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Brand administration is the effective merchandising techniques which is mainly utilised for examining their actual position, target customised, point of views and image of brand, etc. with the help of this, an organisation required to manage and maintain good image among customers as well as in the large market place. Brand management is that term which includes marketing, designing, advertising, distribution and placement for identifying the image of specific brand and also make positive environment for their target customers. There are various number of factors such as customer satisfaction, perception, demand and supply, costing and competition in the large market place. A proper brand management provide positive and good outcome which can help in higher the sale of particular products but all the goods are associated along with brands but for this it is very essential for developing loyalty and belongings among buyers cognition for products and facilities (Ashworth and Kavaratzis, 2010). The study is founded on Coca- cola is the soft drink company which is produced by coca cola company. The company can get attention of large number of customers towards their drinkable items. The report is describe about different strategies and policies that includes brand equity and portfolio management, etc. at the ned it will included in different kind of techniques and method for managing and maintaining image of brand name in better way.
P1 Importance of branding as a marketing tool and the way it has emerged in business practice
For knowing the brand administration, it is essential for identifying the major conception and demand of required brand. A product icon can be determined as that approach, services, commodity which are eliminating from other services or facilities so it can easy to transmit and marketplace in proper manner. The foundation of brand is that concept or process which is became more essential for managing and maintaining by big or small level organisation.
Brand– It can be determined as marque sign is thing which can leave a intellectual logotype or image in the mind of customers for recognise the company products (Bigné, Currás and Aldás, 2012). Brand management is very essential and important actor of an enterprise which help in meeting the products and services of the firm, Coca- cola has utilised this conception for increasing the place of the firm. According to the explanation of Association of American Merchandising, brand define to quantity of signed, sign, designing or name which is called as the aggregation of such internee to employment and reputed designation from person to other of dealer and differentiated them from other marketer. Coca- cola analysing the requirements of administration of trade name, that is used for the statement of brand equivalence as the leading elements for developing the proper representation and making effective worth among the customers.
Brand interest- Brand equality refers to the superior quantity which company can operated assignment help from services with the supposed sanction, while comparison with general knowledge. With the assistance of this procedure, an administration are capable to enlarge their merchandise line for reach with the success and growth level (Brodie, 2013).
Brand as marketing tool- It is endowing services and products along with major brand power and abilities. This will provide the actual meaning of products with providing and supporting it with the label of particular organisation for making or creating new identification of an organisation in the large market place. Therefore, the process is not assisting for firm but also consume through offering best services and facilities in better manner. This will help the consumer in searching the creative products according to their customers taste and preferences and also try to satisfy their needs and wants.
Thus, it is one of the leading advantage of this procedures which has been offer to gain opportunities to entity that help in eliminating the manufacturing form of commodity in the present trade. Therefore, brand establishment has their personal importance as the merchandising method that can be understand by the following points:
- Brand Provide Competitor Bounds – It is necessary for to each one and every organisation is to identify the total amount of accessible resources for making appropriate rivals in the overall sector for reaching with predetermined goals and objectives of Coca- cola. With the help of this, firm has been executed new schemes and policies which is known as “One Brand” for meeting the large number of target customers in given time period.
- Brand support the constant andstable assets – This is one of the major process where brand management provide accurate meeting within long and short term targets of an enterprise with the assistance of organisation and on the other hand stakeholder accepting and make changes in the meeting (Buil, De and Martínez, 2013).
- Branding build customers loyalty– It is that procedure which assist in processing reliance in the knowledge of customers for lengthy period time. Group are more likely for buying the quality based products and employment within an administration and if an enterprise render them confusable kind of merchandise will help in attracting large number of customers.
- Branding inspire employees– Employees are play an essential role in the organisation who provide their services and contribution for achieving company goals and targets in easy manner. Workers are need to work hard and their manager are motivate them towards reaching with potential goals and targets. Employees can easily understand their vision and clearly objectives after that provide their services for getting them in effectively. Branding assist in enhancing customers needs and demand for specific products, so their employees feel motivated to satisfy their requirements in appropriate manner (Christiaans, 2012).
Difference between product and brand that are as under:
· Brands are mainly associated with certain new and unique features and authorities which can not copied by anyone else.
· A brand is built with the help of customers perception, expectation and their experience towards specific services and goods.
· Brands assist in developing and building unforgettable education.
· Brand developing their personal values and reputation for extended time period.
· Merchandise are equipped by firm and this can be purchasing by buyers in the transaction of wealth.
· Commodity can be derived by rivals or competitors.
· Products can became outdated in easy manner.
P2 Key components of a successful brand image building and managing brand equity
Brand is a measure value which is developed over a period of time by an enterprise. It is a perception that is made about a particular product in the minds of customer after going through the same. In order to develop the brand, it is required that quality of products is maintained as it has a great influence on its image in market. It has to be ensured while production that the required standards of product are maintained so that the customer satisfaction can be raised (Dempsey and Gruver, 2012). By maintaining variation and innovation in product brand image can be raised in market which further helps in raising the product image in market. For instance, Coco-cola is doing well in beverages business as it has covered a great market share and is successfully growing using its brand image in market. In order to maintain the equity, it is required that few basic elements are maintained which are discussed below in detail:
Brand commitment – It is an important factor to maintain the brand equity as through this the overall sales of an enterprise can be raised to a great extent. Through this an organization assure its customers that they will be provided with good quality of items. On a recent basis the referred enterprise is following one brand strategy to offer in market which has helped it much in raising the total volume of sales.
Target Audience – In order to raise the total volume of sales an organization can use the strategy of aiming a particular group of customers so that accordingly product can be made available. Coco- cola has its maximum customers who belong to the age group of 15- 35. Promotion of brand has to be done in a manner that people of this age can be influenced to buy same (Esch, 2014).
Brand perception – It refers to the placement of brand product in market. There are various nations in which Coco – cola is supplied and is successful in becoming best brand among users. Customer refer it over other brands and most of them are a permanent user of same.
Brand voice – In order to give a good impact on customer it is important that organizations use attractive terminology to interact with its customers. This way it becomes easy to have a long term impact on user and hence grow the chance of getting recognition in market. Words like enjoy has been used to put a positive feel among customer whenever they hear the brand name. An attractive slogan can also be used like Always Coco- cola to make the offering more attractive. By increasing focus on developing effective catch lines customers can be influenced more and they start recognizing the product by it instead of its actual name (Gratwohl, 2011).
P3 Various strategies of portfolio management, brand equity and hierarchy management
Coca- cola and Pepsi is very celebrated administration in all complete the global and they are mainly deal with drinkable and soft drink products and offer to their customers. With the help of this, brand management is essential through this there are different strategy which are connect with long term customers. For this process, they can easily develop and make their company reputation in the large market place. Along with there are various points which can effectively utilised for their brand administration that are as under:
Portfolio management– It is that strategy which is used by different organisation when they are operating and regulating brands, services and firms under certain particular brand. Along with this, portfolio governance is utilised to comprehend with such entities below one umbrella. As per this scheme all brand has their personalized legal authority and trademark that help in form then new and creative which are different from others. For this, brand portfolio is using a team or group for getting appropriate result in easy manner. Coca- cola is very popular or famous organisation which provide their customers different flavour drinkable products and items. This company is also famous in local as well as international market place and spread awareness about their new goods and services among the consumers (Hanna and Rowley, 2011).
Have well define brand function – For brand function, it is required to specify the function of specific brand which can make them unique from others. In this procedures, an organisation has ensure that for defining the roles of each and every types of products in the circumstance of competitive market. Every brand required to manage appropriately which help in getting success and growth level.
Umbrella sub-brands – For an enterprise, it is necessary for making and creating particular distance with the sub brand which help in making their personal picture in reference industry. To interpret the duty of sub brand which is precise necessary for firm is to contend with competitive goods in the sizeable activity place. It is the component which is useful for the administration because it identifying their capability, imperfection, possibility and declaration in the choice of maturation.
Connect to the enterprise scheme– Within an administration, it is essential for form relation with their policies and strategies for getting future end and impersonal in easy way. For effectual scheme, Coca- cola can easy evaluate and understand to encourage and establish their impressive products and services in the big activity place (Hollebeek, 2011).
Make and create branded discriminator – For coca- cola, it is necessary for creating and making their brand image which is different from others because competitive products are making negative impact on their brand image and the value of each product is fixed. In this procedure, branding assist in developing and making unique image of products related to firm.
Coca -cola: Administration Series
Umbrella brand – This will belong with Respective utilisation of brand for marketing the specific goods to more than one time. Coca -cola can using this scheme and they can easy maintain their brand position in the large market place.
Products- The organisation mainly deal with different drinkable products as per various products such as Maaza, Sprite, Fanta and other flavoured items.
Umbrella brand – It will consist with single brand name which manage different marketing techniques and methods that can be organised. Pepsi company can make usage of the brand scheme for merchandising different form of goods and services below one individual brand figure.
Products– This will belong of different brands such as Tropicana, Mountain Dew and some other drinks and foods which has been manufactured (Hwang and Kandampully, 2012).
CBBE model (Consumer based brand equity) – It is that term which present by Kevin Lane Keller. As per this administration, it is required to operate and correct brand justice in healthier way. There are certain element which are described as under:
Brandidentity – It is used to recognise the ability and skill of customers for developing effective relation for getting high benefit from business.
Brand meaning– It will assist in giving specific identification to a brand for building effective image.
Brandresponse– It is used for developing and making image of brand to get higher business advantage in easy manner.
Brand resonance – this will help in developing and building image of brand between rivals company.
P4 Brands are managed collaboratively and in partnership
There are different brands of collection application but it is one of the famous brand such as Coca-cola and Pepsi they both are very celebrated administration in all concluded the international. Such identification are as under:
Brand extensions – Coca- cola is the large organisation which are expanding their business at continuous basis and they are providing drinkable products and items in better manner. This method and techniques is used with the assistance of different forms of big enterprises for building trust and loyalty among customers. This will also provide opportunities for their users to buying the goods which are offer by the firm as per their requirement and needs. Brand extension define to carry out new approaches and concepts within the firm and also compete with current sectors. If an organisation does not include these activities and functions, so the firm are not capable for make proper changes, attract customers and sustain them towards the market.
Coca- cola and Pepsi both are famous international drinks and beverage companies which has maintain unique identification in the eye of public. There are various number of goods of coca- cola firm which spread in all over the country (Jiang and Iles, 2011).
Approaches and strategies of brand extension – Each brand is connected with core products and services. Coca- cola is enter in the international market place which provide different types of items and products in better manner. It will also help in identifying their customers needs and demand in developing unique and new products.
There are certain strategic approaches which assist in evaluating the desired for brand extension in new categorised. This will includes:
Brand imagination – In this define that how merge with two or more brands in successful manner for effective extensions.
Innovation - firm can take appropriate decision towards effective goods alterations in addition to some value or fresh characteristic in existing products and also initiate new goods in the large industry so it is famous as Blue Ocean Strategy.
Brand portfolio management – In this administration, they can make effective decision about brand should be used which can divided in the brand portfolio for eliminating weak brand and using other one for capturing sales and market.
In below, the method and techniques for describing the international market that are as follows:
Market penetration – This mention that marketing commodity and services to present customised in the large activity area. It is totally depend on effective policies and strategies for promoting their goods and services which help in reducing the sales.
Product development – It will define as the development of effective merchandise and services for customised that are maintain the loyalty towards marque.
Market development – When a present trade good and services are launching in fresh marketplace that is called as market improvement.
Diversification – This will define to introduce new products in new market place. Such type of policies and strategies are mainly involved in risks and cost and aware about future goals and targets.
P5 Different types of tools and techniques for managing and evaluating brand values
Brand value is precise indispensable part for each and every concern enterprise which assist in developing growth, success of an organisation. It is useful for them is to attract their customers towards their coca- cola goods and services. For maintaining brand value company which can adopt certain implement and method such as:
Explain brand worth orientation– It is one of the most crucial stage where firm elucidate their brand measure among challenger. This can separated into two categorize that includes hard and compressible position. An organisation mainly concentrate on promotional strategy for making and generating income for satisfying their customers.
Determine brand value research objectives – The business enterprise recognise their desired goals and targets of investigation. This will assist in reaching with predetermined goals and objectives in better manner.
Evaluate customers attitude towards brand – Company can examine and analyse the main motive of identification regarding customers preferences, attitude, skills and buyers needs or demand (Kavaratzis, Warnaby and Ashworth, 2014).
Take qualitative and quantitative method for gathering brand value data – Both the concepts and approaches are useful for the firm which can identifying their demand and needs in appropriate manner. Each and every firm conduct such form of surveys and examination for determining brand value in proper way.
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Brand equity audit and tracking techniques – with the purpose of evaluating its strengths, weaknesses, opportunities and threats that firm will use frame where SWOT analysis can be implemented:
· It is one of the eminent ability of coca- cola is that they are developing and making unique type of goods and items.
· Coca-cola is one of the leading firm which are sell their goods in all over the world.
· The main issue of company which are face regarding their goods that are completable with other parties.
· It is the leading coca-cola company which are share major market share.
· They need to adopt techniques and methods which help increasing growth and success level.
· They are expanding their business in other areas where they can expand their business.
· They are selling drinkable and beverage products which make penetration in the large market.
Formulation to valuing brand – There are definite conception for valuing trade name that are as under:
Cost based brand valuation- It is necessary for defining the value of product which is essential for firm happening and growth. There are various individual which are used for developing value brand assets and liabilities.
Market based brand valuation- In an organisation, an organisation will analyse and examine their brand as per their marketplace categorization that is required for improvement and maturation of firm in the eye of customised.
From the above mentioned study it can be analysed that Brand administration is that term which includes marketing, designing, advertising, distribution and placement for identifying the image of specific brand and also make positive environment for their target customers. For understanding the brand management, it is necessary for identifying the major concept and need of required brand. Brand is a value premium which is developed over a period of time by an enterprise.
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