Brand Management Report: Brand Performance and Value Evaluation

This report provides a comprehensive overview of brand management, focusing on leveraging brands both domestically and internationally. It evaluates collaborative brand management strategies, including brand and line extensions, with examples from Marks & Spencer. The report critically assesses techniques for leveraging brands and identifies methods for evaluating brand performance, such as awareness, familiarity, and consideration. It also explores different approaches for measuring and managing brand value, including market-based, income-based, and cost-based methods, with a critical evaluation of their application. The report concludes by emphasizing the importance of branding for creating a positive brand impression and securing a competitive advantage, highlighting the role of brand value in generating customer trust. Desklib offers this and many other solved assignments to help students.

MANAGING A
SUCCESSFUL BRAND

Introduction
• Brand management can be understood as a specialized
function of marketing.
• It essentially uses varied techniques in order to increase the
perceived value in regards to a product range or brand.
• Effective brand management enables products prices to
increase in order to build loyal customers.

Evaluate how brands are managed collaboratively and in
partnership, both at a domestic and international level
• Brand management is an attribute of marketing which utilises
measures to maximise the perceived value of commodity line with
time.
• Impelling brand management enables cost of products to drive up and
creates loyal customers base by maintaining positive brand
associations as well as robust awareness of brand.
• In dynamic business environment, brand are partnered collaboratively
with help of brand investment at both domestic and international level.
• Brand leveraging is using the power of an current brand name to back
up a firm's entrance into new product category.

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• For example management of Marks & Spencer utilises the brand name power to launch food and home
products in both domestic and transactional level.
• Both the commodities are correlated which results in causing consumers to purchase it.
• Moreover, with support of brand goodwill, managers of Marks & Spencer are able to maintain brand in
collaboration at both national and international market.
• Within brand extension, company utilises one of its established brand names for new item category.
• The company based in UK, make enormous endeavours to organise partnership with varied brands by
strategies of leveraging.

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Kinds of strategy Line extension Brand extension
Meaning It is concept of producing new items
for into same product line.
Within this strategy, firms boosts and
sells its services or products through
effectively established image of same
brand.
Advantages With use of this strategy, management
of Marks & Spencer can improve
broad options.
This strategy facilitate managers of
Marks & Spencer the benefits to offer
variety to its customers.
Disadvantage Line extension strategy needed large
amount of investment which adds in
financial tension.
Brand extension strategy weakens
worth of main brand, poses
challenges of cannibalisation..

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• Through implementation of above strategies, management of Marks
& Spencer consecrates all the operations of organisation with its
partners in order to direct all business activities in direction of
success at both national and international level.
• Marks & Spencer manages its partnership at domestic and global
level by utilising brand extension strategy where the firm makes
relationship with varied entities to promote its products with
effectively established brand goodwill.
• .

Critical evaluation on the uses of differential techniques
that are used for leveraging brands
• It has been critically evaluated that marketing professionals of Marks & Spencer use two types of strategies,
namely, brand and line extension.
• These are used with the aim of leveraging brand in domestic as well as international marketplace. Through
adoption of line extension, Marks & Spencer can plan to enter into new market.
• As contradictory to this, this strategy is considered as complex in its approach. As compared to line
extension strategy, brand extension tactics is considered as beneficial for saving operational cost in
development of a new brand.

Identifying how to evaluate brand performance
• Awareness- This metric used by managers of Marks &
Spencer in making their audience remember of their brand.
• Familiarity- Use of this metric help managers of Marks &
Spencer in assessing how well their people are familiar with
their brand. It can be assessment of brand profile and self-
declared knowledge of customers.
• Consideration- This metric talks about how audience actually
willing to buy a product or service. This can be done by
marketing professionals of Marks & Spencer by gathering data
through website engagement and previous purchases.

Different techniques for measuring and managing
brand value
• Market based approach- This approach talks about the approach by which a brand can be bought and this
is particularly based on the basis of monetary value that a willing customer is ready top pay.
• Income based approach- This approach essentially talks about a method which manage as well as
measure the brand value in an effective manner. In relevance with Marks & Spencer, marketing
professionals ascertain their profits which they have generated by utilizing their brand name.
• Cost-based approach- This approach essentially encompasses the method for creating or replacing the
brand. It majorly consists of replacement cost and conversion model. Former technique essentially
delves into all the expenditure as well as investment that is used for replacing the brand.

Critical evaluation of application of techniques which are
used for managing and measuring the brand value
• It has been critically evaluated that replacement cost technique is
considered as advantageous for Marks & Spencer as it is easy and
convenient to use.
• However, it ignores the popularity of a brand. Comparable market
approach is considered as advantageous for Marks & Spencer as it
aid them to evaluate how much monetary value a third party is
willing to pay.
• It has limitation to search for information regarding similar brands
can be difficult task.

Providing a critical evaluation supported by justified
evidence of insights demonstrating comprehensive
understanding of branding in context to an
organisation
• Branding is considered as a crucial aspect for any organisation as it help them to create their brand
impression positive for targeting their segmented customers.
• Marks & Spencer has built their brand value on the basis of providing true representation of their
products without hiding any kind of defect from their customers.
• It is imperative for marketing professionals to generate their brand value in order to secure a competitive
advantage in industry.
• Effective brand value help them in generating customers trust and secure a competitive edge.

Conclusion
• From the above presented information, it has been assessed that branding is considered as vital aspect
which value needs to be ascertained by marketing professionals of an organisation.
• This evaluation helps them to assess brand value and varied metrics which is used for measuring as well
as managing brand performance.
• Brand value can be measured by establishments by various approaches like customer, market or
customer based.