The concept of brand management focuses on the process which are helpful to an organisation in uplifting stature and popularity amongst the prospective buyers. Brand management takes into account ideal administration of tangible and intangible resources for the welfare of an organisation (Keller, Parameswaran and Jacob, I., 2011). It is the responsibility of a brand manager to make sure that right marketing strategies are used so that suitable brand image could be established in the market. This assignment takes into consideration Marks and Spencer which is an British multinational retailer operating in food, clothing, home and numerous major retail businesses. This case study relating to closure of over 100 stores by 2021 will be considered so that suitable strategies could be developed. This assignment will be an attempt to build and manage brand over time in the business environment. The brand portfolio of this organisation is to be managed with the understanding of various models. Finally, brand leveraging will be utilized in order to strengthen brand image for the company.
a) Importance of branding for an organisation
It is an undeniable fact that branding stands crucial for an organisation as it helps in enhancing value of the company in the operating market. The feature of recognition which is being availed through branding approaches assures that higher number of sales of products is being achieved as the consumers feels connected with the brand and possess familiarity as well (Kapferer, 2012). It is a crucial elements through distinct image in the market could be achieved. There are hundreds of organisation working in the same sector and providing homogeneous products and services, Under such circumstances it is very important for a business to possess a features which set it apart from the existing competition.
The referrals could also be achieved through strong branding practices and it has been identified that referrals carries a success rate of approximately 80% which is phenomenal. The consistency in terms of branding assists in setting out of expectations from consumers. The customers are aware of what to expect from this business and will be able to fulfil their expectation with minimal disappointment. The branding helps in strengthening intangible assets which are being possessed by an organisation in the form of credibility and goodwill. It has been observed in the case of Coca-Cola that branding strategies helps in enhancing physical value of the company. Therefore it is essential for a brand manager to make sure that right planning and approach is being selected so that brand value of undertaken organisation could be enhanced.
b) Ways to develop and grow brand equity
Brand equity is defined to be value which has been availed by business through perception of consumers towards a brand. It is a fact that business possessing a known brand name will be able to generate more revenue mostly called as premium (Rosenbaum-Elliott, Percy and Pervan, 2015). A business can undertake numerous measures through which brand name could be develop i.e.
Quality products and services: The primary approach to development of brand equity is to supply goods and services which delivers value. The offerings are backbone of the company and delivering value offering will make it easy for a business to enhance brand equity in the operating market. When better products will be delivered there will be a positive word of mouth which will positively impact goodwill of th