Building and Managing Brand in Virgin Group
Added on 2021-01-01
17 Pages5125 Words98 Views
|
|
|
Building and Managing Brand
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1TASK 2............................................................................................................................................51. Analysing Virgin group brand portfolio strategy....................................................................52. The hierarchy management of Virgin Brands.........................................................................73. Analysing strategies used for managing equity of brands in Virgin groups..........................8TASK 3..........................................................................................................................................101. Strength of virgin radio that can be leveraged......................................................................102. Weaknesses of Virgin radio and recommendations..............................................................103. Collaborative and partnership agreements of Virgin radio..................................................11TASK 4..........................................................................................................................................11I. Techniques to measure brand value.......................................................................................11II. Techniques to measure brand awareness..............................................................................11III. Techniques to measure market share..................................................................................12IV. Techniques to measure consumer attitude..........................................................................12V. Techniques to measure brand awareness.............................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONBrand is a product or services of an organisation that has differentiated position in marketfrom other competitors. Brand building is an important aspect of business development, as it isimportant too increases the sales and revue for the business. The present report will help inunderstanding the ways to build and manage a brand of an organisation. Report will discuss thestrategy to manage the brand equity with different theories and model. Further, brand portfolio ofVirgin Group, UK based holding company will include. Hierarchy management of Virgingroup's brand and strategy to manage its brand equity will be described. Furthermore, brandextension and brand leveraged will be explained in this study. At last, measuring and managingbrand value techniques will be identified. TASK 1Brand is PowerManagerOptimum Impression Ltd.Introduction: Brand can be defined as a product, services or concept of an organisation whichdifferentiate it from similar product in market. Such products or services can be easilycommunicated or marketed. Branding is refereed as the process of creating the brand name ofproduct and services in the market (Chernev, 2018). Product or services that become a brandwill likely to survive more than the undifferentiated product in market. Branding can be appliedto the entire corporate identity as well as to the single product or service name. The term that is used to define the brand value is known as brand equity. It is marketingterm which is determined by the consumer perception and experience with the brand. If theawareness and perception of the customer regarding the brand is favourable than it can be saidthat brand has positive equity (Keller, Parameswaran and Jacob, 2011). On other hand, ifcustomers are disappointed with products and avoids to buy it, than it has negative brand equity. A successful brand building process helps the product to be differentiated from competitionin market, it also plays an important role in creating a customer loyalty for the product (Pamfilieand Croitoru, 2018). Building a successful brand is an ongoing process for organisation. There1
are various steps that need to be followed in order to built a successful brand, it includesDetermining the target audience to whom the company needs to communicate.Determining the vision and mission that help customer to evaluate company's purpose. Ithelps in guiding the brand building process (Iglesias and et.al., 2019).In order to built a brand it is foremost important to analyse the competition of productand services in the market.Creating and focusing on uniqueness that assist to differentiate brand from others inmarket.Defining the brand guidelines is important as it helps in defining specific rules based onwhich the business will interact with audience (Sevel, Abratt and Kleyn, 2018).In the last step an effecting marketing strategies has to be made in order to market andpromote the brand to the target market. Marketing plays an important and essential role in creating a brand equity, company makestrategies for product, price and distribution. These strategies are essential in creating brandimage and awareness of brand in market.Main Body: Making a product or services a brand, is depended on how well organisation has makestrategies in order to advertise and promoting a brand. Brand equity can be defined asawareness, perception and loyalty that a customer has toward brand (Aakerand Biel, 2013). Thebrand equity strategy can be best defines with Aaker model of brand equity. As per this theory, brand equity is set of five categories of assets and liabilities that can behelpful in measuring brand value to firm's customer. The five categories are:Brand loyalty: According to the Aaker model, it is brand currency that helps inreducing marketing cost. Loyal customers will not switch to others easily, it assist inproving time to respond to the changes made by competitors. For example, Apple andSamsung have effective brand equity and its customers are loyal towards the companies.Brand awareness: It assist in building the brand equity, it assists brand to be considered2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents