Brand Management Assignment Sample

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Brand Management Assignment

Introduction

Task 1

“Brand is Power”-by Marketing Manager

Introduction

Your brand is what people talk about you when you are not in the room”- Jeff Bezos, CEO Amazon

The meaning of brand varies from one person to another. In the simplest words, the brand is the title given to a service or product in order to provide it an identity. Some people define it as the set of associations that the consumers make with the organisation, service, product, and individual. The point to note here is that the bonds are intentional and can be strengthened and expand through marketing and business tactics. Another aspect of the business is brand equity which is equally important for the company i.e., Brand equity. It is the value of the brand perceived by the customers over other goods and services. The importance of brand equity is that it helps in determining other business aspects, such as the profitability of the company. Du Preez and Bendixen, (2015) highlights that if a company has a positive value of the brand, then it can charge more amount for its goods and services and consumers will pay for the generic products. On the other hand, a negative brand equity value can force the customers to purchase generic products from the competition. Every business must consider certain factors, such as brand loyalty, brand awareness, brand association, and perceived quality. If any organisation is aiming at increasing the brand equity value, then it is critical for it to increase the customer loyalty and quality of the goods and services it is offering (Ertimurand Coskuner-Balli, 2015).

Talking about the importance of marketing team in establishing and enhancing brand equity, the team is responsible for the wholesome success of the brand and products associated with it. The marketing team carries out numerous market research in order to determine the performance of the brand. They determine the consumers' demand and specific needs after researching on the focus group. Once this is done, they reach out to the customers in a more specific way. Through this, they can track the brand equity of the company in a particular market segment (Richards, 2015). Another responsibility of the marketing team is to formulate financial metrics as a part of the market research. This way the team can figure out the success or failure of the brand or a product. Moreover, the team proposes measures to increase sales. They collect the data, such as market share, cost of retaining customers, growth rate, revenue, etc.

Erdemand Swait (2016) gave four steps to build the brand. The first and foremost is defining how the product should be perceived. In other words, these steps are all about making commitments with the consumers. The next steps are organising the business and developing the services and products as per the demands of the consumers and the commitments made by the company. It is suggested to the organisations to influence the products and business in accordance with the winning formula of the company. The next step is communicating the promise made to the consumers and the last stage is about consistency in the product delivery and quality.

Main Body

Having brand equity is one aspect of business and strengthening it is other. Talking about the high brand equity of Amazon in the global market, it is the best example every organisation should learn from. The most important assets for Amazon that help in strengthening brand equity are a brand image, underlying association, quality service, customer loyalty, and awareness. Based on its brand equity assets, Amazon is planning its competitive strategy and its future policies and revenue. There are three tactics contributing to the powerful brand equity of Amazon. These comprise email marketing, consumers' rating and reviews, and consumer loyalty. With its super refined email strategy, the company is becoming a big daddy in the online retailing market. Amazon is succeeding with its highly personalised recommendation emails for new products as per the search history, age, gender, and location of the client. This has successfully worked in favour of the company and increased the brand image of the company. Ultimately, this has grown up the revenue of the company along with the market share in the e-retailing field.

The next strategy is consumer rating and reviews that have turned out to be a major strategy for increasing the consumer base and satisfaction as well. With its review systems, the company has increased its revenue by 20%. Most of the customers are making use of the review and rating system prior to purchase any product. The idea is to make the customer updated with the information about other user's experience and quality of the product he/she is going to purchase. Talking about Amazon's strategies to overcome a brand crisis, the organisation is well-prepared with the crisis management plan. The plan is based on the brand image and customer's loyalty. Another strategy is to keep the customer updated with the information about the crisis faced by the company. For that purpose, Amazon is making use of various social media channels to inform its customers about the crisis. This would bring confidence among the consumers as they are being valued. Communities need to be regularly updated.  

Conclusion

Till now, the brand, brand equity, and a thorough discussion on the strategies to strengthen the brand equity had been done. From the overall discussion, it could be understood that companies should work on making the brand and product a success. To end this discussion on a high note, it is important to comprehend that branding is the backbone of every organisation dealing in the selling of goods and services. It helps in creating customer preference for a product. In addition to this, it improves market share and annual revenue. In the majority of the cases, it assists the companies to sustain in crisis. Branding strengthens the position in the market and increases the profitability of the company. The importance of brand equity is that it helps in determining other business aspects, such as the profitability of the company.

Task 2: Brand portfolio and hierarchy management

Introduction

Brand portfolio and hierarchy management are one of the vital components of every organisation. In this part, the brand portfolio strategy of Tesco has been elaborated. In addition to this, hierarchy management of the organisation is also illustrated. The last part of this report talks about the strategies used for managing the brand equity within Tesco’s portfolio.

1. Analyse the organisation’s brand portfolio strategy

In the UK, Tesco operates with a wide range of brands in the market. The portfolio of the company comprises numerous products that reflect the actual efficiency. The brand portfolio strategy of the company determines the financial performance and the revenue expected at the end of the tenure. The company is focusing on expanding its business interest by making use of organic growth approach along with the acquisition and merging strategy (Heding, et.al, 2018). Currently, it operates as Tesco UK, Tesco Hungary, Tesco Lotus, Tesco Ireland, Tesco India, and many more. Since these businesses are operating under the brand name of Tesco, they are considered as non-acquired businesses. In addition to this, Tesco is forming numerous joint venture worldwide (Posner, et.al, 2012). These brands are considered to be advanced types of private label that don't have a retailer name. These products are considered to be under Tesco venture brands and add values to the finest and standard ranges and current bottom line. These brand deals in a wide range of products for different strata of the customers, such as children, adults, senior citizen, etc. Most of the brands of the Tesco are positioned as premium goods competing with the current branded goods.

The major difference between Tesco’s venture branding and private label branding lies in the positioning of the products. The private label goods are manufactured and retailed by Tesco under the brand name. On the other hand, the venture products are not labelled under Tesco and are entirely associated with the venture brand (Heine, et.al, 2018). In addition to this, they are positioned under premium products and competing with other products of the private label. The benefits of brand portfolio strategies are many. The first and foremost is diversification. In this view of the customer, the portfolio brands can help the company to cater to the diverse markets and their demand. If one product does not succeed in making an effect on the mind of the customers, then the other product will surely do that. In addition to this, the failure of the product will not highly affect the brand image of Tesco. In addition to this, Tesco can be able to cater to the changing demands and preference of the consumers. This way Tesco can be able to capture the market in a better way and increase its market share and ultimately the profits. The portfolio brand of Tesco can help the management to make changes in the strategies and marketing approach in accordance with the changing preference of the company.

2. Provide an illustration of the hierarchy management of brands within the organisation's portfolio

The company is expanding by making use of acquisition and joint venture strategy. Currently, it deals in a wide range of products. In addition to this, Tesco involved in internet groceries store in the USA after acquiring 35 per cent stake in GroceryWorks. Furthermore, the company also deals in hypermarkets and convenience shop market. It has many subsidiaries, such as Tesco Bank, Booker Shop, telecom, tech support, Tesco Clubcard, and petrol stations.

Brand Management

Above shown is the Tesco’s hierarchy management and all these represent high-quality planning and efficient decision making. Brand portfolio management requires top-notch skills of planning wherein the internal team is very effective that put high focus on formulating many plans and carry out their simulations based on several scenarios (Sargeant and Macquillin, 2016). Each and every brand of Tesco is effective and is adding value to the company's bottom line. In addition to this, they are aiming at achieving a high level of consumer satisfaction. It is a well-known fact that the majority of goods and services offered by Tesco are of high quality and standardised as per the requirements and benchmark. With its ability to cater to the demands of the wider market of the UK which is characterised by rapidly changing demands, Tesco and its brand portfolio are effective. This is the main reason for the success of the company.

3. Analyse strategies used for managing the equity of the brands within the organisation's portfolio.

Tesco is known for its stability in the ever-changing market of the UK and other parts of the world. Tesco is more likely to maintain its profitability. It is making use of social media in building its brand equity and managing it. There is a mix of strategies used by the organisation for building brand equity. The first and foremost is building values in the offering. The main idea behind this approach is that when a customer selects a particular brand of Tesco, he/she is likely to select from all the portfolio products of the company instead of choosing from a single product (Richards, 2015). Hence, if Tesco adds more value to every product and service, the better managed will be the brand equity of the company. In addition to this, the other strategy is continuous differentiation over the years in order to sustain in the ever-changing market. In addition to this, Tesco is also making use of its brand image in strengthening its brand equity. It is keeping its main focus on the successful brand in order to satisfy the existing customers and grab the attention of the potential customers who are likely to purchase the products of Tesco (Richards, 2015). With the continuous expansion of the brand portfolio over the year, Tesco is fulfilling the demands of the wide range of customers. This gives an assurance to the management and the customers of Tesco about the organisational capabilities. This way the company is creating a number of opportunities for managing the brand equity in a different part of the globe.

Conclusion

Here, it had been seen that what the brand portfolio meant for the Tesco and what strategies are used by the company to achieve success in the UK. In this part, the brand portfolio strategy of Tesco had been elaborated. In addition to this, hierarchy management of the organisation was also illustrated, wherein all the brands are enlisted and how they form the part of the hierarchy was discussed. The last part of this report talks about the strategies used for managing the brand equity within Tesco’s portfolio.

References

  • Du Preez, R. and Bendixen, M.T., 2015. The impact of internal brand management on employee job satisfaction, brand commitment and intention to stay.  International Journal of Bank Marketing,  33(1), pp.78-91.
  • Erdem, T. and Swait, J., 2016. The information-economics perspective on brand equity.  Foundations and Trends® in Marketing,  10(1), pp.1-59.
  • Ertimur, B. and Coskuner-Balli, G., 2015. Navigating the institutional logics of markets: Implications for strategic brand management.  Journal of Marketing,  79(2), pp.40-61.
  • Heding, T., Knudtzen, C.F. and Bjerre, M., 2015.  Brand management: Research, theory and practice. Routledge.
  • Heine, K., Atwal, G., Crener-Ricard, S., and Phan, M., 2018. Personality-driven luxury brand management. Journal of Brand Management,  25(5), pp.474-487.
  • Högström, C., Gustafsson, A. and Tronvoll, B., 2015. Strategic brand management: Archetypes for managing brands through paradoxes.  Journal of Business Research,  68(2), pp.391-404.
  • Posner, H., Williams, S. and Posner, H., 2015.  Marketing fashion: strategy, branding, and promotion. Laurence King Publishing.
  • Richards, G., 2015. Food experience as an integrated destination marketing strategy.  World Food Tourism Summit in Estoril, Portugal,  10, p.2015.
  • Sargeant, A. and MACQUILLIN, I., 2016. Marketing for nonprofit organisations. The Marketing Book(pp. 555-576). Routledge.
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