A renowned celebrity has approached a marketing firm with the purpose of acquiring all the knowledge about development of a successful brand. In second part, an article will be written for Marketing magazine.
- Discuss building and managing procedure of a brand.
- Understand the process of organising brands like Apple and Samsung, and also define management of brand hierarchies.
- Analyse how Apple & Samsung leveraged their brand name in international and domestic territories.
- Evaluate different types of methods that Apple and Samsung used for managing and assessing their brand value.
Brand management plays a significant role in an organisation. In the market place, it is an assistance how brand is analysed and how it is planned in effective way. It is an activity of supervision of the publicity of a peculiar brand of goods. It is a process of uprising, maintaining and uploading a brand so that the name is connected with positive outcomes. There are number of elements that affect brand management like consumer satisfaction, cost and competition. It is mostly based on two brands i.e. Apple and Samsung. This management is fundamentally placed in United Kingdom and furnish contrastive type of services in mobile phones and laptops as well as various other gadgets. This assessment is focussed on the antithetic result. In this assessment, it is also identified that how brand is build and how it is managed over time. Brand's portfolio strategy and CBBE model are also used for building and maintaining the brand of the organization.
P1. Significance of branding as a marketing instrument
Brand- A brand is a name, design and signal or any other feature that is different from other goods of company. It is a kind of good produced by a company under a name. A brand is the name given to goods and services such that it takes on an identification by itself which stands for clustering and attracts attention of customers. In this assessment there are two most important brands in Apple and Samsung. Brand is develop by the better productivity of business in the market and hike in the consumers in the market place. A powerful image of brands plays significance role for the business. As per the present market conditions, each and every product in a market has a lot of substitutes introduced by other companies. These company make over highly competition in the business and create a strategies for enhancing the market share. Several selling organization account brand as a name, sign or design and the collection of those factors highly-developed for identification of the trade good or services of a group and seller also distinguish them from company’s trade goods and services (Chernev, 2018).
Brand Equity- Brand equity means the commercialized worth from the consumer perceptual experience of the brand name of a specific commodity and services, instead of the products and services from itself. It is value generated from products and services with identifiable name. Brand hierarchy plays a significance role in branding as it is presentation of graphs of the strategies of branding of the organizat