Comprehensive Report on Brand Management Strategies: Toyota & Hyundai

This report provides a comprehensive analysis of brand management strategies, focusing on the automotive industry and comparing the approaches of Toyota and Hyundai. The introduction defines branding and brand management, emphasizing their significance in the market. Section 1 explores the key components of a successful brand strategy, including brand definition, differentiating brands from products, the importance of branding, brand equity, and its sources. Section 2 delves into different portfolio management strategies, brand hierarchy, and equity management, along with brand management in partnerships and techniques for measuring brand value. The report highlights the importance of brand awareness, image, and reinforcement, while also addressing the challenges in developing a brand. The report also includes the importance of brand reinforcement, and the strategies required for it, and concludes by summarizing the key findings and offering insights into effective brand management practices within the competitive landscape of the automotive industry. The report aims to provide a detailed understanding of brand management principles and their practical application in the context of Toyota and Hyundai.

BRAND MANAGEMENT
Table of Contents

INTRODUCTION...........................................................................................................................1
SECTION 1......................................................................................................................................1
P1. Significance of branding as a marketing tool and the way it emerged in a business practice
.....................................................................................................................................................1
P2 Key components of successful brand strategy.......................................................................3
SECTION 2......................................................................................................................................7
P3 Different strategies of portfolio management, brand hierarchy and equity management......7
P4 Management of brands in partnership both at domestic and global level..............................9
P5 Different types of techniques for measuring and managing brand value............................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
A brand is a symbol or an element which used to present a product or service of a
company. Brand management is not an easy task and it require heavy market knowledge and
information so that customer demand and supply lead to facilitate in an appropriate manner
(Annie Jin, 2012). There are various strategies and techniques required in order to manage the
name of a company in positive direction so that their brand value could be maintain and enhance
with long term aspect as well. This project is based on brand management consideration for
Toyota whom used to deal in automotive industry. Hence, they required to assess about strategies
which used to apply by their major rivalry in market Hyundai. This project will going to include
about the understanding about creation and management of Brand with a course of time. There
will be a need of portfolio management of a brand and its hierarchy for long term benefits.
Further it will also describe about extension strategies which associated with management of
brand over a long period of time. Moreover, it will also state about measurement of brand value
of product and services with a span of time so that better strategies lead to get frame.
SECTION 1
P1. Significance of branding as a marketing tool and the way it emerged in a business practice
BRAND:
Definition of brand - A Brand can be characterized as a name which is given to an item or an
administration with the goal that they can make a personality of themselves. It can in any shape
like outline, image, include, term and so forth. It is fundamentally done by the organizations in
order to influence a place from their item in the market and furthermore it to will be utilized by
them to recognize their item from different items in the market.
It said that a good and positive brand image enables and support in gathering more and
more number of customers. A well brand value always signify that products and services of a
company always enable in satisfy their users for long term aspect so that chances of better return
could be determine (Balmer, Liao and Wang, 2010).
Toyota and Hyundai both are well established companies in the automotive section where
they provide high standard products with latest elements of technology (Baumgarth, 2010).
Businesses are having good command over on product just because of delivery high standard
products and services so that better suited growth could be gain. They have appropriate brand
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image at market where but Toyota have good image as compared to Hyundai as Hyundai already
engaged in case of void of copyright act under which they got sued by the Honda for design
allegation.
Differentiate brand from product:
Brand Product
 A brand always enables in create
difference among various product at
market area
 It cannot get copied due to having some
special features into it.
 Created by targeting new and modify
group of customers.
 Categorisation is easy by define
suitable products and services and their
nature.
 Item which used to supposed to directly
sale to customer individual.
 Many products have similar nature of
aspect with features.
 Target for creation of customers and
done by manufacture.
 These products are not having any kind
of tangible interference.
Importance of branding: Branding lead to derive many benefits for a company products and
services which used to identify by managers of a company and required to adopt and take some
beneficial steps to create an appropriate brand image. Following are the several importance of
branding which need to understand by Toyota so that they lead to make their brand differ from
others:
 Support in managing customer loyalty as a satisfied brand always bring customer back
into a company.
 Enhance expectations of customer with other similar brands as well which create a
competitive environment at market area.
 Support in control the cost of advertisement as users become the ultimate advertiser for
the new products and services by a particular brand and services. Enables in creating a brand image which further assist in generating more revenue and
wellbeing of a company.
Building good impression:
Another major support which determine by a brand over a product and service is that they
used to bring out a good impression (Bergkvist and Bech-Larsen, 2010). A good impression
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would be carried down or bring out with effective branding strategies which support in deriving
good results. Building a good impression towards customers only could be done with effective
brand management strategies. This will support in gain better competitive edge and advantage
which enables in deriving suitable future consideration for growth and development.
BRAND EQUITY: This define as such process when a whole product and services could be
evaluated as separate entity with other assets of a company. There is a need to brand equity so
that customers used to recognise product and service properly by not considering with similar to
other one like Virgin group which have more number of products and each and have different
brand equity at market world.
It enables in enhance the financial position of a company in lesser time period so that
better results could be gain in future aspect (Burmann and König, 2011). For valuing brand
equity of a company, logo, profit margin etc. determine several major aspects which support in
evaluating brand equity of a company.
SOURCES OF BRAND EQUITY: Following are several number of consideration which have
to understand by the Toyota and evaluate as major sources of brand equity which enables in
providing good and positive future return:
 Brand Awareness – Enables in providing relevant data about product and services to the
target customers which support in managing brand over the time and create a product
differ from others as well.
 Brand Associations –This supposed to be evaluated as such element which related and
coordinate with the name and fame of brand (Freling and Forbes, 2013). This should be
in any format like voice, language etc.
 Perceived Quality – Support in gain market share due to providing high quality standard
products and services with comparison of major competitors. This enables in gaining and
deriving better associated outcome.
P2 Key components of successful brand strategy
HOW ARE BRANDS DEVELOPED AND MANAGE OVER TIME:
Brand always represent the valuation of a company in respect with others which need to
understand by managers of a company. Brand value required to manage and develop with a
course of time in better and suited manner so that chances of appropriate gain become possible in
tenure. Many companies put them backward by not managing their brand value with a
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course of time. Thus, it is really important to manage brands with over time and time for gaining
better and determined outcome.
One of a major issue or problem which could be face by managers of Toyota and
Hyundai is that they less focused on managing brand value over time. Thus whenever a market
area got target, it highly required to organise market survey and evaluate the brand value over the
course of time.
They also need to determine about needs and wants of each and every group so that
appropriate products and services could be deliver with a course of time. Without investigation
expansion of brand in any particular area is a foolish decision which directly reflect on financial
position of a firm (Gatti, Caruana and Snehota, 2012). Toyota have to determine about all new
and modern technology which enables and support them to manage their brand with a course of
time. This will bring down positive reflection and attribute towards brand so that chances of
sustainability could be handle for long term aspect.
BRAND REINFORCEMENT: IN this process, management focus on defining that their
existing customers will bring loyalty towards them or not (Iglesias, Singh and Batista-Foguet,
2011). With such loyalty they also have to focus on deriving and invite many new customers
which facilitate and support in maximise sales and revenue of a company so that chances of
deriving better and associated outcome could become possible for long term consideration. But
there are few number of issues lead to identify which related with brand reinforcement technique
of Toyota. These have to address by managers properly for managing product and services for
long term consideration:
 What the product is actually representing, what are the core benefits of the product they
are supplying. It also deals with the problems of how to make the brand superior in the market and
making it more strong and favourable.
BRAND REINFORCEMENT STRATEGY: It is really important for managers to reinforce
their products and services for long period of time. With effective and appropriate brand
reinforcement technique, management become able to made their products and services superior
from others as well as support in minimise all major issues and problems properly. Toyota have
to determine such strategies and techniques properly so that appropriately brand get reinforce for
long period of time in order to manage success and growth with sustainability:
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BRAND AWARENESS: The first step or strategy define about brand awareness where
management supposed to made their products and services available and get known about all
users. Brand awareness directly enhance and increase profit and growth of a company so that
better and supportive gain of profit could be done (Spence, M. and Hamzaoui Essoussi, L.,
2010). Toyota need to maintain each and every product information at market area so that brand
get reinforce with every due course of time which support in creating better growth and
development.
BRAND IMAGE: Business and firms have to manufacture good and creative products and
services which support in managing and creating positive and good image towards customers. A
better and appropriate brand image always support in deriving good and positive results as well
as outcome. Toyota always engage in ethical and suitable activities which support in gaining
customer trust and loyalty. Hence, a good and appropriate brand image reflect and generate
appropriate profit and revenue of a company not only but also reinforce the working operations
more properly.
(Source: Brand Revitalization strategy, 2018)
MAIN CHALLENGES DEVELOPING A BRAND: Challenges are always been a part of
growth and development. Whenever it talks about the growth, certain number of barriers got
determine which create harm to business activities and operations whom need to understand by
managers of a company properly as well as made appropriate and effective strategies to meet
with them (Keller Parameswaran and Jacob, 2011). Development of brand brings positive
reflection but it also includes about lots of energy, time and money as well. Hence, Toyota have
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Illustration 1: Brand Revitalization strategy

to identify all kind of risk and potential challenges which used to come in front while developing
brand and managing it with a course of time: EXPENSIVE – Need appropriate and adequate money so that brand could be manage
again. This process need more money as compared with establishment due to developing
brand value again in the market area as many competitors already taking place which
bring some new and modify considerations. BARRIERS TO ENTRY – Need to take permission from a regulatory body or area where
business wants to grow and develop their number of operations. This barrier to entry
required to determine in advance so that better working ability could be present. Thus,
managers have to identify all such area of operations where restrictions and barrier of free
trade are more otherwise it will not going to support brand development and create issue
as well.
THE STAGES OF BRAND DEVELOPMENT
Keller present a model of brand development which have to understand by the managers of
a company so that they going to manage name and frame of business. This will assist them in
dealing all major issues and problems define in area of brand development and growth. Toyota
have to determine this model and understand properly so that they are going to manage and work
properly and facilitate effective operations through dealing with such barrier and potential
problems and challenges.
 CBBE MODEL ( BRAND RESONANCE PYRAMID )- It is the most commonly used
model for Consumer based brand equity. Here, Keller has put the whole model in a four
level pyramid (Kunerth and Mosley, 2011). The main aim behind creating this model is
to simply build a strong brand that is based on consumers so that they should more of that
product and also introduce it to their fellow people as well. The steps that are involved in
this model are :
◦ Brand Identity - In this, the brand managers use market segmentation and unique
selling preposition tools so as to aware the customers about the product and also make
an identity in the market.
◦ Brand Meaning – Here, the main aim of the marketers is to identify and
communicate what the brands means and what does it stands for.
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◦ Brand Resonance – Through this the company tries to make each of their brand
connected with the customers so that they can grow a strong bond with them
(M'zungu, Merrilees and Miller, 2010).
(Source: Brand Resonance Pyramid,2018)
SECTION 2
P3 Different strategies of portfolio management, brand hierarchy and equity management
PORTFOLIO STRATEGY :
Brand portfolio is such consideration under which an organisation used to sale out their
products and services under one umbrella. This enables and support in managing brand value of
a company through differ kinds of products and services. Thus, brand portfolio required to
manage and underpin properly each and every product as per the needs and wants of customers
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Illustration 2: Brand Resonance pyramid

so that chances of better and suitable gain could become possible in long term consideration
where chances of better and suitable gain could be present in long term as well as better and
appropriate growth could be assess by managing various brands under one portfolio setting.
A brand portfolio could be done with a single motive to maintain their variety of products
under one umbrella. Toyota have to determine this aspect properly and they will going to
evaluate all aspects properly. Under brand portfolio several number of questions will going to
answer properly which stated as follow:
 Can a brand added to the portfolio?
 Is this essential to prioritise the product and services?
Following are the several number of portfolio management strategy which need to understand by
managers of Toyota so that they will going to gain better results. Thus, some number of
strategies which stated as follow:
 Active Portfolio Management strategy: This strategy applied by a manager to gain
potential risk at market area. This active portfolio management strategy enables in
dealing at market area. Active portfolio management strategy have to assess by Toyota
properly so that they will going to gain and bear potential at risk market area.
 Passive Portfolio management strategy: - Business have to assess that they not lead
and going to enter into such market area where risk are high. Passive portfolio
strategy not have to utilise by Toyota and have to manage at market area.
Basis Umbrella brand Products
Toyota Deal in various kinds of products and
services where more number of products
are dealing under one umbrella.
Some major products and items which
used to provide by Toyota are Corolla
etc. All of them have provide a sense
of luxury.
Hyundai They also use umbrella brand strategy
where products used to sale out at market
world in a moderate frame.
There are various products are selling
under one umbrella section which are
Hyundai Verna, i10, i20 etc. All of
them have high range and target of
middle class group of individuals.
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P4 Management of brands in partnership both at domestic and global level
Expansion of business is a major task in front of the management which enables and
support an organisation to deal at wider level so that better and effective consideration could be
done. With appropriate expansion of market area business become able to provide tough
competition to major competitors at market area. With appropriate management of brand at
domestic and international level, chances of deriving more resources become possible in nature
(Solomon, 2014). A good and appropriate expansion always support business to get to know by
others. Hence, with more name and frame, chances of getting sustainability could be done with
effective consideration which further assist in better profit and growth. Toyota required to
understand this aspect properly and understand term and its related techniques for managing
expansion towards positive direction:
BRAND EXPANSION – This option could be gain when an organisation determine growth
opportunities at big market (Huili, Y. A. O. and et. al., 2016). Brand expansion define as a
process when a company increase their number of products at market area. More number of
products which target each and every group of individual so that better market growth could be
accomplish. Severa, brand expansion strategies which used to identify by Toyota design as
follow:
LINE EXTENSION – For this approach, business evaluate about the new products for new
market group at a modified area. This enables in deriving better growth and development so that
business could be expand at international level where new section could be target for gaining
growth and generating revenue.
CATAGORY AUGMENTATION – One more and new introduction of an innovative product
support in expand through category augmentation. With this expansion a new product will lead
to launch so that better and supportive growth could be accomplish with effective management.
These two are the best strategies for the Toyota and Hyundai to deal at market area which
further assist them to generate more and more revenue with appropriate brand image at market
area. Both these companies required to grow themselves towards luxury cars manufacturing as
they producing less luxury vehicles. Both these firms have good and appropriate technologies
which assist in designing effective cars (Spence and Hamzaoui Essoussi, 2010). Although, they
need to join hands together and start operating in diverse market world. This will might bring
better and appropriate opportunities so that chances of sustainability at domestic and
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international market become possible as well as better competition will going to provide to big
firms like Audi, BMW etc.
Keeping in mind the end goal to oversee and outline a decent brand picture, organizations
make utilization of association in a feasible way. It is notable that Toyota and Hyundai are well
known brands that are working in advertise since long time and that too effectively. They both
are doing its assembling in the vast majority of the nations and giving effective items and
administrations also (Vigneron and Johnson, 2017). It is likewise trusted that on the off chance
that they will consolidate their hands then they can create shockingly better autos for the general
population.
P5 Different types of techniques for measuring and managing brand value
In the present business condition, organizations are confronting various types of issues or
problems because of the progressions presented in the earth. Thus, it is particularly critical for
the organizations to keep up their client base as they are having a high danger of losing them
whenever because of the presence of numerous new contenders. In the automotive part, there are
such huge numbers of organizations that are working like TATA, AUDI, BMW etc. every one of
these organizations are considered as contenders of Hyundai and Toyota. In this way, they have
to define successful techniques to keep up their piece of the pie and increment it too. They are
likewise required to look at their image an incentive on ceaseless premise. It is required to be
done as a result of the accompanying reasons:-
• Business financial report
• Adjustment or variation
• Security
• Sales
A major thing which need to understand by managers of a company is that they
have to made and determine valid comparison with their rivalries and competitors
properly which enables them to identify their key factors as well as their weakness in define
area:-
TOYOTA HYUNDAI
 They used to design and manufacture
products and services as per
 Determine each and every culture
properly which enables them to
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