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Brand Management of McDonald: Assignment

   

Added on  2021-01-02

17 Pages5877 Words198 Views
BRANDMANGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Brand power...........................................................................................................................3TASK 2............................................................................................................................................7P3 Different strategies of portfolio management, brand hierarchy and brand equitymanagement............................................................................................................................7TASK 3..........................................................................................................................................10P4Evaluation of how brand are managed collaboratively and in partnership both at global andat domestic level...................................................................................................................10TASK 4..........................................................................................................................................12P5Evaluation of the different types of techniques for measuring and managing brand value12CONCLUSIONS............................................................................................................................14REFERENCES..............................................................................................................................16

INTRODUCTIONBrand management is all about the process of planning and analysing of ways throughwhich brand can be treated in the marketplace. In addition to this brand management includes themanagement of tangible and intangible characteristics of brand and the ultimate aim of brand isto develop good relations with the target market (Alfes, and et. al., 2013). This assignment isdivided into four main task. In task 1 description about brand power is being explained. In task 2analysis of different stages of portfolio management, brand hierarchy and brand equitymanagement is being done. Whereas in task 3 McDonald favourite brand Mc Cafe is beingconsidered in order to evaluate about how brand are managed collaboratively and in partnershipboth at global and at domestic level. Lastly, in task 4 McDonald itself is being considered as anorganisation in order to evaluate of the different types of techniques for measuring and managingbrand value.TASK 1Brand powerIntroductionBranding: It is all about establishing the image of an organisation in the eyes of the customers,or it can be said it is termed as a marketing practice of creating a name, design , symbol whichhelps in differentiating products from other products in marketplace.Brand equity is one of the marketing term which helps in estimating the value and economicworth of a brand and the value is determined by the perceptions of the potential customers thatthey receive from products (Armstrong and Taylor, 2014). Benefits of branding for organisation:Branding is beneficial for an organisation in every wayas having a strong brand in itself helps in building customer recognition. In addition to this, italso helps in achieving competitive edge in market as well as help in making easy introductionof new products in marketplace which result in enhancing the credibility and ease of purchase.Stages of building brand: In order to build strong brand in market place optimum impressionlimited needs to follow certain steps which are mentioned below:In the first step they must first determine the target audience so as to identify thosecustomer who actually render their interest in purchasing of products.In the second stage management of optimum impression limited need to determine the

brand mission so as to define their ideology.In the third stage, management of optimum impression limited need to determine theircompetitors so as to analyse the difference between their policies and strategies with itscompetitors (Bakker and Demerouti, 2014).After competitors analysis they need to create value propositions so as to make theirproduct unique from others in terms of value and benefits of products and services. In this stage management of optimum impression limited need to determine their brandguidelines by undertaking the strategy of their brand.In this last stage brand is finally marketed in the market and its the marketingdepartment who plays this role and side by side acquire feedback from customers too soas to strengthen their opportunity for brand equity. Role of marketing department in creating brand equity:Main role of marketing department is to analyse the changes taking place in the taste andpreferences of customer so that the department can ask the production department to produceproducts accordingly which will helps in increasing the customer satisfaction level and willalso result in strengthening the brand equity. Main bodyBrand in itself is defined as a logo, name or symbol on the behalf of which product isdifferentiated from other products and services. For example McDonald can be term as one ofthe successful brand in food sector as it process its impulsive brand for the purpose ofsolidifying their customer base (Bratton and Gold, 2017)Therefore long term success of anyspecific brand depends upon its brand equity, as it helps in determining the perception level ofthe customers towards their products and brands. For example:McDonald McDonald takes intoconsideration several strategies in order to build brand equity like proper communication withcustomers is one of the strategy used by McDonald so as to influence more number ofcustomers. Moreover brand awareness strategy can also be adopted by McDonald in order tokeep customer aware about the brand products they are offering. For example in order to createbrand awareness McDonald uses social media marketing strategy in order to make large numberof customer aware about the product and services they are offering. Other stragey like brandextension and and brand revitalisation with the help of which product can be marketed inmarket. For example:McDonald McDonald has added some other flavour in its product name

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