The following report analyses the concept of brand management. Different programs are designed and executed which helps in successful development and management of the brand equity. Different models of the brand management helps in the process of development of the organization are also analyzed. A study is made on the different strengths and weaknesses of the brand. Further the tools and techniques that help in measuring the brand equity are also analyzed.
|Title||Brand is Power|
|Date||13th February 2019|
Branding is the process of generating and distributing the brand name. It is applied over the corporate to identify, individual product and the name of services. The brand name is the evaluating factor which evaluates the progress of company. This factor spread public awareness in the market. The brand is a creation, service or concept that make different from other product in the public. It is the method of easily communicate on a different product.
P1 Explain the importance of branding as a marketing tool and why and how it has emerged in business practice.
uct like their quality is good with the reasonable price. Brand Association: Brand has the ability to attract other organization to combine with them.” Optimum Impression “is an advertising company having the aim to combine different organization in the same brand. Another exclusive asset: These are the intellectual property of organization like patent, copyright. This is helpful to create trade partners.
Branding is a marketing tool which increases the demand for the product in the market. Customer perceived the quality and then gets addicted to their product. If a brand has a good name in the industry they do not need to promotion or advertisement.
P2 Analyze the key components of a successful brand strategy for building and managing brand equity.
Brand equity is marketing term which the value of the brand. The value assigned by the perception of consumer and their past experiences having with the brand. If people think well or highly about the brand that means positive brand equity. But if customer disappointed by the brand in terms of delivery of product, quality of the product or the price is accordingly high, then its equity goes in negative.
There is some reason which increases the sales if the brand equity is positive, the brand equity like organization can raise their price on those who’s having positive equity, it helps to increase in the stock price of the company, business creates more money or revenue etc.
Brand equity develops through the experience of the customer. The customer has awareness of the brand they aware of what are the strategies of the brand by noticing their promotion or advertising of brand. The organization should recognize the store and shops because customer recognized only that store which they are already familiar. They are ready to become a new customer but before that, they want to trial first to verify the product before that. When the customer has good experience with the brand they make their first preference to the respective brand only. After taking a lot of experience, customer recommends others also. This shows the loyalty of the brand which exists throughout the years.
Brand equity is playing a key role in brand management. There are three steps to building a strong identity of the brand. First, introduce an advanced and eminence product in the marketplace. Launch different product which enhances the brand name. The customer wants to change according to the time their needs are changed according to the latest scenario of the market. Second, elaborate with the customer. The product is different but the quality and loyalty should be the same as they represent from the initial step. Third, Support in terms of the relationship between the customer and the brand.
M1) Evaluate how brands are managed successfully over time using application of appropriate theories, models and concepts.
Keller’s Brand Equity Model is also called the customer based equity model. The concept behind this model is to build strong brand equity which can shape the thought of customer about the brand makes the perception, thoughts, and opinion toward the brand.
(Pearson Limited, 2013)
Brand Identity: First goal is to create the awareness that the specific brand stands out from the crowd. Awareness in terms of the organization should about their perception, like is people have the right perception about them. Application: research their brand according to people perception.
Brand Meaning: This defines the performance and imagery of the brand. Performance includes these features like the reliability of product, serviceability, durability, efficiency, price etc. Imagery refers to the social and psychological aspects. The application is to “create the personality of the brand”.