Introduction
The planning and decision making for the marketing for helping the business in its growth for the product value are the Brand management. To the development of business, the relationship between the business and the targeted market should be good. It is a process that is required for the creation of a decent association among brands and the customers to ensure business purpose. This is called product administration. Brand supervision can also be defined as maintenance and improvisation of the image of product with the assistance of the optimistic results of the organisation. The different features like client fulfilment, price, and rivalry are involved in brand management. The effective brand not only increases the sale of one product but also for the additional goods of the trademark.
The report discusses a case study of a British international super market business called Tesco, and headquarter & common mercantile of the firm which is situated in Welwyn garden city of Hertfordshire, England. Brand image for the company needs to be maintained as this is third-largest store in all over the world. The strong brand management will variety the goods from other players and will impact the product appearance and the corporation’s goods & facilities in positive ways. The creation of the brand and understanding of the products is included in brand management. The conveying of brand messages for creating customer loyalty is the purpose of the branding. Brand management takes years for an organisation to make a good appearance for the corporation and in maintenance of the product image of enterprise
LO1
P1 Explain the importance of branding as a marketing tool and why and how it has emerged in business practice.
The branding is a procedure of marketing for a company under which the company creates a sign, brand designation, or proposal for the company that differentiates them from other company’s products(Su, et. al., 2015). The branding helps in the increment in the worth of business in the marketplace and also improves the worker’s motivation and attracts more consumers.
Some importance of branding for companies is as follows:
Trust increased by branding: The consumers’ trust increases by proper branding of the company’s products and services. The consumers feel comfortable spending money on the products and services when they feel trustworthy of the brand.
Recognition improved by branding: Recognition of product refers to the recognition of brand in shop and also among the consumers. The face of the marking of a firm is logo of the enterprise, which is most important in the recognition. The impression of the logo should be able to make an impression on the market and the consumers(Su, et. al., 2015).
Branding supported by advertising: Advertising shows a significant part in branding for a company’s products and services. The different mediums for advertisement can establish the brand label of corporation in a large market area.
Financial status build by branding: Business can be strongly built with influential branding. The branding helps in the financial growth and development of the business company.
Branding inspires employees: The proper labelling of the concern encourages staffs to effort hard for the aims and objectives of the company. Positive branding increases the enthusiasm of the employees(Su, et. al., 2015).
Branding attracts new consumers: When the brand becomes popular then the branding does not require any advertising medium. The existing consumers will attract new consumers by advertising the brand products and services.
Branding improves employee satisfaction: The employees under the established brand will be more satisfied than the employees from the un-established brand.
Branding improves competitive status: The establishment of the product name in market supports in a competition with the rival goods as the brand aids to stand alone in the market.
Branding generates referrals: The present customers of the product will refer a brand to other consumers. This will improve the branding procedures and the range of consumers will be improved.
Branding procedure helps the organizations in the identification of their goods and amenities quality and popularity in a huge market. The advertisements, image of the company, and messages create a good brand. An appropriate platform is required for the branding of the commodities and facilities of the company. The emotional connection of the consumers with the brand is required for the popularity of the brand(Su, et. al., 2015). The diversification and variation is the key towards a good brand which regularly adapts towards the situation. The social response and attractiveness towards the brand are required for the loyalty and trust in the consumers of the brand. Collaboration in different sectors is promoted by the branding of the companies. The strategies need to be developed rather than changing to new ones. The consumers are the centre of any marketing strategy in brand management. Tesco is a multiproduct company, so it needs to focus on the strategies for specific products and the whole brand.
M1 Evaluate how brands are managed successfully over time using the application of appropriate theories, models, and concepts.
In the world of globalization, branding for companies is very important. Branding became necessary for every firm to popularize their specific merchandises and facilities. It is processed in which the consumer can differentiate between the other company’s products with different companies in the market with special brand management.
Branding theories
Brand loyalty: The relationship maintained with the consumers and the company is known as the brand loyalty(Som, et. al., 2015). The consumers create an emotional connection with a particular brand that resists them to look for a different brand product. Consumers stay loyal to the brand which they use.
• The brand name should portray the image of the product when listened.
• The brand and its specifications should be clear in the consumer’s mind.
• The needs and desires of the consumers should be fulfilled by the brand.
• The growth of the product contingent upon the type of relationship between the company and the consumers.
Brand awareness: The popularity and known percent of brand in a large market is referred to as brand awareness. Brand awareness depends on the consumer’s consideration, brand strength, and familiarity with the brand. Consumers can attract new customers with their awareness.
Brand associations: The brand relations refer to recognition of the brand in their own category of products and services in a market. The image of the goods in the consumers’ view is the dependant factor in brand association(So, et. al., 2017).
Brand identity: The ease in the recognition of the brand name when lots of products and facilities are available in the market is referred to as the brand identity of the company.
Brand responses: The consumer’s recognition and their judgments need to be considered by the companies as feedback for improving product administration.
Brand relationship: The relationship of a consumer along with the brand is called brand association. Feedback procedures should be implemented for improving the brand relationship with the customers.
P2 Analyse the key components of a successful brand strategy for building and managing brand equity.
Brand strategy is that process of popularizing the brand name for achieving desired goals and objectives of the company and growth and development can be achieved.
Elements of effective brand strategy
Brand definition: The major motive of branding is to generate an appearance in the market for rival companies and customers. It can be done for a specific product or whole product range of the company’s products. The graphical representation or logo greatly impacts the product duplicate of the concern(Paul, 2019).
The brand is a business model: The branding is the business model for the company where they need to maximize the potential of the brand.
Consistency: Consistency in the labelling of potential goods and facilities is a key component. It is the process that assistances in maintaining the image of a desired brand in a huge market.
Brand positioning: The image in the mindset of the consumers about the brand is the brand placing. It defines the location of the product in a market as well as among rivals. A strong brand position can be achieved with brand strategy(Neudecker, et. al., 2015). The opportunities need to be captured in large market place for growth.
The brand requirements should be variance in the market area.
Brand behaviour and standards: The engagement of the commodity outside the company is the personality of the goods. The customer’s morals and beliefs should be met by the brand. The brand tone is brand personality.
Brand promise: The value guarantee is the brand promise. Brand promises need to be fulfilled to gain the trust of the consumers.
Start inside out: The feedback procedure should first be implemented on their employees. This will give a clear result for the brand goodwill in the area among customers and rivals.
Brand expression: Logo and tagline are part of the brand expression. These are the modes for expressing the promises of the brand.
Brand perception: The surveys can tell about the perception of the brand among the consumers and competitors. The wants and desires of the clients can be known to achieve their prospects(Iglesias, et. al., 2017).
Emotional connection: Consumers not only use the products and services but they connect themselves emotionally with the brand image which satisfies their demands.
Relevant and flexible: The Company should be more flexible in their terms and conditions and serve relevant objectives to the consumers for the company’s growth.
Strategically Tactic alignment: Tactical and strategic planning is required for the better branding procedures for the company.
Keep enemies closer: The negative aspect needs to be kept closed for a better empathetic of the various features of branding administration.
M2 Applies suitable and valid examples within and organizational context.
Tesco is a multinational multiproduct business. It is worldwide and transactions with various goods like petrol, equipment, books, dress, toys, electronics, monetary facilities, and telecom service area. It started the branding in tea and enlarged to different sectors(Dwivedi, et. al., 2015).
Tesco’s brand management strategy’s examples:
• The logo of Tesco has the initial names to identify the brand by the consumers in the market.
• The Tesco Corporation serves a diverse range of products and services under the brand name of the company.
• Tesco acquires different companies for expansion and recognition of the brand name.
• The advertisement is the key strategy under which Tesco’s tagline is “every little step”, it attracts the customers towards the brand.
D1 Critical evaluation that is supported by justified evidence demonstrating a comprehensive understanding of branding within an organizational context.
Branding is not only the preparation of tagline, logo, and business cards but to improvise the position, personality, promises, and associations of the brand.
The brand name selection, positioning, delivery, development, etc are all come under brand management. Strong branding improves the position of small businesses. Loyalty, values, and motivation of employees can be increased via branding(Du Preez, et. al., 2017). The financial budget needs to be planned with marketing and branding strategies.
Starting inside out strategy is best for branding. The employees of the corporation can provides proper response about the goods and facilities that the firm offers to its consumers. The impact of branding can be judged by their responses. This will help in the advertising and better impact on the commodities and other items of anenterprise.
LO2
P3 Analyse different strategies of portfolio management, brand hierarchy, and brand equity management.
In the brand collection, all the products of a company are grouped for use(Dessart, et. al., 2015). For instance, Hilton inns and resorts serve different services which are worldwide known under the name “Hilton”.
3C’s can be used for the brand portfolio:
1. Price perceptions of consumers: This theory says that consumers have a pre-defined price for products (minimum and maximum). They try to get the best quality product under that price range.
2. Quality perceptions of consumers: The products which satisfy the needs of the consumers are purchased by them. For the survival of the company, they need to prepare products according to the consumers’ quality range.
3. Market competition: In the brand group, the business tries to mitigate the damages caused by rival companies by making the best marketing strategy for the growth and development of acorporation.
Brand hierarchy
The controlling and managing of every individual brand is ensured under the brand hierarchy. The brand hierarchy confirms the share of revenue, assets, and resources for all the products of a brand. Some brand hierarchy strategies are as under:
• Commercial marking hierarchy strategy: It is a approach where a product is not promoted but the brand name is used in the promotion. The whole group of products under one brand is promoted. Such as in Tesco which not only promotes a single product range but all the products under one brand name.
• Individual branding hierarchy strategy: In this strategy in which a single product is promoted by a unique brand name and portfolio(Cooper, et. al., 2015). This creates uniqueness in the product and its image in large competitive market.
Brand fairness administration: The management of the brand valuation becomes more intense after the gaining of some brand equity for every company irrespective of its size and nature of business(Burmann, et. al., 2017). Tesco Company can demand the premiums by maintaining the equity value in the marketplace and maintain profitability stake. Strategies for the maintenance of brand equity are as follows:
• Communication: To attain brand equity, flawless communication with investors, legal matters, and increasing sales is very important. It is the key to attain brand equity for the company.
• Awareness: The awareness regarding the goods and facilities of an enterprise can help in maintaining brand equity. The customers can remember the brand name in awareness.
• Legal and ethical decision making: The legal and ethical decisions are important to maintaining the trust level in the consumers of the goods and amenities of acorporation. This will maintain brand equity whenever any situation occurs for taking legal and ethical steps.
M3 Critically analyses portfolio administration, brand hierarchies, and brand equity using suitablephilosophies, models, and frameworks.
The companies use that brand by using portfolio management. The organizations use a single brand designation to promote a different creation range of a company.
Benefits of portfolio management
Portfolio management is a very important aspect of brand management. The portfolios consist of a different range of products less than one brand name which will attract the targeted audience or the consumers for the company(Azar, et. al., 2016). There are different benefits for the portfolio management which are as follows:
• Make right investment choice for portfolio
• Track performance of the branding
• Improve financial performance of the company
• Reward and risk-balanced
• Investment readjusted with time
• Continuous& disciplines manner
Merits of brand equity
• Increase trust, faithfulness, and worth
• Cost improves in consumers view
• Expand the business in the market
• Power of bargaining with investors, distributors, and retailers
• Competitive advantage among rivals
Brand equity model: It consists of 4 components which are as follows-
1. Product scope, product value, product attributes, and quality.
2. Brand personality and consumer-brand relationship.
3. Brand metaphorical, brand audio-visual imagery, brand heritage.
LO3
P4 Evaluate how brands are managed collaboratively and in partnership both at a domestic and global level.
In this highly competitive business world, the big brands mustn’t be able to manage their brands in the market but apart from that, the brands will easily identify the profitability with effective and higher sustainability as well. Since globalization has been hitting all the markets and business houses all around the world, the brands must be able to manage the collaboration and partnership with other firms on both domestic and global levels so far. With the help of globalization, the doors of various opportunities have been opened and it indicates that all the big and small brands are willing to expand their business so far to other countries where the companies can find some better and effective options as well. Global brand management is considered very helpful in terms of effective management of the brands at the global level so far. It helps to run the planning, creation, analysis, and organizing for the company which will be helpful to the company in the context of managing their global brand image so far (Newburry, et. al., 2019). In order to run the operations of the company in a new developing or emerging market which is comparatively new for the company and if the company will be able to identify the prospective challenges, it can easily achieve success in global markets as well which is considered as the prime goal of the companies in this era of globalization so far. The following will be the required guidelines for the brands in order to become successfully manage the global and domestic events as well.
Domestic level – It is very much essential that the company will be able to not only run the company but also able to run the operations more effectively so far. If the business can be easily managed at the domestic level, there are strong possibilities that it can be easily managed for an international level as well.
Flexibility – One of the most important requirements is about the flexibility because the more the flexibility will be given to the brands, the more it will make it easy to run the brand management effectively so far. To adopt the local growth opportunities, the companies must get some flexibility as well (Leijerholt, et. al., 2019).
Advancements of technology – Since the customers of the recent era have been getting highly smart and aware about the latest technology, their rights, and the environmental damage, it makes it very necessary for the companies to adopt and run latest advancements of the technology so that the companies can increase the satisfaction rate of the employees for the company as well. It will reduce the work stress on the machinery and employees as well as the brands so far.
Effective quality management – one of the most important factors in a company’s success is the quality of the products or services of the company so far. The more the company will be able to manage the effective quality of the product and services, the higher it helps the company to increase more and more customers’ as well as the brand management effectively so far (Koval, et. al., 2019).
International level – Since most companies are giving preferences to the companies which have been increasing their business to the international level, it makes it highly required that the companies would have been following the below-specified points.
Effective partnerships – In order to become successful at the international level, it is very important that the company would have been identified the companies which can play a helpful role in running the operations there successfully. The company needs to find an effective way to run partnerships with small and medium companies so far.
Social & digital media promotions – One of the most effective ways of running the business, it is very important that in order to run the brand image the company must increase the social and digital media promotions so that brand awareness can be easily increased as well.
Focus on attracting customer satisfaction – in order to become successful, it is very helpful if the company will shift its focus on the customers’ satisfaction. It is a well-known fact that the more the customers will be happy and satisfied, the more it increases the chances of being successful in international expansion as well (Li, et. al., 2019).
M4 critically evaluate the use of different techniques used to leverage and extend brands.
The extension of the brand is a process where companies must need to understand that in order to run the companies effectively, the brand must need to understand the requirement of the customers so far. The following will be the techniques of brand extension of the global level.
Effective R&R of the market – The global market would be new for the company and it is very much required that the brand must be able to run effective R&R of the international market. The more the company will be able to understand the requirements of the market, the more it will be helpful to the company to include those factors into the strategies for the expansion as well.
Effective marketing plan – Attracting the customers are a very important factor when it comes to managing the business to a new level. The more the customers will be able to increase the customers’ reach in the new country, the more it will be helpful to run the business successfully so far.
Develop strong market value – Company must need to understand that if the company has a strong market value, it will be helpful to manage the market positioning among other competitors which will be helpful to achieve the competitive advantages so far (Gitto and Mancuso, 2019).
The following will be the techniques for managing the brand into the domestic level.
Increase customer interactions – Companies must need to understand the value of higher customer engagement and in order to achieve higher customer engagement, the company must need to run customer interactions. It will be helpful to run the interaction sessions for the company as well.
Regular deals and discounts – In order to increase customer reach, the organizations must be able to offer regular deals and discounts to the customers which make it easy to attract and sustain the customers with the company so far.
Social media promotions – One of the most effective ways is to increase the social media promotions so that the customers will be informed about each and every update about the company so far (Foroudi, 2019).
LO4
P5 Evaluate different types of techniques for measuring and managing brand value using specific organizational examples.
Various techniques can be considered as very helpful to measure and manage the brand value and image of the big brands in the international market such as Tesco. When it comes to international expansion, it is a well-known fact that the companies must need to take every step in a very careful manner as well. The following will be the evaluation of the techniques used by Tesco.
Impressive product packaging – one of the best way which companies has been trying to attract people as there are so many of the customers which attract with impressive packaging so far. Tesco has been applying the strategies by offer good and useful packaging with a reusable concept as well. It will be one of the best ways to attract the young customers’ as the customers’ are getting aware of the packaging and uploading pictures about the new product packaging which makes it necessary to attract more customers.
Digital media promotions – Besides effective packaging, one more thing companies can do is about adopting the advancements in promotions. The users of social media platforms have been increasing from the past few years and it helps the companies to increase their customer reach which will be helpful to Tesco to run the company more effectively as well.
Modifications of the products – Since globalization hit the business world, the competition among the companies has been increasing very rapidly and in past few years, the rate of competition has been getting increased so far. It increases the options to the customers which centralized the power to the customers. It will be helpful to increase the options of products or provide regular updates to the current running products or services. Modifications in the product line will be helpful to keep the customers loyal with the brand as well.
M5 critically evaluates the application of techniques for measuring and managing brand value concerning developing a strong and enduring brand.
Brand value is one of the most important things which increase the business of the company and at the same time, it is considered as a powerful tool to attract the investors to make the investments and regular investments are important when it comes to run the operations as well as manage the brand value of the big companies so far. The valuation measured and managing techniques will be easily evaluated based on the following methods.
Market-based brand evaluation – This method is completely market-based as it helps to understand the current market value of the company among its competitors so far (Singh and Sehrawat, 2019). The more the company understands the value of the company, brand, stocks, and other associated things, the more it will be helpful to manage the market requirements of the company as well.
Assets perspective evaluation – Each company has some tangible and tactical assets and in order to calculate the brand value of the company, the brand must calculate and include the value of its assets when it comes to the evaluation of the assets so far. It will be helpful to the brand to get the exact calculation of the brand value which would be considered as an easy method and help to make effective strategies to increase the brand value so far. The more the brand value has been increased of the brand, the more it will be helpful to run the company with more effectiveness in this highly competitive business world.
Customer perspective evaluation – when it comes to the customer perspective evaluation, it includes the perspective of the customers to the quality of the products/ services, association with the brands as well as the brand status so far. It also includes the loyalty of the customers with the brand along with the faith of the brand value or products as well. In this method, the evaluation can be done based on these above-mentioned factors with having a customer mindset so far. It helps to understand the customers’ opinions and the current state of the company in the market as well (Kotabe and Helsen, 2020).
Conclusion
In this report, it has been concluded that brand management is one of the most important factors for companies especially when the companies have been expanding their business to the national and international levels. Various methods have been discussed in this report that would have been considered a very helpful method to calculate the value of the brands so far. The more the large companies such as Tesco have been expanding its business, the more the requirement of calculating the brand value has been increased so far. In this report, the brand strategy of the companies has been examined which would be helpful to run the company operations effectively as well as it helped to maintain a healthy relationship with the customers as well.
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