This sample will let you know about:
- How are brands managed?
- Define active management.
- Discuss about brand equity management.
Different forms of elements like appearance, packaging and price are some of the certain effective attributes that lead an entity towards strengthening their brand in best effective manner (Agante and Pascoal, 2019). Present report has been conducted on Britvic Soft Drinks in addition with the understanding of the way in which a brand is build and managed.
Further this report include the manner in which a brand is organised in portfolios. In addition to this, report revolves around the way in which brands are duly extended/leverages by passing time in international and domestic manner. Along with this assessment of techniques in order to manage and measure brand over a time period is being included in this report. Organisation is looking forward to duly expand their business services, Coca-Cola and PepsiCo are being undertaken as a reference in this report.
Branding Importance as Marketing tool
Brand is defined as a design, name, term along with a specific attribute that significantly allows to identify brand of a particular company. This practice is being undertaken by organisations of large scale those who conduct their services on international platform as to continuously operate their process related to advertising, marketing etc. as to create unique brand image of their products.
On the other hand, Brand Equity duly states that an organisation have generated significant vale through their offerings within marketplace. It has been identified that an entity can take use of wide range of strategies as to create brand equity in organisational functions related to accelerating quality and reliability while engaging in a well defined form of marketing campaigns and more. It has been identified that with the assistance of branding an organisation can significantly able to ensure unique brand image while ensuring long term sustainability along with strong competitive advancements.
By taking use of wide numerous form of steps an entity can significantly lead towards creating a successful brand image. For instance, an organisation in an initial stage is required to identify target set of market as to offer their offerings. Second stage relates towards evaluation of competition within marketplace. With the help of this company can effectively able to make significant difference between their and competitive industries products (Bhattacharya, Kumar and Dutta, 2019). Next stage involves formative evolution of value propositions with the help of which company can evaluate uniqueness as well as other benefits. End stage signifies organisation to engage themselves into marketing of products and services within marketplace.
In an entity marketing department act as an essential unit those who have responsibilities to create brand equity. They continuously involved in the process to determine consumer needs and demand related to the aspect that they duly believe unique within a brand. Along with this marketing department identify demand gap and provide direction to entity as to offer products in marketplace and value proportions. This will lead entity to ensure high competitive advantages along with sustainable growth.
An organisation is required to undertake use of wide range of strategies as to strengthen brand equity in marketplace. It has been identified that, Optimum Impression Ltd, aid organisations with effective range of solutions by undertaking which entities can effectively advertise about products and services in a best effective manner. Are you struggling with your assignments, Order assignment help from our experts!
For instance, PepsiCO enforced different types of strategies as to make significant increase in organisation brand equity. Entity conduct their operations in soft drink industry and engage in the manufacturing process of Pepsi cold drinks globally. After making formative evaluation of competition with other leading companies like CoCa-Cola, PepsiCo undertake due advantage of wide range of procedures and policies as to strengthen brand equity of entity (How PepsiCo Is Improving Its Brand Loyalty. 2019).
For example, organisation worked on certain factors such as loyalty, brand element,association and loyalty. Further it has been identified that as to increase familiarity of organisational products and services company undertake use different campaigns in order to attract attention of consumers, that mostly individuals of generation 1 via advertisements that are linked with music, sports and more. Along with this, organisation are also involved in strategies that are mainly related to sponsoring sports as well as music events in order to duly strengthen organisation brand equity in a well defined manner. With the help of this company aim towards attracting consumer attraction as to increase profitability and productivity of entity in a well defined manner. It has been determined that recently, organisation involve in the work that are affiliated to innovation with the impressive execution of product design. Most obvious substance offering as a result of this strategy is Pepsi Spire. This is basically identified as a digital fountain that allow consumers to personalise their beverage as this fountain allow customers with approximate 500 combinations. With the help of this innovative and unique offerings organisation aim towards strengthening overall profitability as well as brand equity of entity in a well defined manner.
Evaluation of how brands are manage by use of appropriate theories, concept and models.
In relation wit coca cola, managers are using Aaker brand equity model for enhancement of their overall brand image in the market (Greyser and Urde, 2019). There are four basic dimensions of this model:
Brand loyalty: For increasing loyalty of customers managers have to keep a check on how much loyal are customers for their organisation.
Brand awareness: It is very important for making public aware of particular brand in a positive manner.
Perceived quality: Managers in Coca cola always make attempts to increase the level of perceived quality of their customers.
Brand association: In this stage Coca Cola is laying their emphasis on making associations for increasing their brand image.
According to above discussed framework, it can be said that this model is used for development of knowledge of individual over brand equity.
Factors of successful brand strategy in order to build and maintain brand equity
According to the mentioned case study examples defined importance of branding in an organisation. Within this entities by undertaking use of wide range of methods like Aaker's Brand Equity Model can effectively able to ensure their brand equity. There are some certain elements defined below that are related to this model:
- Brand as an Offering: It mainly involve attributes, value, quality, scope in addition with users of organisational offerings.
- Brand as a Company: This mainly include significant and essential attributes that are mainly linked with company that are its operations and activities in domestic as well as international markets.
- Brand as an Individual: This factor include all exclusive brand personality along with its customer brand relationship within marketplace.
- Brand as a Symbol: This factor mainly include elements that are duly linked to visual and audio imagery, brand heritage and metaphorical symbols related to offerings. Need Assignment Examples?Talk to our Experts!
Coca-Cola is other example that are duly related to brand equity. By taking assistance of present model company can further work upon brand reinforcements and extension with the helps of effective components that are duly given below:
It is important for an organisation to make significant increase in loyalty of their consumers towards organisation brand (Batt and Bruhn, 2019). It can be done with the assistance of compelling advertisements that help is attracting attention of customers. With the help of this, company can effectively able to make sure more customers commitment towards company brand.
In context with increasing brand awareness, Coca-Cola by taking use of different activities as to increase organisation familiarity in market. Methods like Search Engine Optimisation, Branded Packaging, innovative Branded Packaging etc. aid entity to make significant increase in their brand awareness.
It has been evaluated that perception of consumers acts as most essential element in brand reinforcement and extensions. For this, organisation is required to create positive perceptions within mindset of consumers. For this, company by differentiating their services and products with existing competitors like Pepsi can make difference in their offerings. This can be done by methods like distribution channels, increase in product range by extending it, pricing etc.
In context with making increase in brand association, company can engage their customer through effective communication. In this organisation can communicate customers about the attractive benefits that customers can received by purchasing of product and service.
In this, it is essential for Coca-Cola to undertake use of effective methods like better availability via flexible channels, price competitiveness etc.
Along with this, organisation is required to undertake wide range of strategies as to effectively overcome brand crisis.For instance, Coca-Cola take advantage of effective measures like adoption of focused approach (Aziz and Ngah, 2019). In addition to this, it has been identified that organisation faced issue of safety law negligence that significantly impact upon their brand. For this, entity take benefit of Automation technology as to overcome this issue in their logistic and distribution.
Application of appropriate & example in a organisational context
With respect to examples, coca Cola can use above mentioned components on different ways as discussed below:
- Brand Identity: For creating awareness Coca Cola should research the external environment for determining their target market.
- Brand Meaning:for developing positive relationship Coca Cola can adopt different models such as adequate market research and timely feedbacks from customers can help in development of effective brand image in market.
- Brand Response: coca Cola can enhance their brand quality by adoption of updated technology in their manufacturing process.
- Brand Resonance: In this sate Coca cola must make efforts for increasing present satisfaction level of their customers by development of attractive offers.
Evaluation of number of strategies related to brand equity, portfolio management and brand hierarchy
It has been determined that, Coca-Cola operate their business functioning in marketplace as one of the strong organisation in industry with formative assistance of wide range of strategies that are related with portfolio management, brand equity management and brand hierarchy that further acts as salient example for Brivic.
It has been identified that Coca-Cola have effective portfolios management strategy with the help of which company ensure high competitive advantage in marketplace. There are two form of strategies in portfolio management with the help of which company can effectively able to duly manage their organisational offerings in best effective manner:
Passive management strategies assist an organisation fulfil market demand despite of competing with same. By undertaking this strategy Coca-Cola can effectively able to operate their functioning:
- Indulging in Long-term Trading:With this, an entity can duly conduct their organisational operations that are mainly related to operating wide range of long-term trading within marketplace with an aim to make significant increase in organisation success scope for their portfolio.
- Investment in Index Funds: If an organisation innovate additional wide portfolio in marketplace, index funds will effectively guide Coca-Cola to overcome risk that are subjected to diversification.
Active management strategies is being required by an entity to be duly undertaken when they are involved in the activities related to evaluation of portfolios as well as ensuring high competitive advancements within marketplace. This can be duly performed by Coca-Cola with the help of numerous measures like:
- Use of Quantitative Analysis: Organisation is required to undertake use of numerical analysis as to effectively measure strategy success if organisation brand portfolio.
- Diversification: Entity must engage in the process of increasing scope of portfolio as to make it more diversified.
As per according to the defined management, organisation is taking use of active management as they always undertake advantage of diversification as Portfolio management strategy. There are some certain example in context with Coca-Cola is given:
According to the illustration, this has been identified that entity diversification has been made by organisation within their product portfolio that allow organisation to significantly ensure their strong positioning in within marketplace. In addition to this, it has been evaluated that higher existence in marketplace in also counted as an advantage that has been generated by organisation with the help of diversification.
It is defined as an important aspect for Coca-Cola as it is a suitable series of products that are being sold under company name. Other strategies that are included in same in mentioned below:
It has been determined that organisation familiarity lead brand to ensure more organisation and stimulate them to become quite strong.
House of Brands
In this, sub-brands are different from organisation and an entity is mainly have focused approach towards sub-brands promotions despite of focusing upon marketing of organisation. Apart from that, with the assistance of house of brands strategy organisation can face complex hierarchies within their organisational structure that impact upon entity with inconsistency for ling duration of time.
This strategy is mainly end result of approaches that are given above. This allow Coca-Cola to par with other sub-brand those who are lower in brand hierarchy as this strategy significantly proves to be effective from them. In addition to this, this has been determined that Brand is suitably connected with the entity and yet quite a contrasting at same time.
In accordance with given illustration, this is evaluated that organisation have focused approach towards beverages development. On the other hand, entities such as Pepsi have their approach towards food products in organisation production process (Foroudi, 2019). With the help of this company can effectively able to differentiate them from competitors.
Brand Equity Management
In order to effectively ensure effective brand equity management Coca-Cola is required to undertake use of wide range of measures and strategies. For this by undertaking advantage of Consumer-Based Brand Equity Model company can effectively able to ensue strengthening of their brand in best effective manner. Stages of this tool is being defined below:
- Salience: In this stage, it is essential for an organisation to develop awareness related to their entry in market. It is an initial stage, within which customers are mainly focused towards differencing products and services of different companies (Chang, Huang and Wang, 2019). In context with Coca-Cola, manager undertake best effective market research in order to duly identify needs and demands of customers in a well defined manner.
- Performance/Imagery: In this stage, company have already developed image of entity in marketplace and offer awareness to customers related to organisational offerings. It mainly involve two stages that are being defined below:
- Performance: In this, organisation must ensure about the manner in which they are operating their services in marketplace. In order to duly develop knowledge, Coca-Cola manager have their focus towards working in innovative way as to provide unique feature in their drink core recipe.
Imagery: In this, organisation is required to develop organisation positive image among marketplace as to duly perceives products in a well defined and positive manner. In this, Coca-Cola manager is having focus to effectively develop broad portfolio in order to effectively fulfil organisation requirements in a well defined manner.
- Judgement/Feelings: This stage mainly initiate when organisation product is being duly bought by consumers. It is having two aspects that include feelings as well as judgement. Within first stage, Coca-Cola is required to offer products that are superior so that they can perceives it in a effective manner. In addition to this, it is essential for manager to undertake use of innovations as to bring uniqueness in their flavours. This will aid them to attract interest of customers in a well defined and effective manner.
- Resonance: This is mainly defined as tip stage of this model, in this organisation manager is required to formulate effectively psychological relationship with consumers. In this, it has been identified that main focus of Coca-Cola is to influence consumers to undertake regular based purchase. For this company engage in the process of offering best and unique flavours to consumers and engage them via help of social media platform.
Critically analyse brand hierarchies, portfolio management and brand equity using appropriate theories, frameworks & models
From above analysis it is said that brand hierarchy and portfolio management and brand equity are very helpful in making a brand more valuable and effective in the market. In case of Coca Cola managers are using various models for managing their brand image with the changing market conditions. They are willing to adopt some strategies for developing innovative and creative marketing strategies to gain a competitive advantage in market.
How brands are managed?
Brand leveraging is a term associate with making use of existing brand image for entering on a new category or new segment of products. It can be done by making effective use of communication technology to inform target segment of customers. Coca-Cola is one of leading brands and they use it for enhancing their present share of market.
Below discussed are some techniques of Brand leveraging & extension:
This technique is very useful in case when new product have to be introduced under similar brand image in the market.
In this strategy already established brand image is used for making entry in a different category of products.
This technique is very useful in increasing company's reach and providing more options to existing customers.
Major objective in brand extension is leveraging on present brand equity.
From the above evaluation it is said that it is very important fir Coca cola to leverage t heir brand in a appropriate manner. It is very necessary for adopting techniques such as line extension so that more awareness can be crated among existing customers.
Thums-up a big competitor of Coca-cola has a equally strong brand image in the market and adequate efforts are needed by Coca coal to survive in this highly competitive environment.
Strength that can be leveraged:
One of strengths of Thums up is that they can conduct promotional campaigns it expand their asian presence. They are having monopoly in some markets that can be increased in countries such as India.
Weakness that can be leveraged:
Major weakness of this brand is that the aerated drinks which they offer is not preferred by many customers who are having concern for their health. For overcoming this there is requirement for introducing various healthy drinks.
Collaboration & partnership agreements:
Partnership agreements can help organisation in improving their brand image in the market. Coca Coal is facing several issues such as toxicants in their drinks in markets of Asia. It has lead to several legal implications on this brand. Food Safety And Standards Authority of India (FSSAI) is keeping a check on Coca cola to make improvements in their drinks. It will help this brand in attracting more customers
Critically evaluate the use of various techniques used to extend brands and leverage
Brand leveraging is associated with support that is provided to business organisation to use their core Strength of present brand for launching new brands under present brand name. It is a very effective method of making use of present brand image in market. In Coca Cola, management is using brand leverage to enhance their present market share.
Techniques as to measure and manage brand value
Brand value is mainly related to organisation financial value. It has been identified that brand value impact upon offerings of organisation. This has been evaluated that consumer can offer more for the brand that are above a base line. It has been evaluated that Starbucks undertake consumer loyalty as an important tool.
Along with this as to build strong customer base entity offer Starbucks Rewards and allow them to make payment via special app. There are number of competitors of company in prevailing market that are Burger King, Subway, Wendy's etc. despite of this entity secure top most place (7 Amazing Examples of Customer Loyalty Programs to Learn From, 2019). Current brand strategy of company include, to inspire consumers to buy. Apart from this limitation of payment app is that sometime customers afraid to formulate transaction due to security concern of their personal data.
This signified recognition of brand within marketplace in relation with specific products and services. It is essential for organisation to effectively spread awareness about offerings of organisation and attract consumers in a well defined manner. Within this, Domino's take advantage of Unique Personality as to conduct the process of brand awareness. While major limitation of this is that every individual have different understanding that make company to persuade them in effective manner.
In this, entity undertake advantage of forecasting of their sales. In this organisation take use of competitor's past records, entity past strategies, present position and customer's brand preferences. Within this Samsung is taking advantage of Market Share Indicator. This allow organisation to increase their sales and market share holding of company in a well defined manner. On the other hand, market share is having limitation that are mainly linked with business expansion. Within his expansion indicates effectively delegation of duties tha further lead entity to losses control upon effective activities. Take Management Assignment Help from our experts!
It indicates a probability, that signified that consumer will make purchase or not. In this entity undertake use of past records as to formulate predictions about product. This turn to be a risk method as it does not ensure success. Within this, Customer Relationship Management is being undertaken by Amazon as to evaluate taste and preferences of consumers. In this organisation can evaluate consumer preferences with the help of social media. Apart from that, main limitation of this is that on social media every consumer have different set of taste. Thus, it is hard for an entity to duly fulfil each and every consumer group satisfaction in an effective manner.
Critically evaluate application of techniques for managing and measuring brand value in relation to developing a strong and enduring brand.
According to above discussed techniques there must be various measuring techniques that allows business organisations to manage their brand image (Arbouw, Ballantine and Ozanne, 2019). In case of Coca cola business managers are using income approach for measuring their brand value in market. Managers make attempt to develop exact value of their company in present scenario of market which further helps in planning of strategies for further improvement.
As per the above mentioned report it has been concluded that, brand management is one of the essential aspect that play key essential role to maximise their profitability. It allows an entity to manage and expand their brand in marketplace in a well defined and effective manner. In order to undertake all these measures organisation can take significant advantage of wide range of strategies as to build strong image of their brand. Further it has been identified that by collaborating and partnership in international and domestic level organisation can effectively insure high profitability and productivity.
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