Brand Management Assignment: Building a Successful Brand

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BRAND MANAGEMENT
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Table of Contents
INTRODUCTION............................................................................................................................. 3
TASK1 LO1......................................................................................................................................4
P1............................................................................................................................................... 4
P2M1 STAGES OF BUILDING A SUCCESSFUL BRAND..................................................................5
KEY ELEMENTS OF SUCCESSFUL BRAND STRATEGY...................................................................6
TASK 2............................................................................................................................................ 8
P3M3 DIFFERENT STRATEGIES OF PORTFOLIO MANAGEMENT.................................................8
LO3............................................................................................................................................... 13
LO4............................................................................................................................................... 15
P5 & M4................................................................................................................................... 15
CONCLUSION............................................................................................................................... 19
REFERENCES.................................................................................................................................20
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INTRODUCTION
This assignment is based on the brand management, it takes a lot of efforts to build up a brand
image in the market. This assignment has given a light on how the brand can be managed in the
competitive world by focusing on the brand, discussing its importance, equity of brand
differentiation between brand and product. Further, the assignment will also cover the
essentials of a strong brand, management, and development of the brand and the main
challenges that are faced by a company in establishing the brand image. The assignment has
also covered the brand portfolio. Other than this the assignment will also cover the various
extension approaches and strategies which are used for the management of the brand (Dinnie,
2018).
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TASK1 LO1
P1
“BRAND IS POWER”
INTRODUCTION
BRAND: Brand is the logo, image, logo, or a sign which represent a particular company. The
companies make their brand image in the market with the help of the brand logo as the
customer recognizes the company with its logo and name. This logo helps to recognize the
services and goods of the company. Branding is keys to the marketing and framing the
marketing communication which distinguishes a particular company from the other company.
Branding supports the company to advertise the goods and services provided by the company
in an easy manner as it gives an identity to the company and its products customer and the
competitors recognize the company by the brand (Dinnie, 2018).
IMPORTANCE OF THE BRAND: Brand is very important as it helps the customer to recognize the
company and the products which are offered by the company to the customers. It gives a face
to the company and increases the business value. The company which offers superior products
the brand image becomes a status symbol for the customers and it gives pride to them. With
the increase in the customer of the elite class, the companies also build up its brand value in
the market. The brand makes the customer get attracted and generates a new customer pool
for the company which gives the company a base to try new product range and increase the
business value (Ko et al., 2017).
BRAND EQUITY: brand equity refers to the premium value that a company has developed for
itself from the products and services offered by the company. It depends on the company how
it makes the brand positive, easily recognizable among the customer in the highly competitive
market. This can be done by providing high superior quality of the products to the customers.
When the company has a high brand value then the customer tends to pay high prices for the
products offered by the company (Sasmita and Mohd Suki, 2015).
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P2M1 STAGES OF BUILDING A SUCCESSFUL BRAND
Figure 1 Brand Building process
(Source: Lucarelli and Giovanardi, 2016)
The brand building process involves basically four steps which are as follows:
1. Position of the brand: The very step is to deep analyses the market by focusing on the
brand image and value in the market. A deep study is done on who is the main market
of this brand and what is required by the customers. The leaders have to understand
the factors that directly affect the growth factor of the company and the image.
2. Establishment of the USP: The USP of the brand is made by identifying the values,
mission, and vision of the company. The core values are being incorporated while
establishing the USP of the company this results in making the brand successful enough
to be recognized in the market (Lucarelli and Giovanardi, 2016).
3. Creating elements for brand: The next step is to create a brand by adding a look and
feel to the brand. This creation of colors, design, look, voice, etc. is given with the help
of the marketing channels like website, software, media packaging, etc. the creation of
the brand should be in terms of the font style, design, color, etc.
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4. Implementation of the strategy: The last step is to implement the strategies in order to
stimulate the brand in the market and the customers. The strategies for making the
brand awareness among the customers, making it more popular by giving the best
quality and unique positioning in the market.
KEY ELEMENTS OF SUCCESSFUL BRAND STRATEGY
For building a strong brand image in the market it is important to have the core principle to be
included in the strategy which is as follows:
Customer: The Company should identify the customer and should develop a crystal clear
communication with them by understanding what they actually need. The requirement of the
target market should be analyzed carefully and then the company should offer the products.
This will help to make a strong brand image among the customers (Handshake, 2019).
Uniqueness: The Company should focus to make the brand unique among all the brands
available in the market. This can be done by making high-quality products, setting an
appropriate price, analyzing the market and the added value given to the customers.
Reliability: In order to develop trust among the customer the company has to become reliable
in terms of the credibility, quality, promises made to the customers. This helps the company to
develop trust among the customers.
Consistency: It is very important for the company to be consistent in terms of the products
offered by the company, maintaining the quality, the look of the logo, etc. gives an idea about
the authenticity of the product.
Look and Feel: The Company has to maintain the look and feel of the products as per the
company’s value, mission and vision this also helps to construct a positive brand image among
the customers (Handshake, 2019).
Aaker Brand Equity Model
This model helps to understand the brand's equity model and helps in strengthening the brand
of the company which is as follows:
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Figure 2 Aaker brand equity model
(Source: Sasmita and Mohd Suki, 2015)
 Loyalty: The brand should be able to develop loyalty among the customers and the
competitors. The higher the loyalty is the lower the cost of the marketing is bared by the
company. The loyalty of the brand helps to react and responds to the various strategies.
 Association: The association refers to the extent to which the brand is able to connect
with the customer's brain, their responses, attitude and perception towards the brand.
 Awareness: This is the initial stage in order to establish the brand in the market by
making the brand awareness among the customers and the market (Sasmita and Mohd
Suki, 2015).
 Apparent Quality: This refers to the perception of the quality of the products and goods
offered by the company as it plays a significant role in the development of the brand.
BRAND CHALLENGES
Asset: Every business should treat the brand as an asset for the company to do this it
requires a lot of efforts and strong financial position in the market which is a big challenge.
Consistency: The consistency of the brand is to be maintained by the company in order to
preserve the reliability and to retain the customers which is a big task for the company to
do so as the company has to fulfill the customer's need and requirement to develop the
brand value as there is high competition in the market and aggressive advertisement is
done (Chapleo, 2015)
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Maintaining: The biggest task is to maintain the brand value and the brand image in the
market by delivering the best of the products, fulfilling the customer's requirement and
maintaining the excellence of the products and services is very difficult.
Competition: This another challenge which is faced by the company in order
DIFFERENCE BETWEEN PRODUCT AND BRAND
PRODUCT BRAND
Product is a unit which is ready to be sold in
the market
Brand help in distinguishing the product
from others in the market
Product refers to the requirement of the
customer
Brand refers to what a customer wants
The product can be easily imitate easily
(aytm,2019)
A brand is something which cannot be easily
copied
Products can be replaced by another in the
market
Brand in the market cannot be replaced
The product performs functions The brand offers value to the customers
Product may be tangible or intangible A brand is always intangible in nature
TASK 2
P3M3 PORTFOLIO STRATEGY
DEFINITION: The brand portfolio refers to the various product ranges which are offered by the
company. The company offers different products according to the different needs of the
customers by a single company.
BREADTH OF PRODUCT MIXES: This refers to the various products that are offered by the
company that is linked to the number and type of the brand.
DEPTH OF THE PRODUCT BRAND: The number and the type of the product are being linked to
the product category to ascertain to which category the product is connected to (Laforet,
2017).
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The above is the house of a brand where the brand is Google and the other brands which are
under Google. The other brand shows the different products that are being offered by Google
under its umbrella. House blend has a huge reliability and is able to establish the other brand
under its house very successfully. Like Google initiated search engine and now it is offering so
many other products like, Android operating systems, software, applications like calendar,
maps, music, e-mail, etc. other than this Google has acquired many I.T and small tech
companies like YouTube, Picasa, and Blogger.
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KELLER’S BRAND EQUITY MODEL
Figure3:
Source:
The Keller’s Brand model is used to depict the brand value of the company, with the help of this
model the brand equity of the company can be analyzed in reference to Google which is as
follows:
Salience: Google is known for its reliability and unmatched experience which is offered to the
public. Google is selling products to the public and it invites the customer to experience the
features which are offered by the company to add value to the life of the customer. This helps
in forming the stage of buying for the company and ensures brand perception among the
customers (Laforet, 2017).
.
Imagery: This is the stage which keenly focuses on the customer’s loyalty, social status, their
psychological status according to which the company offers high-quality need of the customers
and requirements of the customers is considered at the apex.
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Feelings: This focuses on the feelings of the customer towards the brand and the products
which are offered by the company. The products of Google gives immense satisfaction and a
status symbol among the customers.
Judgments: The judgment of the brand is done on the basis of the reliability, quality, price,
status, high services, etc. which is given to the customers by the company this encourages the
brand development of the brand value.
Resonance: This refers to the brand equity management of the company where every brand
wants to achieve as the growth of the company. The resonance can be broken into behavioral
loyalty, community, engagement and the attachment. In terms of the loyalty and strength,
Google has a high level of loyalty, status and reliability among the customers.
BRAND HIERARCHY
If the brand hierarchy of Google is considered then it will cover all the brands that are offered
by the company. The by the customer with products and services offered by Google can be
recognized by the customer with the help of the logo of the company. This makes the customer
sure about the authenticity of the product. The products like mobile phone Google Pixel,
software, applications, etc are offered by the company which has made the life of the
customers very easy. The sub-brands of the company has developed the hierarchy of the
company like Google Chrome, Google maps, YouTube, Picasa, Music app, Play store, etc. this
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has created a huge brand hierarchy under the one brand name Google and has made its brand
value in the whole world. Google has given partnership to so many small tech companies and
products which have helped the company to gain an effective source of reliability(Lucarelli and
Giovanardi, 2016).
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