Brand Management Strategies for Optimum Impression Ltd

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BRAND MANAGEMENT
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Contents
Introduction:.................................................................................................................... 3
Task 1 – Building and managing brand over time.........................................................5
P1 Explain the importance of branding as a marketing tool and why and how it
has emerged in business practice..............................................................................5
P2 Analyse the key components of a successful brand strategy for building and
managing brand equity................................................................................................7
M1 Evaluate how brands are managed successfully over time using application of
appropriate theories, models and concepts...............................................................9
M2 Apply the appropriate and validated examples within an organizational
context....................................................................................................................... 11
Task 2 – Brand portfolio and hierarchy management.................................................12
P3 Analyse different strategies of portfolio management, brand hierarchy, and
brand equity management........................................................................................12
M3 Critically analyze portfolio management, brand hierarchies and brand equity
using appropriate theories, models and frameworks..............................................14
Task 3: Brand extension and leverage........................................................................15
P4 Evaluate how brands are managed collaboratively and in partnership both at a
domestic and global level.........................................................................................15
Task 4: Measuring and managing brand value...........................................................17
P5.Evaluation of different types of techniques for managing and measuring brand
value.......................................................................................................................... 17
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M5 Critically evaluate the application of techniques for measuring and managing
brand value in relation to developing a strong and enduring brand.......................18
D1 Provide a critical evaluation that is supported by justified evidence
demonstrating a comprehensive understanding of branding within an
organizational context...............................................................................................19
Conclusion:................................................................................................................... 20
References:...................................................................................................................21
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Introduction:
The report helps the learner to gain the basic understanding related to the term
related to Brand Management which involves the description of the position of the
company within the market to gain the attention of the customers. It involves the
marketing tools for the purpose of promotion of the brand. It utilizes Brand as an
effective tool for marketing. The report also provides a basic understanding of the
elements of brand management such as brand equity and strategies related to
brand management as discussed in the report. The term like Brand hierarchy and
brand extension and also used within the project report adequately to gain an
understanding of Brand management. Effective Brand Management helps the
company to promote the product and services of the company in a better and easier
manner which is only possible through by gaining the basic understanding related to
brand management.
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Building and Managing the Brand over time: Brand is power
Introduction:
A brand is generally refers to a product or service which is unique in the market and
one of a kind which is generally high in quality. The product or the services is
generally different is different and high in quality than the rest of the product in the
market in order to create a loyal customer base. According to the popular scholar,
Philip Kotler, Brand is generally depicted through a certain sign, symbol or logo of
the company which becomes the face of the company. While Brand Equity is a
term which is subject to marketing in order to define the value of the brand. The
article provides the understanding related to effective strategies of marketing and
promotion. In order to build a successful brand there are a few stages which needs
to be followed which are as follows:
 First step: The first step is related to cooperation among the team member in
order to target the audience for the product or services.
 Second step: At the second, the focus is on building and defining the mission
of the brand.
 Third step: At the third stage, the company focus on gaining a competitive
advantage in the market against the other companies.
 Fourth Stage: It involves the development of the value proposition of the
Optimum Impression Ltd Company
 Fifth Stage: The Company lays down the guidelines of the brand and its
effective management in order to build a strong relationship with the
customers.
The above stages would help the Optimum Impression Ltd Company to emerge as
the successful brand in the market with the help effective brand management
strategies and would help to understand the role marketing department within the
company. It is generally responsible for the promotion of goods and services of the
company which would help in the improvement of the brand equity of the company.
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Task 1 – Building and managing brand over time
P1 Explain the importance of branding as a marketing tool and why and how it
has emerged in business practice.
The Optimum Impression Ltd Company requires understanding the basic
importance of the brand management as the effective tool for the promotion of the
products and services of the company which is not possible the effective
management of the brand equity in the company.
In order to understand the importance of Brand management the company needs to
examine the following points:
Gathering of the revenue and the share of the market:
Extensive branding leads increase amount of revenue and the market share for the
company in general as the good is considered good only when it is good in service
which helped is building a brand in the market for the company (Balmer and Wang,
2016). It helps to provide the constant improvement in the services of the product.
Increasing the skills of the employees:
It is important that the company contributes extensively to increasing the
productivity of the employees through effective training sessions. A skilled and
dedicated employee generally leads to the success of the company as the
employees of the company are considered to be the building blocks of the company
who help the company to achieve its targets and goals effectively.
Increasing the interest of the sponsors within the company:
The company needs to shows to show constant growth and development which
helps the company to gain the attention of the investors (Ertimur and Coskuner-
Balli, 2015). These will assist the company to secure and raise the adequate funds
for constant growth and development of the company.
Creating the brand name for the company in the market:
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It is important that the company manages the brand of the company effectively by
keeping the quality and services of the product constant. It is also very important for
the company to focus upon the packaging, advertisement, and branding which
would help the company to create an effective brand name in the market. The brand
name helps the customers to create the bond with the company. Branding helps the
customers to create an effective customer base in the market which is loyal towards
the company and does not considered any other brand than the Optimum
Impression Ltd Company and its product and services (Balmer and Wang, 2016)... It
helps the company to create a positive image in the market that helps the company
to build a strong bond in the hearts and minds of the end users. Strong customer
base helps the company to do verbal promotion of the products and services of the
company which is the most trusted method to buy any product in the market for the
customers.
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P2 Analyse the key components of a successful brand strategy for building
and managing brand equity.
The key components of the brand strategy would help the company to work in the
most organized and the planned manner which helps the company to save money
and time and also helps the company to work in the most efficient manner.
Successful brand management strategy helps the company to utilize the save in the
productivity and the growth of the company.
Targeting the customers of the market:
It helps the company to build the brand management strategy. It also helps the
company to stay focus on designing the product for the customers such as baby
products. It helps the company to understand the need of market (Lim, et. al., 2018).
This would help the company to provide the ease of doing business through b2b
strategy.
The Promise of the brand towards the customers:
The company should be promising towards its customers in order to provide a
quality product to the customers. This would help the company to sustain and
maintain the brand name and quality of the products in the market would help the
company to maintain its position in the market which is not possible through
extensive hard work towards creating the quality end product.
The value of the brand:
It is important that the company stay successful in creating the value of the brand
which is only possible through providing effective services to the customers within
the required time limit which also helps the company the effective decision-making
process.
The Brand perception:
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For the purpose of effective brand perception in the minds of the people, the
company requires to work extensively on the quality of the product. It can be
calculated through the surveys in the market. The survey should relatively depend
upon the ratings of the current customers who are actually using the products of the
company. It also helps the company to gain an understanding of the customers
towards the company (Ertimur and Coskuner-Balli, 2015). It ideally helps the
company while designing the policies and strategies for the company.
The voice of the brand:
Voice of the brand refers to the idea that the company wants to convey through its
products and services in the market. It helps the company to target the specific
group of an audience within the market.
The position of the brand:
The position of the brand is the target of the company where exactly the company
stands in the market against its existing competition in the market. It generally helps
the company to gain a competitive advantage in the market.
An effective building of the brand helps the company the gain the recognition among
the customers that are present in the market. It helps the company to create a
strong customer base in the market which helps the company to gain extensive
support from the market.
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M1 Evaluate how brands are managed successfully over time using
application of appropriate theories, models and concepts.
In order to understand the process of effective brand management is important to
understand the theories and the concepts of brand management. One such theory
is the theory of Brand Equity that is given by Kevin Lane Keller. The effectively
describes the key basic elements of Brand Management. The theory of Kevin Lane
Keller is named the Customer Base Brand Equity theory. It helps the company to
develop and set the ideologies of the company depends upon the needs and
demand of the market and the end users.
The theory is described through the four fundamental elements which depend upon
the preference of the customers. It helps the company to gain a competitive
advantage in the market. This would also help the company to gain popularity in the
market.
Creating the Brand identity in the market:
This would help the company to provide the idea to the customer about the details
of the product and its association with the brand name. It helps the customers to
identify the uniqueness of the product which makes it different from the already
existing product in the market Balmer and Wang, 2016). The company to require
providing various benefits of the product comes with the product which helps the
customer to make better choices in the market.
The importance of the Brand:
The brand name is important for the company in order to stand strong in the market
against the competition. It helps the customer feel a certain kind of bond with the
company. The brand also makes it easier for customers to trust the company due to
the quality of its previous product experience of the customers with the product. It
provides the company person to person promotion opportunity for the company
which helps the company to become a stronger brand in the market.
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Customer’s Response to the brand:
The response of the customers towards the product of the company is completely
based upon the experience of the customers while using the services or product of
the company which helps the company to gain the honest reviews of the customers.
The reviews of the customers help the company to take an effective decision in
order to improve the quality of the services of the products of the company (Qian,
et. al., 2014). The reviews of the customers can be positive or negative in nature.
Resonated customers:
It helps the company to create loyal customers where the customers do not tend to
prefer any other brand or product over their preferred or favorite company which
helps the company to deal with the existing competition in the market and motivate
the company to remain constant at improving the quality of the customers. It helps
the company to deal with customers and make a strong relationship with.
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M2 Apply the appropriate and validated examples within an organisational
context.
Apple is one of the well-known and renowned company in the business of
electronics and communication. It is the best brand that is available in the whole
world is guaranteed for its qualities and the services provides. The company is
famous for providing the best kind of mobiles in the world which are great in quality,
The brand successfully managed to become the status symbol for the people in the
society not just because it's expensive but because of the quality and the services it
famous to provide. It does not just help in providing services to the people but it also
helps the people to enhance their confidence which shows completely another level
of Branding, It is only due to the hard work that the company has worked over
improving its quality and services. The company does not require any advertisement
people already tend to relate to the brand. Even being among the most expensive
phone in the market, It is able to make a strong connect of a strong bond with the
customers that every other person from one family in the world owns the Apple
phone which makes a huge sense (Renton, et. al., 2016). The company is able to
have its services provided in all the corners of the world. The theory of Customer-
based brand equity helps the Apple Company to create a strong market value in the
market which helps the company to commu8nicvate with its customers through all
the services and products it provides to its customer in order to share the value,
mission, and vision of the company with its strong customer base in the market. It
not only helps the company but also the customers by providing the details
regarding the new launch products of the company in the market as people eagerly
wait for it. The company stands as the example of quality standards which helps the
company to deal with the challenges and how it has effectively overcome them.
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