Significance of Branding as a Marketing Tool
Added on 2020-06-04
19 Pages5299 Words147 Views
Brand Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P 1. Significance of branding as a marketing tool and the manner it has appear in businesspractice...................................................................................................................................1P2 Fundamental aspects of successful brand strategies and maintain brand equity...............4Task 2...............................................................................................................................................6P3 Various strategies for the portfolio management, brand equity and hierarchy management6Task 3...............................................................................................................................................9P4 brands that manage in collaboration and partnership........................................................9Task 4.............................................................................................................................................12P5 Various tools and methods for evaluating and managing brand value...........................12CONCLUSION..............................................................................................................................14
INTRODUCTIONBrand management is begins with specific knowledge of the concept regarding brand. Inthis includes developing as well as managing a promise. It generally concerned with defining,positioning and delivering the particular brand. This is an art of creating and sustaining thebrand. In this includes proper management of tangible or intangible features. Tangibleconsidered products, its pricing and packaging as well as customer's experience according toservices brand and the intangible includes emotional connections with these products. This is anessential for creating good reputations among competitors which helps in building healthyrelations. Brand management is the set of procedure of creating awareness in customers mind sothat harmony can be maintain (Ashworth, 2010). This assignment is based on MicrosoftCorporations which is an multinational technology company and its headquartered in Redmond,Washington. This company deals in developing, manufacturing, licensing and sell computersoftware, consumer electronic, personal computers and many services. Assignment willdescribes several points that the branding importance by considering a marketing tool and itsimpacts on the business environment. There will various aspects which analysing for creatingsuccessful branding strategies through portfolio, brand hierarchy and equity management. It willhelps in evaluating the collaboration as well as partnership with local and international level.Here are some tools and techniques discussed to measure or manage brand value. TASK 1P 1. Significance of branding as a marketing tool and the manner it has appear in businesspracticeCreating trade name or icon in mind of people as well as in the market is crucial pace forbusiness in competing market.All start up and businesses firstly have to create their image inmarket and as well as for customer so that they can easily capture market or generate revenue tosustain in competitive business environment. For all these respective organisation have to domarket investigation so that they can make product and services according to actual markettendency, need and wants and also for satisfying customers. The same help customer in finding products and services according to their need, want,taste and preferences which fulfil to them. It is essential for all kind of enterprise to creative1
optimistic icon of their trade name by serving top-quality choice of product so that customerbecome hard-core towards their reputation. Fulfil and loyal client are promotional tool forcompany because they do mouth publicity of goods and services (Kavaratzis, 2010). Their aremany advantages of brand management one of them is create difference between productsexisting in market and their brand-new goods. Brand:- It is defined as the accumulations of emotional or functional associations which arecontrary from the commodity. Brand mostly concerned that what the customers buy whileproducts consider as what companies make. It is a promise in which defined about products as itwill perform in same way for meeting customers desired expectation. Brand as a marketing tool:-There are several companies at the marketplace who realise about the significance ofcommercialism tool and they are focusing on creating impressive brand representation in thecustomers psyche. They hired many professional for managing and developing the value ofbrand at marketplace as like Yahel Demeter of Demetrend, who is expert in creating effectualand efficient reputation among competitors.They work for this like:Set up believability for the trade good:Professional in general focus on establishing andmaintaining the commodity or service's quality for the organisation. They try to build impressiveplan of action for developing their brand picture or its worth at the marketplace in appropriatestyle. Key in to consumer psychology and link them emotionally: This is another importanttask which have to perform by the professional as it is must be required to connect people withorganisation's products or services and emotionally attachments regarding the company so thatbetter relations can be make and achieve competitive advantages through trust.Create loyal customers base: Every organisation tries to make customers loyal towardsits products and services by adopting high-grade plan of action as they focus on buildingimpressive reputation as well as create brand name at the marketplace by satisfying consumersdemand and needs. Buyers are important factors or a key components for achieving businessgoals so it is very necessary to fulfil them so that commitment can be increased (Bigné, 2012).Branding is concern as procedure for identifying any specific products and services with the aimof meeting customers desired expectations and provide better experience.Emerging in business practices:-2
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