Brand Management: Importance, Strategies, and Brand Equity Management

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.