The Importance of Brand Management
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Added on 2021-02-20
The Importance of Brand Management
Added on 2021-02-20
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BRAND MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 importance of branding..........................................................................................................1p 2 components used for developing and growing brand equity...............................................3TASK 2 ...........................................................................................................................................4P3 Strategies of portfolio management and brand hierarchy.....................................................4TASK 3............................................................................................................................................6P4 how brand are managed collaboratively and in partnership both at a domestic and globallevel.............................................................................................................................................6TASK 4............................................................................................................................................8P5 different techniques for measuring and managing brand value ............................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONBrand management is the technique of planing and analysis that how it is perceived in themarket. It develops a relation between target customer which is an essential factor in brandmanagement. It helps in building loyal customers and enables the price to grow. It refers toidentifying the competitive advantage of a brand and then reflecting to targeted customers. Thisreport is based on M&S who is a consumer good corporation and it particularizes in wide rangeof High quality clothing, home products and food product. Its revenue is 10.37 billion UKPounds and is expected to increase over years. This study will contain various brand portfoliostrategies used by M&S, its hierarchy management of brands, strategies used in managing brandequity. Report also tells how to build and manage brands over time. Brand leveraging andstrengths and weakness of M&S are also covered in the report. Further report also containsvarious techniques and measures used for managing brand values, brand awareness, marketshare, consumer attitudes and purchasing intent.TASK 1P1 importance of brandingRECOGNITIONBranding is important for a business as due to branding a organisation gets recognitionand is known in the world. Logo is the face of the company and it is the most essential elementof branding. Logo design should be easy to memorize and should be powerful to give desiredfeeling of the organisation. Branding gives organizations recognition and power to be dominantin the market. Through branding organisations enjoy being superlative in the market. Famousbrands are easily recognized by the public. INCREASE IN BUSINESS VALUEFor developing future business branding is an important element to it. An establishedbrand can grow a business' value by providing it advantages in the industry and because of itsestablished place in the market it became more attractive for investments(Rosenbaum-Elliott,Percy and Pervan,2015). A strongly established brand guarantees a future growth to the business.The greater the company's commitment to generate the brand value, better financial return.
Branding helps business' in increasing their revenue as people will invest in your brand whenthey trust your products and services.NEW CUSTOMER'SStrong branding means that the company has a positive impression among customers andthey can invest in you assuming they can depend and trust on the name you have created. Oncethe brand is established merely saying words will become company's effective technique ofpromoting. If people know about your brand name, about quality products you deliver they willbuild trust and then they will themselves promote your products to other customers. And so yourmarket size will keep on increasing.CREATES TRUSTAn established brand with a professional appearance helps the company grow trust withinconsumers and potential clients. People like to invest in the company that already has a strongand powerful brand name. Brand gives an impression of being an expert and help public feeltrustworthy of the company's product and services( Steenkamp,2017). Companies constantlywork on improving their branding technique and strategies so that they will maintain the trustamong people.SUPPORT ADVERTISINGAdvertising is an important part of branding. The strategies used for advertising reflectthe brand and what it has to say about a brand. Branding creates an appealing strategy foradvertisement that help to achieve your branding goals. Branding supports advertising and helpin achieving goals in such manner that it achieve multiple goals at a time. Branding makesadvertising easy.INSPIRE EMPLOYEESWhen a person is working with a well established strong brand and stand behind thebrand, they are truly satisfied in the work and hold pride in what they do. Working for areputable brand that is highly considered in public makes working more enjoyable and fulfilling.Employees need something to work towards and when they understand the mission of thebusiness and reasons supporting it, they feel pride in their work and work in the direction toachieve business goals that are set by the owner(Urde,2016). Inspired employees are motivatedand there would be less employee turnover.
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