Samsung Brand Management
21 Pages6342 Words368 Views
Added on 2020-10-22
Samsung Brand Management
Added on 2020-10-22
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Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1TASK 2............................................................................................................................................4P3.Analysis different strategies of portfolio management, brand hierarchy and brand equitymanagement............................................................................................................................4TASK 3............................................................................................................................................9P4. Evaluation of brands that are managed collaboratively and in partnership both at adomestic and global level ......................................................................................................9TASK 4..........................................................................................................................................11P5. Different types of techniques for measuring and managing brand value.......................11CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................16
INTRODUCTIONBrand management is a function of marketing that uses various techniques to increase theperceived value of a product line or brand over time. It is process which is used by the companyfor maintaining, improving and upholding a brand and it involves various aspects such as cost,customer satisfaction, complementation and others (Abratt and Kleyn, 2012). This assignment isbased on Samsung company, it is a south Korean company which was founded in 1938 by LeeByung-chulas a treading company Samsung entered the electronics industry in the late. Itoperate its business internationally. In this report discussed about the importance of branding as amarketing tool and the key components of a successful brand strategy for building and managingbrand equity. Different strategies of portfolio management, brand hierarchy and brand equityengagement are explained in the assignment. Evaluation of different techniques that are used bythe company to leverage and extend brands are defined clearly. Different types of techniques formeasuring, managing brand value using specific organisational are explained in the assignment.Evaluation of various techniques are described in the report that evaluate how brands aremanaged collaboratively and in partnership both at a domestic and global level.TASK 1Brand is PowerIntroductionA brand is product, service or concept that is publicly distinguished from other products,services or concepts. In Optimum Impression Ltd, it is a process of creating and disseminatingthe brand name. It is an identifying symbol, mark, logo, name, word and sentence that companiesuse to distinguish their product from others. When a company decides to settle on a brand to beits public image, it must first create its brand identity. For example, Samsung, a technologycompany, used various identities such as logo, symbol, slogan and others so that it can create andset image in the mind of its customers with its brand. Brand equity is a marketing term thatdescribes a brand value and can be refers to a value premium that a company generates from aproduct with a recognizable name. In this report explained about brand and brand equity and thesteps of building a successful brand. CBBE model is also explained with appropriate examples.There are four stages to building a successful brand such as define how the individual want to beperceived, organise the person's business based on this promise, communicate the individuals
promise and be consistent. There are some stages which are beneficial for building a successfulbrand, they are as following:By conducting effective market research, because it help the company to find out itstarget customers and identified their needs (Balmer, 2012).Focusing on a unique value proposition so that company can set its business apart fromits competitors by focusing on the value proposition.By choosing a brand name that delivers company message clearly so that it can knowabout the customers need and desires.To create an emotional connection company can build its brand image. For this it candesign any ad which relate the customer's feeling with the product.By delivering consistent communications company can developed an effective brand andcorporate identity strategy. For it company can include advertisement, public relation and othersvarious modes. Marketing department play an important role in creating brand equity such asby communicating company's brand with the customers and by doing market research on marketit can find out its target customers. Marketing department play an important role in buildingbrand equity such as design marketing programs and strategies related to product, price anddistribution channels. With the help of marketing department company can design and createvarious advertisement and promotional channels which are helpful for creating brand equity.Main BodyBrand equity is an important component for every business. It is a phrase that reflects theperceived value of a known name, symbol, logo and other identifiers. It refers to a valuepremium that a company generates from a product with a recognisable name when compared to ageneric equivalent (Annie Jin, 2012).Samsung has implemented a brand building exercise, stretching the brand name to takein new products. Samsung used various strategies which are useful for the company for itsbranding. The promotional strategy, designed strategy, pricing strategy and others are helpful toincrease brand recognition. In its promotional strategies, it involved extensive sponsorship ofsome of the most prestigious sporting events broadcast across the globe. To encourage businessuser to buy Samsung monitors, the company developed advertising strategy to introduced brandand raise brand awareness and instil good perceptions of the product. Advertising was carefullytargeted to its customers and helpful for successful strategy for strength brand equity.
There are some successful strategies for strengthen brand equity of Optimum ImpressionLtd. These strategies can be quality products and services, competitive analysis, consistent imageand feedback of the customers. With the help of these strategies the company can find out inabout its products and services and needs of its targeted customers (Braun, Kavaratzis andZenker, 2013). There is a brand equity model which is known as Aaker model of Brand equity.This model is given by Professor David Aaker to clearly understand the brand equity. He dividedthis model in 5 categories, such as:Brand loyalty- It is a customer behaviour pattern where customers become committedwith the brand and make repeat purchase over time from that particular brand. It is the tendencyof consumers to continuously purchase one brand's products over another (Bruhn, Schoenmuellerand Schäfer, 2012). It is a brand currency and something which can not be copied bycompetition. For example, if a customer buy products from Samsung every time when ever heneed, it is the loyalty of the customer towards the brand. Higher loyalty helps the company toreduce marketing costs. Loyalty is something which can not be copied overnight by competitionand therefore gives time to firm to respond to any move by the competitor. Brand Association- It is anything which is deep seated in customer's mind about thebrand. Associations are reason to buy the products and services and related to the qualities andbenefits of the product and brand. For example, “Lux” a FMCG product and create a positiveimage in the consumers mind cause of the advertisement is done through film stars. It is relatedto the number of brand extant ions in the market and the extent to which brand associations playa role in the buying process.Brand Awareness- It is a process to create awareness about the product and services. Init, company use various advertisement channels and make brand logo, symbol, image and othersso that it can familiar the customers with the brand. For example, Coca Cola is very famousproduct and known as Coke by the consumer.It help the brand to get into the consideration setwhile the consumer plans to purchase. Perceived Quality- It is defined as the customer's perception of overall quality orsuperiority of a product or service. It described the customer's opinion about overall quality orimage of the product or service. For example, if customers make their perception that they onlypurchase Samsung mobile phone because of good quality. Perception with respect to productgives an extra edge over the actual product feature.
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