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Building and Managing Brand

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Added on  2020-12-10

Building and Managing Brand

   Added on 2020-12-10

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Brand Management1
Building and Managing Brand_1
Table of ContentsINTRODUCTION ...........................................................................................................................................4Task 1 – Building and managing brand over time........................................................................................4Introduction ............................................................................................................................................4Main body ...............................................................................................................................................4Conclusion ..............................................................................................................................................6Task 2 – Brand portfolio and hierarchy management .................................................................................71. Analyze the organization’s brand portfolio strategy ...........................................................................72. Provide an illustration of the hierarchy management of brands within organizations portfolio ........73. Analyze strategies used for managing the equity of the brands within the organizations portfolio. ..8Task 3 - Brand extension and leverage .......................................................................................................91. Strengths of the brand that can be leveraged.....................................................................................92. Weaknesses that may need attention providing some possible suggestions....................................103.Collaborative and partnership agreements........................................................................................11Task 4 – Measuring and managing brand value ........................................................................................12Conclusion ................................................................................................................................................14REFERENCES..............................................................................................................................................152
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INTRODUCTION The term brand management can be defined as process of bringing improvement andupholding of brand so that there is a creation of positive results for company. It is an essentialconcept as proper brand management can result in higher sales of not just one product but all theproducts that are linked to brand (Uncles and Singh, 2016). The present study has thus laidemphasis on exploring various techniques that can be used to maximize brand value and aid inattaining effective brand management. Various company examples have thus been taken todiscuss how brands can be built and managed over time; basic concepts about Brand portfolioand hierarchy management as well as Brand extension and leverage.Task 1 – Building and managing brand over timeIntroduction A brand can be defined as a name, term, design or symbol that differentiates the productof one firm from other rivals in the eyes of a client (Jugenheimer, Sheehan and Kelley, 2015).Brand equity on the other hand is commercial value that is derived from how the consumerperceives brand name of any company (Ertimur and Coskuner-Balli, 2015). In this respect, thereis a presence of various stages to brand building. The very first step is about listening toconsumers and carrying out market research to find more about what is required by customers.Then is envisioning phase which lays emphasis on positioning the brand in minds of consumers(Heine and et.al., 2018). Another step is communicating in which brand vision is discussed withteam members and publicly mentioned to consumers and stakeholders. In living stage the teammembers carry out work for brand building which is then followed by measuring stage whereofficials can measure return on investment they have attained from brand. Marketing departmentof any company has a key role to play in building brand equity. The marketers work on programthat can be launched for creating brand image and building awareness among consumers. Boththe areas are an essential component of brand equity. Other than this, the marketers also play akey role in making a positive brand impression in mind of consumers which helps to build brandequity (Du Preez and Bendixen, 2015). Main body 4
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