Brand Management - Coca Cola and Pepsi
Added on -2020-07-22
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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................3SECTION 1......................................................................................................................................3P 1 Brand................................................................................................................................3B. Importance of Branding.....................................................................................................4C. Brand Equity......................................................................................................................4D. Difference between a brand and a product........................................................................5E. Key elements of a strong brand..........................................................................................6P.2 How to manage and develop brand..................................................................................7B. Challenges of developing a brand......................................................................................9SECTION 2....................................................................................................................................10P.3 Brand portfolio strategy.................................................................................................10B. Management hierarchy....................................................................................................11C. Brand equity management...............................................................................................12P.4 Extension approach and strategies ................................................................................13B. Reinforced of brand.........................................................................................................15C. Collaboration and partnership..........................................................................................16P.5 Brand measurement techniques......................................................................................16B. Brand equity audit and tracking techniques.....................................................................17C. Varies approaches of valuation of brand.........................................................................18CONCLUSION..............................................................................................................................19REFERENCES................................................................................................................................1
INTRODUCTIONBrand management is very important for an organisation. It is help to analyses andplaning how the brand is perceived in market. In brand management is focus on evolution of agood human relationship between with target market. In this context, report is focused ondifferent strategies and approaches for brand management (Balmer and et.al, 2016). It is basedon two brands: Coca-Cola and Pepsi. This organisation is basically located in United Kingdomand provides different kinds of services in soft drinks. In this report is focus on the differentevaluation of each brand and set proper strategy for evolution in market. In this way report isway on brand equity direction and model for upcoming growth in construction. SECTION 1P 1 BrandA brand is the unique identification that is been given to a business or an organisation.The Brand will help the customers and other people in the market to identify and recognise theproducts or the service of business (Borkovsky and et.al, 2017). The brand image of businesswill be reflected in the each and every service that is been provided to business. This will helpbusinessto gain better productivity in the market and build a good brand image in the eyes andminds of the customers. Besides this, the strong brand image of businesswill help the business tocarry out their operations with ethics and responsibility and will further aid to get better customerloyalty and sustainability, that will help business to achieve better profit and generate highamount of revenues (Balmer and et.al, 2016). Apart from this, sometimes customers equate thebrand with the level of quality of the product or services, that is been provided to the customer.Also, the brand will help business to attract maximum number of customers towards theirservices and helps the business to gain a better share of market as well as get success.According to Kotler (2013), a brand is an attribute that provide a benefit to a business bythe increase in the brand image, equity, image or customer base that helps the company to gainmonetary and strategic benefits.While, as per the views of Urde (2015), a brand is a unique identity that is been possessedby the business organisation and provides it with a better share of the market growth andrecognition among its loyal customers.
B. Importance of BrandingThe branding helps the company to gain a better share of market and meet therequirements of the company. As a marketing tool, the branding of the product or the service willhelp the company to gain a better image in the market (Renton, Daellenbach, Davenport, andRichard, 2015). The approach of branding helps the company to get a better following from thecustomers and helps the company to have a better productivity that helps the cited firm todevelop more innovative and successful products or services. The approach of branding helps the marketing department of the company to clearlydelivers the message the company wants to deliver to its targeted or the potential customers.Besides this, it also helps the company to confirm the credibility that will contribute in the bettergrowth of the sales of the company (Cavender, and H. Kincade, 2014). The brand loyalty of thecustomers will help the marketing department of the cited firms, to predict and develop a bettermarket strategy and a competitive advantage.The branding helps the organisation to build a better position in the market and in themindset of the customer's, providing it a competitive advantage in market. For the consumerperspective, it helps them to choose proper product of a company or a brand to meet theirrequirements in better way.For example, in the market, while choosing a beverage, a customerwill rather prefer COCA COLA or PEPSI over the other beverages available in market.C. Brand EquityA brand equity is the determined or the estimated value of a brand that is been hold orpossessed by a brand, rather than the valuation from the brand. It is majorly based on theanalysis of the customer's perspective for any product or the services. In other words, the brandequity consists of the benefits business get from the product or service of the well known brand.The main target behind the business firms to create a better brand equity is to make their servicesmore effective and memorable for the customers (Zhang and et.al, 2015). This will not only helpbusinessto gain the better loyalty of its customer's by improving the quality of the products orthe services. Apart from this, the approach will help business to gain a better share of the marketand increase the customer's reliability.For example, the COCA COLA and PEPSI are the world known brand that helps thecompany to sell their variety of products, all over the world. This helps the company to gain abetter brand image and market positioning.
According to Davenport (2015), The brand equity of a brand like COCA COLA andPEPSI is largely based on the perspective of its loyal and regular customers. While as per theview of Kotler (2013), the brand equity helps in determining the better market position of astronger brand.The brand equality is based on the three basic components that are needed to be takeninto consideration by business which are: Consumer perception, positive or negative effect of thebrand equity and the resulting value. The consumer perception is hugely based on the knowledgeand experience of businessas well as the customer about the product or the services. This willlay a positive or negative effect on the brand equity which will determine the success or failureof the brand as the final result (Kapferer and et.al, 2017). The positive effect will help businessand brand to grow in a better way. On the other hand the negative effect of the brand equity willlay an emphasis on the improvements that the cited firm needs to take into the consideration.The organisation adopts various measures to develop the better brand equity such as: Awareness: to create an awareness about the brand or the product and service of thecompany.Recognition: Get the product or the service of the organisation or brand recognised in abetter way among the customers.Trial: Once the product or brand is been recognised by the customers, its services arebeen run on a trial for the assessment purpose.Preferences: When the customers are been satisfied, they will prefer the particular brandover the other, which will give it a competitive advantage.Loyalty: this preference will also help the brand to gain a better customer's loyalty thatwill help in the rise of its market share. D. Difference between a brand and a productThe brand and the product, however closely related to each other, are different from eachother. The product or the service is the part of the brand and the success of the brand is deeplydependent on the quality and efficiency of them. Some major difference between the brand andthe product is as follows:Brand ProductIt is the identification that is been givento a company or a business.It is the goods or the services that arebeen developed by the company.
The brand is been developed and madelargely by the perception and loyalty ofthe customers. (Kapferer, and et.al2017)The products are been mademanufactured and marketed by thecompany. It helps the company to distinguish aproduct or a service from the otheravailable in the market. It is the finished item or good that isready to sale in the market.It cannot be replaced from the market.It can be replaced by any alternativeproduct launched in market.It offers the value to the company aswell as the customers.They perform a specific function ortasks that are been done by thecustomers.Brand is what needed and seek by thecustomers in the market. (Renton,Daellenbach,, Davenport, and Richard,2015)The product is the good or the servicethat is been provided to them to fulfiltheir needs or demands.It is been placed in the mindset of thecustomers. It is what consumed and used by theconsumers.While a brand is an amalgam of better marketing strategy, operations, good productquality and services that helps the organisation to increase its market value. On the other hand, aproduct is an item or a service that is been provided by the company under the brand name. Alogo is a design or a symbol that helps the customers to identify a brand in a market. Forexample, the COCA COLA is a brand which sells various beverages under its brand name and isidentified by the customers due to its unique packaging and brand logo.E. Key elements of a strong brandThere are been various key elements that are been taken into consideration by bothCOCA COLA and PEPSI which are as follows:Target audience: This will help the cited firms to identify their target customers anddevelop the product or the services, accordingly.
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