Brand Management Strategies: A Comprehensive Report

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Brand Management
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Contents
Introduction......................................................................................................................................3
Task 1 – Building and managing brand over time (LO1)................................................................4
Introduction..................................................................................................................................4
Main Body....................................................................................................................................5
Conclusion...................................................................................................................................6
Task 2 – Brand portfolio and hierarchy management (LO2)..........................................................7
Task 3 – Brand extension and leverage (LO3)................................................................................9
Task 4 – Measuring and managing brand value (LO4).................................................................11
Conclusion.....................................................................................................................................14
References......................................................................................................................................15
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Introduction
With the rising of competition in the market, it can be seen that there is the arrival of different
brands in the market. Different companies are coming with different brands in order to attract
new customers in the market. Branding is the most important aspect of attracting new customers
in the market. This project highlights the significance of branding and brand management in
order to enhance the growth of organizations. There are several aspects of brand management
and the importance of these aspects is discussed in this project. Branding is a procedure through
which a company can attract new customers by developing a unique image of the brand's
products in the minds of the people. Branding also plays an important role in increasing customer
retention of the organization. This report shows the importance of branding in this competitive
world and also explains the several theories and models which can be used by the organizations
to develop the brand image in the market.
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Task 1 – Building and managing brand over time (LO1)
Introduction
Branding is a process through which a company can advertise their products in the minds of the
people. With the help of branding, Optimum Impression Ltd can promote their products in order
to build more customers and to attract new customers in the organization. Branding can also be
used to give a unique identity to the products as there are many brands which produce same
products but with the help of branding, Optimum Impression Ltd can create a unique image of
the products in the minds of their customers. With the help of branding, customers are able to
know which products belong to which organization (Burmann and Zeplin, 2015).
Optimum Impression Ltd can use different aspects of branding as it is the important function of
marketing the products in the market. Branding assesses the company in influencing new
customers so that the customers can buy the products of the company. Branding also helps the
customers in order to give them deep knowledge about the quality of the products and services of
the organization Optimum Impression Ltd.
Optimum Impression Ltd can implement new strategies in order to develop brand awareness in
the mind of their new customers. A good Brand name is something which creates a good image
of the company in the market. It provides a good reputation for the organization in the market
place. With the help of good branding strategies, Optimum Impression Ltd can develop a good
brand value of their products in the market (De Chernatony, 2018). This will assess the
organization to develop good brand equity in the marketplace. Brand Equity is basically a
marketing term which describes the brand value of the organization in the market. In order to
build brand equity in the minds of the customers, Optimum Impression Ltd needs to determine
the identity of their brand first and after that, the company needs to identify various strategies in
order to spread the brand awareness in their customers.
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Main Body
Optimum Impression Ltd can implement various strategies in order to spread brand awareness in
the minds of the people. This will also assess the company to strengthen the brand equity of the
organization in the market. Leaders and manager of the company Optimum Impression Ltd can
implement various effective strategies in order to develop a strong brand image in the
marketplace. Leaders of the company can implement several strategies so that the Optimum
Impression Ltd will be able to strengthen their brand equity more in the market (Ertimur and
Coskuner-Balli, 2015). These strategies are mention below:
 Recognizing targeted customers for the organization- In order to enhance the growth
of the business and to develop a good brand image in the minds of their customers,
Optimum Impression Ltd needs to target their customers on the basis of their products
and services. The company needs to identify the functions of their products and services
and according to that need to target the customers. This strategy will assess the company
to build new customers at a very short span of time. This strategy will also assess the
Optimum Impression Ltd to strengthen its brand equity in the market.
 Creating an eye-catching logo of the brand- Optimum Impression Ltd can create an
eye-catching logo of the brand in order to grab the attention of the new customers. This
strategy will help the organization to attract the attention of the new customers and also
help the organization in developing a unique brand name (Kapferer, 2014)
 Creating an attractive tagline for its brand- Optimum Impression Ltd can develop an
attractive tagline which will attract more customers. This strategy will help the company
in spreading brand awareness in the minds of the people. This strategy will bring more
customers to the organization and will enhance the sales of the company more.
 Appointing a Celebrity as a Brand Ambassador of the company- Optimum
Impression Ltd can appoint a celebrity as a new brand ambassador of the company. This
strategy will assess the organization in the enhancement of its sales. The new brand
ambassador will encourage their fans and other people to buy the product of the
company. This strategy will assess the company in the brand extension and also assess
the association in overcoming the brand crisis.
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Conclusion
Branding is an important aspect of enhancing the sales of the company in the market. Branding
not only build more customers in the market but also develop a good brand image of the
company in the marketplace. Branding is an important function and can also be used as a
marketing tool in the market. With the help of branding, Optimum Impression Ltd can promote
their brand and the products and services in the market. Branding assesses the organization in
developing a good customer base in the company (Lee, et. al., 2017). The importance of
branding in the modern world are mention below:
 Advertisements of products- Branding assess the organization in advertising and
promoting the products and services of the organization. Every [product belongs to a
particular brand and branding assess the organization to provide a particular brand name
to the product. This brand name assesses the company in promoting its products. It is
impossible to advertise something which does not belong to any brand or does not have
any name. Branding assesses the managers in the advertisement of the company.
Branding creates a good image of the products in the minds of the customers.
 Forming of identity- The most important function of branding is to establish the name of
the company in the marketplace. With the help of branding, the company can distinguish
their products with the other products of the organization in the market. Branding also
assesses the organization to give more details about the products to their customers.
Without proper establishment of brands, it is impossible for the customers to know the
difference between the qualities of two products (Kelley, et. al., 2015). With the help of
branding, customers will able to determine the performance of the products and services
of a particular organization. It provides various choices to the customers and
differentiates one product of a particular organization from other organization's products.
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Task 2 – Brand portfolio and hierarchy management (LO2)
Portfolio management is the procedure for handling the investing actions of the association.
Portfolio management assesses the organization in order to take the decision related to the
financial activities of the company. With the help of Portfolio management, organization
Unilever can grab the better opportunities in the market related to the investment. It also helps
the managers of the company Unilever in developing new strategies of allocating the financial
resources of the organization. This process can minimize the various risks of the company and
ensure the organization with better investment. There are several theories of Portfolio
management which asses the organization Unilever in calculating the number of investments and
the amount of return (Heding, et. al., 2015). This process also helps the company in order to
measure the number of risks which is related to the upcoming events of investments. As
compared to all the theories of Portfolio management, the formula-plansare theory is the most
famous one. According to this theory, the company should buy the share of investments at a low
cost so that the company can sell those shares at a higher price in the future. This theory mainly
emphasis on the maximization of profits within the organization.
Brand hierarchy is a process in which the company can summarize all their strategies related to
branding and determine the best appropriate strategy for the organization. With the help of brand
hierarchy, Unilever can develop a unique and appropriate brand in the market. This hierarchy
will assess the organization in developing a unique identity in the market. After examining all the
best strategies of spreading awareness about the brand in the minds of the people. Managers of
the company Unilever can choose the best strategy with the help of branding hierarchy in order
to build more customers in the company so that the company can generate more profits (David
and David, 2013).
Brand equity management is the process through which the company can determine the value of
their brand in the market. This process will also assess the company in order to identify the
current status of the brand in the market. It also helps the company in building loyal customers in
the organization. There is the various model which can be implemented by the company
Unilever in order to in handling the equity of the brand. The most common model for brand
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equity is Keller brand Equity model. The company can use this model in order to establish a
strong brand image of the organization in the market.
There are various brand portfolio strategies which can be implemented by the company Unilever
in order to establish a strong brand name in the market. These strategies are mention below:
Investing of different Strategies- Company can invest various deals in order to generate more
profits. In this strategy, the company can purchase various assets in order to ear the profits on
future returns. It has been classified into five parts which are mention below:
 Contrarian investing- In this company can buy the assets at a bargain value so that the
company can generate profits by selling the asset at its real value.
 Value Investing- This strategy will allow the company to purchase the various assets at a
skill discount so that the company can be able to generate profits on investments.
 Momentum investing- In this process, investors of the organization can invest their
money in the shares of that the company can generate more profits.
 Growth at a reasonable price- This strategy will allow the company to invest in such
companies which are growing at a good rate.
 Growth stock investing- In this strategy, the company can purchase the shares of those
company which is having an average earning expansion.
Brand Equity is the procedure of identifying the value of its brand in the market. This process
will also allow the company to determine whether the customers are liking the products if the
brand or not. There are various strategies through which the company Unilever can effectively
manage brand equity in the market. These strategies are as follows:
 The strategy of emotional capital- This strategy can be implemented by the
organization Unilever in order to attract loyal customers of the organization. This strategy
can attract loyal customers by developing an emotional attachment with the customers. In
order to attract loyal customers and to enhance the sales of the company, Unilever can
provide good quality services to their customers. The company can also do various
promotions in order to develop a strong brand image in the company (French and Smith,
2013).
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 Communication- With the help of proper communication, Unilever can tell their
customers about various benefits of the products. Communication is the best strategy in
order to spread brand awareness in the minds of their customers. Unilever can also tell
their mission to their customers with the help of proper communication.
 Reputation- Reputation is something a company needs in order to increase the
customer’s retention rate in the organization. A good reputation not only attracts new
customers but also improve the overall performance of the organization. It is necessary
for the company. Unilever to build a good reputation in the market so that more
customers will attract towards the products of the company.
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Task 3 – Brand extension and leverage (LO3)
Brand extension is a procedure which can be used by the organization in order to introduce new
products and services in the market. Unilever can sue this strategy in order to launch new
products and services in the market and also they can collaborate with other companies as well in
order to make their brand successful not only at domestic level but also at international level.
This strategy is the most famous strategy of launching new products and services in the market
and also Unilever can use this strategy to modify their products into new categories. Unilever can
also use this strategy in order to determine the preferences of their customers (Schallehn, et. al.,
2014).
A brand extension is known to be the most common marketing strategy which can be
implemented by the company Unilever to attract new customers in the association. Brand
extension can also be used to develop a good reputation of the brand in the market. Brands
extension can be also be used in order to overcome the various risks associated with the presence
of high competition in the market. There is always a risk of launching new product and services
in the market because of the presence of various existing competitors in the market. The brand
extension will assess the company Unilever in overcoming such risks so that the company will
successfully launch the new product in the market without facing any other difficulty.
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(Source Rauschnabel, et. al., 2016)
The company can launch a new product in the market with the help of a brand extension. The
brand extension consists of two categories which are category related and brand-related. In
category related, the company can launch the parent brand, a new variant of the product and the
same product. In Image related, the company can launch the product in parent brand, different
products and brand extension from comparable benefits.
Brand leverage is a procedure which is used to launch a new product category of the same brand.
This strategy can be used to spread information about the new product category in the minds of
the customers. Brand leverage is an important aspect of the company in order to develop new
categories for the products. There are lots of importance for the brand leverage in the company
Unilever and the strength of the brand leverage are as follows:
 It provides good characteristics of the product in the new category.
 This will offer a new option to the customers which will attract more customers.
 There will be more product categories which mean the company will be able to establish
a good brand name in the market with lots of varieties in their products and services.
 Brand leverage is more effective than introducing a new product in the market as the cost
of introducing a product category in the market is less than the cost of launching a new
product in the market (Choi, et. al., 2015).
 This will improve the overall efficiency of the company which will generate more profits
for the organization.
 It will improve the customer retention rate of the company as loyal customers will remain
connected with the brand because of the availability of different product categories.
Some suggestions that can be recommended to the company in order to develop a new product
category in the market are as follows:
 The company has to analyze the market condition before launching a new product
category. It will help the company in successfully launching a new [product category in
the market.
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 Unilever needs to examine its competitors and the different product category they are
offering to their customers. This will help the company in identifying the different
product categories which they can launch in the market (Frow, et. al., 2015).
 Unilever needs to determine the needs of their customers before launching brand leverage
as it will assess the company is launching its product as per the needs of the customers.
This will attract more customers at a short span of time.
 Unilever can collaborate with the other company in order to launch a new product on the
market. This strategy will help the company in establishing a good customer base in the
company.
 Unilever can measure the brand value of their products in the products so that the
company can easily launch their new products without facing any other difficulty.
These are the various suggestions Unilever can implement in order to enhance the growth of
their sales and to attract new customers in the market. Unilever can implement these strategies in
order to launch new products and new product category in the market which will give a lot of
varieties to their customers. With the help of such strategies, Unilever will be able to build more
customers in their company which will enhance the growth of the association more. It will
provide good support to the company and the organization will be able to gain a competitive
advantage against its competitors in the marketplace (Crawford Camiciottoli, et. al., 2014).
Unilever will be able to expand their business more in the domestic as well as international level.
Unilever can use other strategies in order to expand their business at the international level.
These strategies can be importing and exporting of the products of the company, licensing and
franchising. The company can implement these strategies in order to generate more profits at the
international level. This will improve the overall financial condition of the company and
provides big support in the company's financial investments.
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