Importance of Brand Management Report
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Added on 2020-07-22
Importance of Brand Management Report
Added on 2020-07-22
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P1. Importance of branding as a marketing tool and on the way it has emerged in businesspractices .................................................................................................................................1P2. Key components of a successful brand strategy for building and managing brand equity3SECTION 2......................................................................................................................................6P3. Different strategies for portfolio management, brand hierarchy and brand equitymanagement ...........................................................................................................................6P4. Management of brands collaboratively and in partnership at both domestic and nationallevel........................................................................................................................................7P5. Different types of techniques for measuring and managing brand value by applyingspecific example...................................................................................................................10CONCLUSION .............................................................................................................................12REFERENCES .............................................................................................................................14
INTRODUCTIONBranding is defined as a process used by firm in creating and maintaining a unique imageof products in the minds of customers. It differentiates an organisation or brand from its rivals. Itincludes managing tangible as well as intangible features of the brand (Asmussen and et. al.,2013). The main purpose of branding is to communicate value and benefits of goods vividly,create loyalty of customers, convince buyer to purchase products and develop an emotionalconnection with consumers. In the present assignment, chosen organisation is MicrosoftCorporation which is a multinational technological company. It deals in software products,consumer electronics, cloud computing, computer hardware, etc. Firm is headquartered inWashington, United States and offers products and services worldwide. The report coversimportance of brand management or branding as a tool of marketing. It also includes keyelements of successful brand strategy for developing and managing the equity of brand. Apartfrom this, analysis of various strategies related to portfolio management, trade name hierarchy aswell as equity and evaluation of way in which brands are collaboratively managed in partnershipat global and domestic level are defined. At last, different techniques for managing andmeasuring the brand value are described in the project. SECTION 1P1. Importance of branding as a marketing tool and on the way it has emerged in businesspractices What is brandA brand is a symbol, name, design and feature that help firm in make it product differentfrom the offering of its competitors. Basically, this is used by organisations for carry out itsmarketing operations.Branding is a process which includes creating of different logo, sign, symbol, trademark,copyright and patent which identifies a product and creates a unique image in the minds ofcustomers (Barrow and Mosley, 2011). Its main purpose is to develop such offerings andsolutions which give competitive edge over others and tries to build a positive identity andloyalty.Effective brand image always support in order to increase sale of a company as well assupportive in order to enhance profitability as well(Förster, 2011). For gaining customer loyalty1
business need to establish their brand in an appropriate manner so that goods get maintain theirpresence into market and gain customer loyalty as well. For managing reputation in marketworld, business association lead to use this method through which a basic differentiation lead toget manage. Why is branding an important marketing toolBranding enhance recognition: It is a brand or logo of a company which support inrecognition in front of their customers and users (Dinnie, 2015). It is important for anassociation to maintain and frame such brand which further and always support inenhance recognition into keen competitive world. Although, Microsoft is one of aestablish brand whom have a signified brand logo or a symbol which clearly made themdiffer from others so that recognition become possible. Brands always support in stable assets:Business environment is dynamic in nature inwhich things get modify or alter with a course of time as well (Du Preez and Bendixen,2015). Thus, this consent lead to impacted on brand image of a company as well as theirassets also get reduce. Hence, if an organisation have good brand image them it willsupport in made their valuable stable in nature so that better and effective gain could bemanage. Microsoft have a good brand image through which stabilise assets get gain andbetter reputation could be manage. Support in generating new customers: Brand-loyalty is a major thing for anyorganisation through which business become able to generate more and more customers(Gromark and Melin, 2011). This is a way or a technique which enables in order togenerate more customers through recognising by users in an appropriate manner. Frompast few years, Microsoft already generated more and more number of customers and thisget stated through success of CEO of a company Bill Gates. Brand sets expectation: Every customer have several expectations from brand image of acompany. Thus, business organisation have to satisfy their users as per needs anddemands. Thus, brand image sets expectation for a company which enables in order tomake things correct and generate more and more revenue for business. Microsoft have agood brand image around the globe which facilitate in order to frame expectations fortheir users. 2
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