Brand management is determined as an activity of making brand value more strong into competitive market. It requires huge amount of funds to maintain long term sustainability for an organization. Marks and Spencer is UK based company offering wide range of products such as clothing, home and food products. It listed under London Stock Exchange founded by Michael Marks and Thomas Spencer in Leeds. You are asked to submit an assignment of Brand Management by attempting following Learning Outcomes:
- Deliberate the process of building and managing a brand.
- Examine the process of managing brands such as Marks and Spencer and its rival along with brief definition of management of brand hierarchies.
- Evaluate how Marks and Spencer and Unilever leveraged their brand name in international and domestic territories.
- Assess different kinds of methods that M&S and Unilever to manage and build their brand value.
Brand management is the process of elements that helps in determining the value of brand in the market. A company invests a lot of money just to sustain brand value in the market and to attracts large number of customer. Most of the company have different brand value in the market. It depends on the customer base to adopt different variety of products associated with similar company (Abrahams,2016). In this report it shows that importance of branding in organisation, also how organisation develop and grow brand equity in the market. Further, various brand strategies and portfolios that are been used by the organisation. Along with this, the different various techniques that organisation implements for upgrading brand image in the market. For undertaking this present report organisation selected is M&S. The cited firm belongs to retail sector and operates globally.
A. Importance of branding in organisation.
Different organisation have different logo, image, and symbol. It helps to develop brand image. Branding is the process of developing brand image in the mind of people. It helps to differentiate the products from its competitors. Organisation develops brand image by applying the pyramid concept that is described below :-
Presence- In this step it makes aware the customer about a brand. The customer might have used the products and services but are not satisfied with it (Ashworth, and Kavaratzis, 2017). They do not get attract by brand. It is important for company as well as the customer that aware of the products and services.
Relevance – Company has to understand that takes the responsibility for customer need and satisfaction level. A comparison of price, quality, features, etc. is made with other brand. It is done in order to see which brand is selective for the best value to meet customer need and satisfaction.
Performance – Company brand name is short- listed with its customer. After this it involves the specific identification to see its potential need or not by the customer. Brand performance decides company condition in market with specific products used and customer feedback
Advantage- this stage shows that customer first preference by using a specific brand will be beneficial for them. consumer is so used too for company products and service. Company have advantage on them to crates more products and their segments .
Bonding – company brand image capture customer minds to adopt with effective promoting the brand . Customer is fully satisfied with products and its cost, feature and advantages. Its affects the customer mind and adopt company products and services (Bieger, and Sonderegger, 2017). Customer is also influenced by effective image of brand. A strong bond can create a good image in the market.
Importance of brand image
Create consumer preference- Brand image influence customer taste and preference. It depends on the company the way consumers deal with these issues is by gravitating towards brands they know and trust.
Increased revenues and market share – Company strong brand image can increase the different market share and its revenues. The power of brand can leverage in many ways, such as new segments of different markets, co branding, new distribution or brand licensing.
Differentiated company image- A brand must be different with others company products and services. Company have brand image that shows that customer have no alternative option that adopt any other products and service of competitors.
Attract new distribution- A well known brand that provides customer loyalty helps in finding new distribution partners in international and national sectors. Most of wants to sell a brand that consumer ask for and provided a high turnover.
B. How do organisation develop and grow brand equity.
There are many models that are used in developing brand equity. The most conmen model that is used in this is CBBE model that is descried below:
CBBE (customer based brand equity)- It is also known as the keller's brand equity model. This is the brand equity pyramid is actually that tells to developing the brand equity by understanding the customer need or taste and preferences according to changes and implementation different strategies (Dinnie, 2015). Sometimes customer and brand have connection, that means that positivity of brand image and it has a better chance to sustain their customer needs and importance. . There are different levels in CBBE model that is as follows :-
Level 1 Brand identity – Customer have to look up the brand and its awareness. Strong brand identity effects customer mind. Brand identity makes customer to aware about to company products (Du Preez, and Bendixen, 2015). There are different strategies for making the brand identity and the strong customer-based.
Level 2 Brand meaning - Once the customer know about brand , there is a question in their mind that how effective it will be Different products of company that is used by the customer and they gives suggestions to other for better brand image.
Level 3 Brand response – Brand response depend on the customer taste and preference. If its expectation are fulfilled it develops a positive thinking about company products and services. If customer expectation level is not satisfied it means that it effects on company brand image.
Level 4 Brand resonance – This level is the proceed of customer and the brand products which is relate with it. It depends on the customer psychological connection with the brand. the customer takes the properly with effective brand response for company products and services.
C. provide suggestions of how M&S brand can be extended, reinforce and revitalised.
Brand image can be developed in many ways. It depends on brand awareness in developing its image in the marketplace. Company implements different strategies for provides quality products to customer. M&S is a retail company in UK. This company have strong brand image in UK because customer is focused on their products. Instead of following thye competitors techniques stand stick to company product. M&S is the most loyal to its customer as it delivers what is promised. This will be successful because of markets research about to relate product with customer emotions rather than their satisfaction. It is essential that maintain consistency in brand image as it will communicate a brand message. This will helps to delivering the brand in serious and dedicated to fulfil customer expectation. this message is same as all channels and departments of communication.
Reinforcement of brand means that to holding the brand equity within the customer. this involves that monitoring of products with the help of PLC. It shows that identification of customer needs. It helps customer to aware about the brand and its benefits. Different market programs can be used to developing brand reinforcement (.Högström, Gustafsson, and Tronvoll, 2015). Advertising is the most common tool to used by TV, Adds , magazines, social media advertised that helps to kept customer relates to it . Also one of the best option that company has to shows with real demo that help of exhibition so customer will attracts on their brand. This will be created positive impacts on customer mind about M&S. Moreover sponsorship helps to remain customer minds about their existence of brand in big events. It depend on the market assumption that take the advantage for the corrective environment for the effective communication. It means to updates the organisation that will be approaches on the organisation activity for the replacement for brand image . It take a lot of time and cost that affect they organisation effectively. Different organisation have to understand the priority for the effective communication in the organisation. It depend on the market collection that tag on the market assumption for its effective communication.
Brand revitalise is to increasing the products differentiation from its competitors. This will helps to people aware about new innovation and new ideas in the organisation. Past planing for effective strategies can helps to sustain brand by promotion and advertising is needed to revitalised a brand (Veloutsou, and Guzman, 2017). New products always attracts people to increases interest towards the brand. Company makes sub brand for effective segmentation. It depend on the market brand with the effective products are used in the market assumption. It will takes the organisation activity for understand the priority level in effective ways. It depend on the market assumption that will appropriates the market segment in the organisation.
1. Identify an organisation that follows of the models with an analysis of difference between the models
A. House of brand- this model have sub- brands are promoted in different name , logo but company as same as it. This have different sub segment which developing brand but not effectively, because of the promoting their sub brands. Many house of brand business consumers known their sub segments.
Example – Unilever company is has portfolio that ranges from different necessary products. In this have different segments brands like Lipton, dove, sunsilk, Axe, LUX, PONDS, Surf, birds eye. They have different position in people life for usefulness but they are connected as sub- brands of Unilever.
B. Branded house- This model have sub brand but promoted same company in different segmentation types. The developed strong brand so customer can easily recognises brand name and its segment. They focused on segments but not changes in brand name because of customer recognition views.
Example- google is the well know company. Also its name is strong to recognises by customer , because of this its segment have already name starts with its name like google drive, google news, google calender, google account etc (Zhang, 2015). google is listed before the name of the sub- brand in any branding.
C. Hybrid – This model it is a combination of house of brand and branded house feature. In this model where the name of company matches its one products segment. This will not that much expanded in front of their products segment that have company name. This products are associated with the main company.
Example – Coca-Cola is the company who produced soda water with different segment. Some products like Coca-Cola ZERO, coca- cola drink. On the other hand sprite and fanta which is known as their names. In this included same brand but not all the segment mentioned.
1.Explain the meaning of brand leverage?
Brand leverage means that company used its brand name to entry into new but related products categories. It communicating different valuable products information to their customer. Different business operator that they implements brand leverage have to knows about the new business entrance and risk factors (Abrahams,2016). It depend on the products that have customer more focused on different business.
Example – If a tea maker is used it brand to make tea maker machine , so tea maker have to vending machine belonging to different products categories. There are strong strategies brand leverage that impacts on customer mind of both categories.
2. Evaluate the strengths and weakness of the M&S brand.
High recognition of brand – M&S is the well know company in UK and everyone knows that their quality of products which is past years. The brand value of products to the high street prefer to go to M&S . high recognition helps to sustain the market expectation for different effective solution that have M&S is adopted . It is also helps to motive with different tectonics for operates in the organisation. It also helps to understand the production for implements the organisation with effective ways .
Variety of products – M&S company have wide variety of product that will changes the customer Different chooses for the best option. This company have different variety of vegetable and fruits. Also , relationship with farmer and this company will be very strong over 40 years. In UK people more focus about the curiousness development, they helps to sustain about their countries company (Ashworth, and Kavaratzis, 2017). It help to understand the used of variety products can customer have different chose to make the priory to developed the organisation activity.
Bad Publicity as non Trendy store – M&S is focused about the non trendy and out fashioned products thought . This will be eventuated that different brand have thinks about that M&S company wear are same as men and women wear this assumption are making business low. It depend on the customer views that have different prospects to operates the organisation. Activity in the process management. To overcome this management of M&S has to follows different strategies to sustain their reputation with the present followers .
Manual working increases cost- Effective business growth have different technology to increases their productivity. M&S follows old technique with the help of manual works. It is very costly for M&S company also it is very slow process to operates the business (Bieger, and Sonderegger, 2017). Adoption different technique make increase more profitability and productivity in the organisation also it is reliable for the company to operate and less time consuming strategies.
3. Evaluate some options for collaboration and partnership to help grow the M&S brand local and international.
This will also called partnership where one branded company is collaborated another and work together as one brand. With this helps to gain market share and increases number of customer. Also it attracts lots of both side customer and increase sales. It has benefits that it reduce market competitors. This type of publicity helps upgrades highest level in the market place will evaluate the customer will appropriates for the effective. People demand innovating in products , so this helps in more advanced products that gets the globe. This will helps for the organisation to continuing the feature for the effective communication in the organisation. Some times organisations is to be corrected for effective communication in the organisation. Different partnerships helps to understand the goals for the mergers it have directed the organisation importance for the activity in the organisation. This will helps ot understand the organisations effectiveness for corrective interrelationships is to collaborative technique ton improve the organisation both profitability (Dinnie, 2015). This will helps to creates the selective information that tags with effective corrective selection. It may have to approaches for the organisation with its information about the organization correctiveness for its different section. It helps to reach the audience in the global, the result is that profitability is increase more and more. Different organisation have different authority to implement the organisation effectiveness. It depend on the market segment that helps to organisation effectively. This will affects the organisation effectiveness that creates the different laves on the market place. It depend on the market segment that helps to understand the market risk.
1. Brand value
Brand value is defined as the predicted value of cash which can be generated to organisation due to brand name of organisation. M & S must build strong image among its customers so that its customers can also agree to pay extra for accessing the services of brand name. The organisation can measure it in terms of customer retention and loyalty as well as with the analysis of organisation as employer from the perspective of employees. The higher brand value of M & S will encourage trustworthiness among customers and even with minimum promotional activity organisation will be able to address huge customer segment. Organisation can also measure its brand value by analysing the various researches and response of public when M & S introduces any innovation or involves in events which requires public support.
2. Brand awareness
It is defined as the consciousness and awareness of public towards the characteristics, promotional logos, images and services of brand. M & S must create brand awareness for differentiating itself from other competitors and to promote the business activities of organisation (Solomon and et.al., 2014). The continuous improvement in brand awareness will help organisation to sustain its growth for long term by retaining customers and to establish itself as the first priority of consumers. In order to create brand awareness M & S can publish its achievement among consumers and by actively involving in regular promotion and social media interaction. Organisation must maintain its significant presence on social media tools and can also participate or sponsor the social and cultural events. It will make public to easily recognise the brand.
3. Consumer attitudes
The major factors which can influence the consumer attitude towards purchasing and retention with the M & S brand are high quality services and efficient promotional methods. When organisation has great brand value and people can easily recognise the brand with good impression then it inspires the consumers to have positive attitude towards brand. If M & S do not pay attention to preferences and feedbacks of customers then they will not only avoid services of organisation but will also encourage others to not discard organisation. It is the tendency of consumers to believe the verbal publicity by other consumers so M & S must focus on providing satisfactory services to its customers.
4. Purchasing intent
Purchasing intent is defined as the probability of consumer willingness to buy or use products and services of organisation. M & S must measure the purchasing intent so that it can implement effective strategies for achieving its organisational goals. Organisation must regularly monitor the customer trail. For instance when most of the consumers prefer to purchase online then if organisation will not allow this facility then surely it will reduce the purchasing intent of customers (Urde, 2016). M & S must also analyse factors such as price, quality, brand value and promotional strategies which can affect the purchasing decisions of customers. These factors must be suitable enough to encourage customers for buying the products.
From this report this is concluded that every organisation is focused about their branding. It shows the importance of branding in business and how brand image is developed in the market by following different step. Future it shows that how to strength then brand equity, how to overcome brand crises by developing the products and services of the company. The report has focused on various concepts of brand management and measurement. It has analysed the impact of brand value and awareness on purchasing intent and behaviour of customers. Thus, from the report it can be concluded that brand management is essential for achieving the growth.