Brand Management: Importance, Tactics, and Collaborative Practices

UNIT 41: BRAND MANAGEMENT
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Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Significance of branding and it’s emerge in business practice...............................................3
Important elements of successful brand tactic for developing and managing brand equity. .4
Ways through which brands can manage productively over duration using application of
models, theories and concepts................................................................................................5
LO 2.................................................................................................................................................7
Varied tactics of portfolio management, brand equity, hierarchy and equity management...7
Critical analysis based on brand hierarchies, equity and portfolio management by utilizing
concepts, frameworks and models..........................................................................................8
LO 3.................................................................................................................................................8
Brands are managed in partnership and collaboratively at national & international level.....8
Techniques utilized to extend and leverage brands................................................................9
LO 4...............................................................................................................................................10
Different forms of approaches in context of managing and measuring brand value............10
Critical evaluation based on application of methods for measuring & managing brand value in
relation to enduring and developing a powerful brand.........................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13
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INTRODUCTION
Brand management can be defined as set of techniques that has been used by many
companies while operate in specific sector in order to increase perceived values of services and
goods. It can consider as marketing function for which different methods could use to perceived
importance of a brand over duration. This study will be based on Nestle UK, which falls under
list of leading health, nutrition and wellness companies in the world. This assignment will
explain branding importance as marketing tool and its emerge in venture practices. It will define
components of brand strategy for building & managing brand equity and will also describe
models use to manage brands. Furthermore, this report will justify different strategies in context
of brand equity, hierarchy and portfolio management. It clarifies collaborative and partnership
practice of chosen company at domestic and international level. This assignment will also
explain different sorts of approaches for measuring and then managing brand value.
LO 1
Significance of branding and it’s emerge in business practice
Branding is the procedure of communicating a different selling proposition that sets a
service or good apart from intense competition (Escalada, 2019). It can be considered as
marketing practice or function in which Nestle created a symbol, name or design that is
effectively identifiable as belonging to venture. Marketing team is accountable for branding
process as it assists to determine products and distinguish it from other items offer by another
brand while being operate in similar sector. This term is quite beneficial and useful for chosen
company because it helps to actively shape its brand image in market even better than other
firms.
Importance-
Branding is essential and valuable asset for Nestle because it makes memorable and
excellent impression on target market and allows them to know what to except from chosen
brand. It is one of the most effective ways that help to distinguish company from its business
rivals and clarify what firm is offer to customers that makes their best choice (Koporcic, 2020).
Branding is important because it supports to create buyers preference for service or item behind
Nestle. In additional, this marketing tool is valuable as it assist to generate increase market share
and revenue as well.
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Branding is important for company in several terms for example it helps in term of
permitting firm to survive in temporary crises. It is essential to venture because it put overall
impact on sales and productivity. It could change how customers perceive firm, it can drive new
venture and increase brand awareness. It can be analysed that branding increase brand values and
generates new consumers even better than last few months or years.
Emergence of branding in business practices-
There are several reasons behind branding emergence accessible in the business world,
for example it was emerged in order to improve brand recognition and creates trust between
service or product user and provider like Nestle. It has emerged in business practices by claiming
products or services. It has evolved over years from farmers claiming credit for their work and
goods were improved than others
Important elements of successful brand tactic for developing and managing brand equity
Brand equity is marketing concept that defines a brand value which can determine by
customers experienced and perception with Nestle (Ganushchak-Efimenko, Shcherbak and
Nifatova, 2018). It describes degree of sway company name has in minds of target market and
value to having venture that is recognizable and well thought of. There are different components
available in world of business that uses for building & managing brand equity.
Understanding consumers-
This element help to develop and then maintain brand equity in regards to Nestle, as it
can help to determine and understand target market and their needs as well which strength
company to manufacture goods accordingly. It develop brand equity in form of gaining attention
of new buyers and perceiving firm as the best food products manufacturers in the world
(Dörnyei, 2020). Organization can use this component by manufacturing quality products for
customers which in return allow them to measure repeatable act conduct by target market in
context of specific product like Kit Kat. Loyal consumer base allow firm to develop brand equity
in form of promotion and it maintain effectively by determining experience of each customer.
Brand Voice-
A successful Brand strategy comprise of key elements among which the current one helps
in building as well as managing brand equity. For example, Brand voice as element of brand
tactic refers to emotion and personality infused into Nestle communication. Company can build
its brand voice that develop and maintain brand equity by creating effective marketing content
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