when there are various alternative products for competition in the market. Forthis purpose, marketing manager of Nestle will include social media and content marketingwhich are the latest and most appropriate promotional tools. Also, legal and ethical alternativesof Nestle are central prospect of brand equity (Batey, 2015). This is useful in protecting thecustomer with unfair practices which will help them to go for legal legislations and courts incase of unethical behaviour and malpractices at market place, etc. Apart from this, it will beuseful in adopting various strategies of brand extension and revitalisation. Brand extension isitself a marketing strategy which uses an existing brand for marketing new product in themarket. There are various strategies for this like forming similar product into different formfrom the original parents product. For instance, Nestle maggie created Maggiie sauce. Also byhaving different flavour, component or ingredient to the existing product to create a newproducts like Nestle milk made helped in creating Nestle milky bar. The last strategy of brandextension is adding a benefit to the existing product like Nestle Maggie added a benefit ofNestle wheat Maggie. Brand revitalisation is a marketing strategy adopted when the productreaches at maturity level of product life cycle and need renovation or improvement to increaseprofits. The strategies of these are becoming brand centric, rename the brand, streamline andsimplify, wrap up in something new, etc. Keller brand equity model is also known as customer brand based equity (CBBE) modeland emphasises on customers of the organisation. It is a pyramid which explains that how
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