Importance of Branding as a Marketing Tool and its Emergence in Business Practice

Brand Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Importance of Branding as marketing tool and its emergence in the business practice........3
P2 Key components of a successful brand strategy used for building & management of brand
equity...........................................................................................................................................4
TASK 2............................................................................................................................................6
P3 Different strategies of Portfolio management, brand hierarchy and brand equity
management................................................................................................................................6
TASK 3............................................................................................................................................8
P4 Management of brands collaboratively and in the partnership at domestic and Global level
.....................................................................................................................................................8
TASK 4..........................................................................................................................................11
P5 Various techniques for measuring and management of brand value ..................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14
Books and Journals .......................................................................................................................14

INTRODUCTION
Brand management is function of marketing which uses various techniques so that overall
perceived value of the product line is increased. This function has to be effectively performed so
that companies can hype the overall price of the products which can help them in increasing their
overall profits. Maintenance of the margin of profits and overall growth graph is also a benefit of
effective brand management in companies(Liberatore and Miller, 2016). This report is based on
the Virgin group of companies. This brand was started as Virgin Records in the year 1970 and
its foundation was laid in the Oxford Street of London. This report is based on various different
aspects related to management and development of Brand by virgin group. Various portfolio
strategies and hierarchy management strategies are discussed in this report. Brand extension and
brand leveraging of the Virgin group is also discussed in this report. Different techniques for
evaluation, controlling of brand value is used to build image of company in market. Such brand
management is very essential function of companies which they use to measure their overall
value in the external market.
TASK 1
P1 Importance of Branding as marketing tool and its emergence in the business practice
Importance of branding as a marketing tool:
Branding is a very critical tool which is used by business to increase the overall value
which is perceived by people in the market. It is a tool which helps in analysing and planning of
all functions related to the marketing department of company(Wirtz and et. al., 2018). Following
are some of the points which help Virgin group in using branding as a tool of marketing in
overall functioning of business:
 Development of strategic marketing plan: Marketing plan is very important for
companies as this is the basic guideline. This helps companies in determination of their
further course of actions to achieve overall objectivist laid down by the marketing
department. Strategies of marketing play a very important part in achieving their set
targets and branding helps in achievement of those laid down targets of overall company.
In Virgin group the marketing managers use their established brand value as a means to
attract large number of customers. Branding as a marketing tool helps companies in
expanding their business. A powerful branding strategy and a marketing plan can help in

enhancing revenue of Virgin group of companies. This also provides the brand more
leverage in the market.
 Creation of Brand awareness: Brand awareness helps in informing the customers about
the company, its products , services in which they are dealing. The product packaging ,
Logo and the message that product delivers attracts the customers to purchase the product
and leads to increase in the sale of the product. Through brand awareness, organizations
can generate potential buyers of its products that helps in generating the profit of the
company. For creating a brand awareness organizations first decided its target market and
then approach its customers through newspaper, advertising, social media and so on.
Now a days Search engine optimization is an easy way to create brand awareness and
marketers start focusing on it to approach large number of people at a time. Companies
can run social media advertisement on YouTube to attract new people and create brand
awareness. In context to Virgin group, the company started an advertising campaign “ Fly
in the face of ordinary” to aware customers about the brand. make. In addition to this,
They also promote their brand through Twitter, Facebook and Instagram that help in
targeting their customers and increase the of the brand in the market .
 Competitive advantage: In today's scenario the context of market is completely changing
there is emergence of many new competitors this has lead to increase in the competition
for the virgin group. The business idea of this company is very innovative and new when
it was started in the year in late 1970s, but after that in present scenario there are many
new entrepreneurs who are coming up with such type of start-ups. This leads to a urgent
requirement that Virgin group has a competitive advantage which can help them in
maintaining the overall growth and profitability of the company. Branding is a tool
which can help the marketing department in creating a competitive advantage which will
make it easy to attract customers and retain them in long run.