Brand Management: Importance, Strategies, and Brand Equity Management

This document discusses the importance of branding as a marketing tool and how it has emerged in business practice. It also explores the ways in which brands are managed successfully over time using appropriate theories, models, and concepts. The document further delves into different strategies of portfolio management, brand hierarchy, and brand equity management, with a focus on the case of Aston Martin.

Brand Management

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Importance of branding as a marketing tool. Why and how it has emerged in business
practice.........................................................................................................................................3
M 1 Ways in which brands are managed successfully over time using application of
appropriate theories, models and concepts..................................................................................5
P 2 Key components of a successful brand strategy for building and managing brand equity...5
M 2 Applicability of appropriate and validated examples within an organisational context......7
LO2..................................................................................................................................................7
P3 Different strategies of portfolio management, brand hierarchy and brand equity
management.................................................................................................................................7
M3 Critical analyse of portfolio management, brand hierarchies and brand equity.................10
LO3................................................................................................................................................10
P4 Collaborative management of brand and in partnership both at a domestic and global level
...................................................................................................................................................10
M4 Critical evaluation of use of different techniques used to leverage and extend brands......12
LO4................................................................................................................................................13
P5 Different types of techniques for measuring and managing brand value.............................13
M5 Critical evaluation of application of techniques for measuring and managing brand value
in relation to developing a strong and enduring brand..............................................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Brand management is a marketing function that includes different kinds of techniques for
increasing value of product line and brand with time. It helps an organization in achieving its
main objectives and increase activities of promotion of products and goods of an organization.
Effective brand management can help an organization in increasing demand and price of their
products and services by enhancing awareness of brand among their customers. It can further a
firm in increasing loyalty of their customers as well. Today it has become important for
organizations to focus upon brand management as it helps then in strengthening their overall
brand image and relationship with their customers. It further helps a firm in setting their business
apart from their competitors. Brand management provide various kinds of benefits to
organizations, customers as well as to intermediaries as well. It not only helps in development of
a positive image but also helps the organization in expanding their business as well. This
assignment will lay emphasis upon brand management techniques of Aston Martin. Aston Martin
is a British independent manufacturer that manufacturers luxurious sports cars and grand tourers.
It was established in 1913 Lionel Martin and Robert Bamford whose main headquarter is in
England, UK. This assignment will focus upon ways in which brand is built and managed over
time, brands are organized in portfolio and hierarchies are built and managed, how brands are
leveraged/extended over time domestically and internationally, and evaluation of techniques for
measuring and managing brand value over time.
LO 1
P1 Importance of branding as a marketing tool. Why and how it has emerged in business practice
Branding is important for organizations to be focused upon as a marketing tool because it
not only helps accompany in developing strong brand image but also helps them in making their
customers understand things or factors that they can expect from their company. It can help in
increasing awareness about business and can further help in development of positive perception
for business in customers (Uka, 2020). It is one of the most important marketing tools for Aston
Martin s it has helped them in developing a positive brand image among their customers which
has further helped in increasing credibility and reliability of products and services provided by
organization.

There are various factors that can help in explaining reason because of which brand
management has become important tool for organizations. First of all, it helps the consumers of
company to understand different kinds of products and services provided by the organizations in
a much better manner. It provides opportunities to brands so that they can achieve a higher
position in the market and attract a greater number of customers.
With time brands have also developed and emerged in business practises. Advancement
in technology and introduction of new ideas and technologies have also helped organizations n
developing strong brand image. Emergence of digital media and social media has also helped
brands in identifying growth opportunities that can help them in developing a brand image. In
order to understand ways in which brands can establish customer loyalty can be explained with
the help of brand pyramid. Brand pyramid consist of five main components of brand. Brand
pyramid facilitates consensus on core brand values, vital fundamentals, essence, perception of
target market and perspective customers. This brand pyramid can help an organization in
developing a strong brand image in from tog their customers. These components will be
explained below from bottom to top:
Features and attributes: It focus upon unique selling proposition, characteristics of brand,
products and services offered by then for gaining competitive advantage in the market in which
they operate.
Functional benefits: This component helps in identifying ways in which problems associated
with products and services can be resolved. It can also be said that this component works as a
problem- solving aspect or products and services associated with the brand so that ROI,
productivity of product can be increased.
Emotional benefits: This component focuses upon making customers feel good about the product
and services used by them by focusing upon intangible aspects that can directly enhance
experience of customers (Curtis and Reddy, 2017).
Brand personality: this component helps a brand in creating a psychological and emotional
connection with customers so that their loyalty towards the organization can be increased. In
others word, this component helps in identifying ways in which a customer responds to a brand
at emotional level.

Brand Essence: it focuses upon ways in which position of a brand can be accelerated in the
market in such a manner that customers of a company only see the brand and its products and
services in a positive manner.
Branding provides various kinds of advantages to organizations, customers and intermediaries as
well:
One of the main advantages that branding provide to companies is helps them to gain
their customers trust much more easily. It further helps them in gaining competitive edge as well.
It helps customers to understand products and services manufactured and sold by
company, quality of products maintained by the company in a better and appropriate manner. In
other words, branding helps the customers to get to know the firm, types of services or products
provided by them and things that they can expect from the organization in a better and
appropriate manner.
Branding provide various kinds of advantage of intermediators. It helps them to become
credible and reliable (Deepa and Baral, 2019). It provides them with a platform that can
associated with them and support them.
M 1 Ways in which brands are managed successfully over time using application of appropriate
theories, models and concepts
There are different ways in which brands are managed successfully over a period of time.
Theories, models and approaches that brands can utilise are managing brand equity, brand
extension, brand reinforce and revitalising are certain models and theories with help of which
Aston Martin will be able to manage its brand over time. Brand reinforcement is concerned with
managing brand equity and existing as well as in new customers by constantly communicating
brand value (Daniels, Kunkel and Karg, 2019). Brand revitalisation is concerned with adaptation
of strategy when brand reach its maturity stage. Value based brand theory is one of those theories
that can help an organization in managing their brand overtime.This theory says that brands are
intended to build -long term customer value. This theory says that customer is the supreme
spirited contrivance that can help in reducing competition. by focusing upon their customers, a
brand can expand and gain competitive advantage.For example, Starbucks is one of those
organizations that uses this theory for management of their brand.

P 2 Key components of a successful brand strategy for building and managing brand equity
Brand equity can be defined as kind of value that helps in determining perception of
customers and overall experience of the company in a better and appropriate manner. It can also
be said that it is a kind of value that brand bring to the organization. Brand equity can be
measured in numerous ways like by measuring long term customer loyalty, premium price that a
firm can charge over no name product and many more ways. There are various kinds of
components that can be focused upon by organizations like Aston Martin for managing and
building brand equity. In order to manage and maintain high brand equity Aston Martin focus
upon developing high quality products and providing excellent post sales services to customers
as it helps them to enhance overall loyalty of their customers, increase sales and profitability as
well. Development of effective brand strategy can help Aston Martin to increase their sales and
profitability of a product. There are various kinds of models that can be used by organizations for
management of brand equity. One of the models is Aaker Brand Equity model. This model view
brand equity as a combination of brand loyalty, awareness and association. Combination of all
the three components can help in providing value to organization though their products and
services (Sürücü and et.al., 2019). As per this model four main elements of brand equity are:
First is brand as a product which focuses upon product scope, quality, attribute, value of
products. Second is brand as an Organization which focuses upon attributes of an organization
like local working and global activities. Brand as a person which focuses upon consumer brand
relationship and brand personality and last is brand as a symbol which focuses upon audio and
visual imagery and metaphorical symbols of brand image. This model can help Aston Martin in
in enhancing their overall performance, sales of products and services provided by them. It will
further help them in increasing awareness about their products and services along their customers
which would further assist them in achievement of predefined aims and objectives in a proper
and appropriate manner.
This model can help Aston Martin in identifying needs and requirements of their
customers so that they can provide products and services to their consumers accordingly. It will
result in growth of the organization, bring changes within the company according to the
changing market trends. Development of a high- quality perception and value proposition among
customers can help in resolving problems faced by the business accordingly. So, it can be said
that as per this model five main key components of a successful brand strategy for building and

managing brand equity are: brand loyalty, awareness, quality, brand association and proprietary.
As per this model: extent till which customers are loyal to the firm, extent till which brand is
known by people, overall quality of products and services of company perceived by the
customers, associations triggered by the firm and patents and intellectual property rights,
relations with trade partners helps a firm in management of their brand equity in a proper and
appropriate manner (Chow and et.al., 2017). Other than this in order to manage high brand
equity, organizations like Aston Martin, they need to focus upon developing effective marketing
strategy focusing upon all the five components of brand equity. This will further help their brand
to grow.
M 2 Applicability of appropriate and validated examples within an organisational context
Brand strategy of an organisation involves several elements that are target audience. This
means that brands should correctly target their audience. Aston Martin targets customers that are
interested in and capable of buying luxury products and are interested in sports cars (Pourazad,
Stocchi and Pare, 2019). Brand perception is another element of brand management and this
involve identifying perception of the brand, Aston Martin has a perception according to which it
is described as iconic, classic, cool, expensive by its users.
LO2
P3 Different strategies of portfolio management, brand hierarchy and brand equity management
Portfolio Management
Portfolio management can be defined as approach or practice of managing more than one
brand. Concerned with portfolio management there are different strategies that Aston Martin can
apply (Junior, 2018). These strategies are-
Branded House
Branded house strategy of brand portfolio management is one in which all the brands of a
company operates under the name of company. This means that all brands that are owned by a
company has name associated with them of their parent company. Apple is an example of this

strategy. Benefit of this strategy is that brand image and name of the brand allows benefit to all
and customers are aware of what to expect from products of a certain organisation.
House of Brand
House of brand is another strategy under which all the brands of a company have
different names. This means that parent company does not use its name for its products.
Unilever, P&G are example of the companies that utilise this strategy for their portfolio
management. In this strategy of portfolio management every product has its own image and
value and success and failure of the products is not associated with their parent company.
Hybrid Strategy- This is another strategy which involves both house of brand and branded house
strategy for their portfolio management and this strategy has been adopted by Aston Martin. This
means that its main offering Aston Martin cars are branded with this name but it also is parent to
other brand. In other words, this strategy involves certain products are branded with the name of
parent company and certain other have their identity that is different from their parent
organisation.
Brand Hierarchy
Brand hierarchy can be defined as structuring of brand within an organisational portfolio
and how brands are related to differentiate from other brands (Burmann and Kanitz,
2017).Strategies for brand hierarchy involves-
Corporate Brand- This strategy for brand hierarchy involves using company’s name for brand.
This means that cars and grand tourers of Aston Martin uses company’s name. This means that
brand name is promoted rather than products. Aston martin is promoted rather than individual
cars’ models of Aston Martin.
Family Brand- This is practice in which different products of the company are given same brand
name. In this every product is a product offered by a certain parent company however, their
image and value is different and product is promoted separately.

Individual Brand- This is a practice of using unique brand name for each product in a
company’s product portfolio. P&G is an example of this in which every product of the company
has different name.
Brand Equity Management
Brand equity management can be defined as a practice for maintaining and managing
image of a brand over a period of time. This involves that company makes and keeps its promise.
Aston Martin is a luxury car provider and this is one of the reason that brand image is highly
important for the company. There are certain strategies that can be utilised by Aston Martin to
manage its brand equity, these strategies are-
Communication- This involves communicating accurately with target market and
communicating in a way through which Aston Martin can increase its appeal to its customers
(Ianenko and et.al., 2020). Utilising effective strategy regarding communication channels and
related to message that company wants to give to its customers. Communication plays key role in
attracting customers and informing them what value is offered by Aston Martin and this
subsequently lead them towards buying products of the company. Satisfaction of customers leads
them to be loyal customers of the company and it contributes in brand equity management.
Awareness- It is important that in order to create brand equity, company create awareness about
its brand existence, and value that company can provide to its customers. Awareness involves
creating and enhancing awareness about Aston Martin regarding its existence and its value. This
help in increasing customers and this requires company to ensure that they are targeting right
customers that are interested in product and services of a company. Increasing knowledge of
customers helps in attracting them towards brand and its products.
Concerned with brand equity management Keller’s brand equity model can be utilised by
the company. This model is also known as customer-based brand equity (CBBE) model.

Figure 1 Customer Based Brand Equity Model
This model is divided in four stages and these stages are-
Brand Identify (who are you)- This is concerned with creating awareness about the brand. This
means that in this Aston Martin needs to consider that it stands out and consumers can easily
recognise it and are aware about it. Aston Martin also needs to ensure that brand perception is
correct. This means that consumers rightly perceive the brand, as the brand wants to position it.
Brand meaning (what are you)- This is concerned with identifying and communicating what
your brand means for and what it stands for (Vasileva and Vasileva, 2017). This is based on two
important elements these elements are performance, this means how well product meets
customers’ needs and imagery. Imagery is concerned with how well Aston Martinmeets
customers’ needs on social and psychological level.
Brand Response (what about you)- This is concerned with what does customers feel about the
brand. This is categorized in judgments and feelings. This means that customers constantly make
judgment about brand and these categories are quality, credibility, consideration and superiority.
Customers of Aston Martin respond according to how these elements makes them feel.
Brand relationship (what about you and me)- This is final level where brands are willing to
reach. Brand resonance is concerned with psychological and deep bond that customers feel about
the Aston Martin. This is most desirable level in relation with brand equity.

M3 Critical analyse of portfolio management, brand hierarchies and brand equity
Portfolio management has three strategies and each of the strategy have its advantages
and disadvantages. Branded house strategy provide advantage in terms of efficiency of
marketing, it also has ease (customers can easily recognise each product of brand). However
there are certain disadvantages this strategy involves reputation, image of brand influence
success of every product of the brand. House of brand has advantages in terms of reach, this
means that individual product can have reach to different customer segments, safety of products
in terms of image and reputation of the company. However disadvantage of this involve creation
of different marketing strategies. Image, this means that if brand has positive image, still
products cannot use its image.
Brand hierarchy has strategies that are corporate brand, family brand and individual
brand. Corporate brand allows gaining benefit by utilising one marketing strategy but this also
can create possibility of negative image of the company influencing its brand image
(Chatzipanagiotou, Christodoulides and Veloutsou, 2019). Family brand make it easy for
customers to recognise and identify product of a company but disadvantage of this strategy is
that customers are likely to perceive all products similarly. Individual brand has advantage in
which all products get benefit of their image on the basis of their quality. Disadvantage of this is
that in effective brand image does not provide any kind of benefit to individual brand.
LO3
P4 Collaborative management of brand and in partnership both at a domestic and global level
Collaborative management of brand can be defined as a practice in which strategic
alliances are created in brands for curating a unique and specific product or service. Aston
Martin serves worldwide and this is why it is important that its brand is managed at both
domestic as well as global level. Concerned with managing its brand at domestic level company
has partnered with Lagonda in 1947. Collaborative brand management of Aston Martin requires
partnership with dealers and suppliers nationally as well internationally. Aston Martin also have
undertaken different strategic alliances in order to maintain its brand as well as to create specific
and unique value for its customers. Aston Martin has undertaken international alliance with
Daimler AG. Both the companies have signed agreement for technical partnership and work

together to explore opportunities for co-operation (Ind, Iglesias and Markovic, 2017). Partnership
for Aston Martin is divided in three parts that are corporate partners, collaborations and racing.
Under these three categories Aston Martin have undertaken partnerships with different brands
such as in corporate partners of Aston Martin brands involves are Bowmore, Hackett, Juniper,
Lenovo, Waldorf Astoria and certain other brands are involved in this. Collaborations of Aston
Martin has been done with Airbus Corporate helicopters, Boeing, Brough Superior Motorcycles,
Michelin and some other brands are in collaboration with Aston Martin. In relation with
partnership with racing brands involved are Dow, Beats by Dre, Immun’age, Pirelli, Sky, Total
and Waldorf Astoria.
This discussion outlines that Aston Martin have undertaken effective brand partnerships
with different brands and these brands along with Aston Martin are managing their brand. These
brands involve both local as well as global partnerships of Aston Martin. Brand partnership is
undertaken in order to get benefit of competitive advantage and also enables Aston Martin to get
benefit of strengths of its partner brands. There are several strengths and weaknesses of
collaborative brand management. This means that brands become able to get benefit of strengths
of their partners’ brands and can get advantage of features that they do not have.This allows
several kinds of benefits to Aston Martin and reputation of a brand also give benefit to those who
are integrating and collaborating with given brand (Veloutsou and Delgado-Ballester, 2018).
However there are certain disadvantages and weaknesses of collaborative brand management
involve that negative image of a brand may influence image and goodwill of Aston Martin. It is
important that while selecting company for collaboration Aston Martin undertakes analysis and
evaluation of the company in terms of their actions and decisions and analysing how actions and
decisions are likely to result in future. Brand extension and Brand Leverage are elements of
tactics for collaborative brand management.
Brand Leveraging
Brand leveraging is a strategy in which Aston Martin can use its existing brand name to
support company’s entry into a new but related product category by communicating valuable
product information to consumers. Strategies for brand leveraging involve-

Line Extension- This involve expansion and leveraging existing product line and this also
involve using product brand name for new item in the same category. Aston Martin can utilise its
brand name to include new product in its existing product line.
Category Extension- This means using name of existing brand for new product category in the
company (Romão and et.al, 2019). This means that Aston Martin needs to utilise its brand name
in order to extend categories of the product.
Brand Extension
This can be defined as a strategy in which brand name can be utilised for new product
category. This category can be related to existing product category or can be unrelated to existing
product category. This means that brand leverage involves extension to product category to
related existing product category whereas brand extension involves extension to product
category that is unrelated to existing product category. Strategies for brand extension involves-
Brand collaboration- This is concerned with extension of brand through collaborating with other
brand in similar industry and those who are dealing in same product or category. Success of the
brand collaboration depends on advantages that brands get from each other.
Co-branding- This is concerned with using multiple brand names on a particular product. This
means that for Lagondacars Aston Martin Lagonda is used for the products (Hou, Zhao and Li,
2017). This is known as co-branding in which image and goodwill of Aston Martin is utilised for
Lagonda cars.
M4 Critical evaluation of use of different techniques used to leverage and extend brands
Line extension and category extensions are two techniques for brand leveraging. Line
extension involves increasing number of products that are offered by a company, in which Aston
Martin needs to introduce new model of sports cars. Advantages of this is that it has less risk
compared to category extension, failure of new product will not cause significant loss but
disadvantage of this is that it also limit growth and expansion of the company as only existing or
similar customer segments will buy new product. Concerned with category extension, Aston
Martin will introduce new category of the products that are offered by the company, it involves
opportunity for company to attract customers from completely different segments and

collaboration for this can also reduce the risk.However,Aston Martin when extends category
without collaboration, it has significant risk involved because for creating a new category it
requires research and development practices and cost involved in this is also significant and
failure of this can cause considerable loss for Aston Martin.
In terms of brand extension strategies are brand collaboration, this means collaboration
and partnering with other brand in similar company and by this strategy Aston Martin can take
advantage of competency of the companies because both are operating in similar industry
(Decker and Baade, 2016). However, goodwill and image of the company Aston Martin
collaborates with can influence image and goodwill of Aston Martin as well. Negative image
will negatively influence and positive image will strengthen both the brands. Another strategy is
co-branding and this strategy has advantage that it will enable Aston Martin to attract customers
belonging to different brands but at the same time, this strategy can create difficulty in
identifying the brand to which product belongs.
LO4
P5 Different types of techniques for measuring and managing brand value
Measuring and managing brand value involves undertaking practice to identify and
analyse what value does Aston Martin has in market. This is an important practice that allows
companies to identify and understand practices that they should make in order to improve their
brand value and or creating expected value for the brand. Methods through which brand can be
valued are-
Market based brand value
This method for valuing brand involves estimation of the brand value on the basis of
price in which brand can be sold in market (Gupta and et.al., 2020). In other words, price which
buyer is ready to pay for assets of the company. Methods for market based brand valuation are-
Comparable approach - This technique for valuation of brand require Aston Martin to consider
the price at which its competitor in the in its industry was sold. For example of competitor of

Aston Martin is Jaguar Land Rover which was sold to Tata Motors, Aston Martin on the basis of
price on which they were sold can value its brand.
Equity approach – This involve considering cost advantage of Aston Martin over any of the
brand that has been newly launched in industry where Aston Martin is operating. For example- a
company is launched in luxury sports car industry, Aston Martin can compare its cost with newly
entered company.
Cost based brand value
This approach of brand valuation involves valuation of the brand on the basis of cost
which has been incurred by Aston Martin in creating its brand value. Aston Martin requires to
calculate overall cost incurred in creation of the brand and what cost they might incur if they
replace the brand (Stojanovic, 2019). Some of the methods in this approach are-
Accumulated Cost- In this method of valuation of brand Aston Martin needs to calculate cost
which it have incurred in building its value.
Replacement Cost- Measuring brand value through this method requires Aston Martin to
consider the expenditure in relation with creating new brand which is equivalent to its current
brand. This means that how much it will cost when Aston Martin wants to create a equivalent
brand.
Income based brand value
This is concerned with earnings of Aston Martin that is directly linked with brand and
determining value of the brand in relation with its current use for earnings. This means
identifying potential earning of Aston Martin that is related to brand image and value. Methods
in this are-
Royalty Relief Technique -In this technique the Aston Martin is required to consider the royalty
those other companies and individuals are ready to pay when compost gives them license to use
its trademark (Ünlü and Yagli, 2016). However this is not suitable approach on the basis of
nature of Aston Martin.

Price premium technique - Calculation of brand value in this technique required company to
identify the difference in the price of premium and branded products and other generic products.
Aston Martin is a luxury sports car and this is why a premium and branded products considering
this element this technique is suitable for Aston Martin. Company needs to identify different of
price of its products and cars and price of generic products of the company.
Other than this, brand value of Aston Martin can also be measured by measuring-
Level of awareness- Identifying the level of consumer consciousness about Aston Martin
Brand knowledge- Concerned with knowledge of brand by its consumers in terms of consumer’s
ability to recall and remember the Aston Martin
Brand familiarity- This is a construct which is directly related to amount of time which has been
spent on processing information about Aston Martin (Tasci, 2016).
Brand satisfaction- Positive and favourable attitude of consumer which develops as a result of
using product of Aston Martin
M5 Critical evaluation of application of techniques for measuring and managing brand value in
relation to developing a strong and enduring brand
Mainly there are three approaches with help of which Aston Martin can identify and
measure its brand value. These methods are market based, cost based and income based brand
value methods. These approaches can be utilised in different situations and for the purpose of
developing a strong and enduring brand value utilising income-based brand approach is highly
suitable to be used by Aston Martin (Bagna and et.al., 2017). Income based brand value is
suitable because this help in understanding potential earnings through brand and brand value of
Aston Martin. Price based brand value has an advantage in which company can understand what
are their potential earning in future as a result of brand value. On the basis of this, Aston Martin
will be able to understand what are their projected earnings or profit and what their brand value
will allow them to earn.

CONCLUSION
On the basis of above discussion, it can be concluded that brand management plays very
important role in long term success of the organisation. This also plays important role in
competitive advantage of the company. This report discussed about brand management in
relation with its importance as marketing tool and components of successful marketing strategy.
There are several elements involved in successful brand strategy and these elements involve
brand equity, perception of the brand and successful brand can be built.With help of portfolio
management, effective brand hierarchy and brand equity management Aston Martin can build
and create effective brand. Later report discussed about certain techniques and methods with help
of which Aston Martin can extend or leverage its brand and these involved techniques like line
and category extension and few other techniques. Followed by this techniques for measuring
brand value were discussed with help of which organisation can make effective decisions
regarding their brand management.

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