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University: UK college of business and computing
This assessment will cover following questions :
Brand management is referred as process in order to determine core value of particular brand and focusing on targeted customers (Balmer and Wang, 2016). This can be any good, service, product, corporate and person. It is defined as proper analysis and planning to get perceive value of brands at business place. It is significant to maintain and develop relationship with each and every customer in order to sale products and services to them in most appropriate way. The elements of brand can be look, designing, packaging, price, logo, name and others. The organisation selected for report is Next Plc that was established at Leeds, United Kingdom in 1964. This is multinational organisation which deals in several products like clothing, home, footwear and many more. It consists of more than 500 stores in several locations for providing premium quality products to their consumers. The main aim of report is to discuss about importance of branding as marketing tool along with key components of successful brand strategy for managing and building brand equity. The several strategies of portfolio management, brand hierarchy and equity management has been discussed in report. Brands has to be managed collaboratively and in partnership both at domestic and global level. It has also highlighted different types of techniques for managing and measuring brand value.
This is referred as term, symbol, design, features, name, that assist in identifying goods and services from other competitors by seller. It is used by different departments such as advertising, marketing for recognition of organisation at marketplace.
Branding requires sum of money which helps in providing benefits to business in proper manner. The importance of branding as marketing tool are described below:
Increased Revenues and Market Share- When firm perform extensive branding or marketing, then their market shares and revenues rises (WHAT IS THE IMPORTANCE OF BRANDING IN MARKETING?, 2020). It is very important for respective organisation to promote their brand through marketing so that their profits and gains can be raised. This assist in entering of new geographical market, gaining new distribution opportunities and co-branding.
Assist Company Survive Temporary Crises- If organisation faces any issues related with product and service, then branding helps them to survive in competitive market for positive outcomes (Balmer, 2017). Next Plc is large brand which has also come across such issue so it has to take help of marketing department to survive during crises.
Expanding Organisation's Estimated Worth- The number of workers and physical resources does not contribute in rising market value of business. Here, brand equity plays an important role in expanding organisation's estimated worth. This is important for respective organisation to expand their brand which leads them to rise in business nets worth.
Increasing Employee Productivity- Next Plc is recognised organisation where people want to work for it. This lead organisation to open top talent and provides with skilful and qualified employees for company. As business possess best people for provided job then productivity level will rise in an effective and efficient manner.
Marketing department play effective roles as well as responsibilities to create brand equity in minds of consumers (Borkovsky and et. al., 2017). Brand equity has helped Next Plc to create values which are described below:
Awareness- Marketing department of Next Plc has to focus on creating awareness among users about goods as well as services in most appropriate way. They have to use different channels to promote products among users so that they will buy it.
Differentiation- This is also the role of marketing department to analyses market and accordingly make different products and services for their consumers in effectual way. The respective organisation has to take help from marketing department to make unique, creative and different products from their rivalry.
Value- The products made by Next Plc should carry some value as users are ready to pay high prices for different and values goods and services. It is the role of marketing department to guide organisation for creation of valued products.
Accessibility- It is essential for business to have stock of products so that whenever consumers ask for it they can easily provide them without waiting for further time period.
It is referred as premium value which is made by company by selling products that is different from their competitors (Chatzipanagiotou, Veloutsou and Christodoulides, 2016). This is possible by organisation to create brand equity by doing it memorable, quality, recognisable, reliability and so on. Next Plc has grown and develop brand equity through following stages such as: defining how to be perceived, organising business based on promises, communicating promises and remaining consistent.
Next Plc has used different kinds of strategy in order to strengthen their brand equity, extension, reinforcement and revitalising. They are mentioned here:
For brand equity, Next Plc has used Keller Customer Based Equity (CBBE) model which possess pyramid in shape that consists of four stages. They are described below:
Brand Identity- It is defined as first level which identify brand or who you are (What is customer-based brand equity? 2020). This is the way in which consumer look for brand and distinguish it from other brand. It reflects about images and words which is associated by buyer regarding particular brand. Brand identity is the customer awareness of brand.
Brand Meaning- This is defined as what are you which is classified into two segments such as brand performance and brand imagery. When consumers are aware then they can know more about product. It also answers reliability, look, style, customer experience, value, feature, durability and so on.
Brand Response- This is defined as third level which means feelings and judgements for brand. Here, one consumers may judge brand to be relevant and other may judge it to be irrelevant. The brand response depends upon consumer to consumer due to their feeling for it. It is important for Next Plc to build positive feeling towards their products and services in an effective and efficient manner.
Brand Resonance- This is defined as last level of model which means to build strong relationship with consumers regarding brand. This includes experience, product, customer value, services and so on. Respective organisation focus on building relationship with their users in most effective and efficient manner.
It is defined as brand stretching in that business market their goods and services using same brand name in various product category (Chinomona, 2016). Next Plc has to use various strategy to strengthen extension of brand. They are described below:
Measure Brand Equity- It is defined as first level that helps in measuring brand equity by identifying possibility impacts in future time period. This has to be performed by respective organisation so that goal and objectives can be attained.
Measure Potential Risk- The respective organisation has to identify and measure positive and negative effects and do brand extension with calculated risk.
Leverage from business core competency- With such stage, organisation can easily get competitive advantages for their new goods and services by using skills. It assists market to create different products from their competitors and rise in efficiency.
This is the concept of maintaining equity of brand by keeping brand alive for both existing and new customers in an effective and efficient manner (Dean and et. al., 2016). The respective organisation has to reinforced their brand by introducing different and unique goods and satisfying requirements of users. Brand reinforcement strategy used by Next Plc are mentioned below:
Brand Awareness- For creating brand awareness among consumers, Next Plc has to use different channels such as social media, internet and other to do promotion of brand in mind of consumers. This plays an effective role in creating awareness among users regarding value of brand.
Brand Image- It means when brand is different from competitors and other brand. This assist in creation of favourable and unique image in customer's mind.
This is defined as strategy which should be adopt by organisation whenever their goods as well as services reach to highest peak or maturity stage or profits decline. This is method or way to bring good back to market through adding some new and different features in an effective and efficient manner. Next Plc has adopted following strategies for brand revitalization such as:
Rename brand- In this strategy, organisation change or rename their brand because the existing name has decline value from market. It is done whenever value is diminished then rename has to be performed.
Reaching Out to Community- The brand should be made for community to rise in sales and profit margins in appropriate manner. The main aim of organisation is to enhance their brand value and goodwill from market by reaching to large community.
This is considered as science and art to formulate decisions on basis of assets allocation for individuals & corporates, investment mix & policy, balancing asset against risk, matching investment to goal and many more (Du Preez, Bendixen and Abratt, 2017). Here, brand management is defined as marketing functions that focus on utilising strategies and techniques to rise in value of brand over product or time line.
This is referred as umbrella in which overall or whole brand line are related with specified entity which focus on serving need and demand of market segments. Each and every single brand focus on performing their business functions and practices and different operative areas. This provide advantages with different brand which belongs to same portfolio because they utilise promotional practices and resources done by other brand which are belonging to same portfolio. This helps Next Plc in ascertaining optimal structure of brand to utilise their endorser brand, sub brands and many more. The respective organisation want to utilised their own trademarks to improve different images at marketplace as compared to competitors. For managing brand portfolio, different strategies are used by Next Plc which are described below:
Active portfolio management- It is defined as important strategy which is utilised with help of entities as well as manager who possess capacity to bear risk at marketplace (Dwivedi, Johnson and McDonald, 2015). With help of such strategy, business can get positive outcomes in effective and efficient manner. Such is utilised through renowned brands who possess more market share in business. This types of strategy requires more market research to get better returns. Respective organisation is using such strategy to beat competition and rise their market share.Â
Passive portfolio strategy- It is defined as that strategy which is utilised by those business who are not interested to bear any type of risk but they want to improve as well as develop themselves in best manner (Edlinger, 2015). This is important for organisation to utilise those elements which facilitate them to get better returns. The respective strategy is not beneficial for Next Plc as they want to take risk and want to earn high profit margins. It has to take several risk in order to maintain brand value and goodwill of business in most effective manner.
It is also called as brand architecture which states framework of brand into entities. This also focus on explaining about way or through which brand is associated with business or distinguishing from other. It is also regarded as collected process for development of brand with help of relation among option of brand. The brand portfolio model used by Next Plc are described below:
Branded Properties- It is defined as strategy or model where brand manager focus on utilising one brand out of whole products or categories (Godey and et. al., 2016). This provide help to overall brand and concentrate upon enhancement of profits margin and sales in an effective and efficient manner.
House of brand strategy- It is defined as strategy that describes those business plan which focus on promoting whole sub brands personally to improve their brand for each and every goods and services in an effective and efficient manner. The main focus is given to main or original brand. This type of strategy requires huge resources to develop different branding strategy for single sub brand. Respective organisation can adopt such strategy to promote their brand such as Lipsy, Next Distribution and so on. This assist in rising sales performance for overall brand.
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It is known as brand marketing mark cuffing. This contributes to exploit success as well as brand image to raise and increase demand for both products and services in an efficient and productive manner. Having excellently-established brand name is very essential for companies so that consumers feel drawn to purchasing goods and services (Punjaisri and Wilson, 2017). In the aspect of effective brand extension, there are vital range of strategies that are implemented by above mentioned company Next Plc are as follows such as:
Compatibility and leverage in brand extensions helps company to assess customer purchasing intent before making or preparing brand extension investments (Som and Blanckaert, 2015). Such a strategy helps give company a great advantage by having the same logo on different products in an effective and efficient way all and every year.
In order to do effective brand collaboration and partnership, the above mentioned company have applied below mentioned way that are as follows:
For global marketing and positioning, different channels are used by the corresponding organization to create effective understanding between many customers about goods and services. It is very essential provide consumers with strong-quality products and services so that they remain happy and satisfied with the brand and contribute to the correct development of a higher position in customers ' brains. Like in the above company, they can apply this alternative in order to do better branding across the nation. For this purpose, they are needed to do expense on marketing. This is too essential because promotion is the only way that can increase customerâs attention towards company (Zarantonello and Pauwels-Delassus, 2015).
So, these are the ways by which above mentioned company can do brand expansion in an effective way. Herein, this is important to know that implementation of these strategy should be in accordance of requirement. As well as they should make financial plan before applying any sort of strategy because it is one of the key aspect.
The respective organisation is applying different brand measurement techniques to measure their brand awareness, market share, consumer attitudes and purchasing intent. They are mentioned here:
This is referred as method to create brand awareness among consumers in an effective and efficient manner by using several channels. The techniques include:
Survey- It is defined as easy as well as simple method for creation of brand awareness in consumer's mind (Griffiths and McLean, 2015). This technique is limited in sample size and possess qualitative in nature. The respective organisation is using such technique for awareness creation for goods and services. It also helps in taking business decisions by consumers regarding goods.
Search Engine Queries- In today's time, more number of people are addicted to search engine for finding any products or services. Such engine assists in providing full descriptions about good and create awareness among users. With such engine, business can maintain relationship among audience and information seeker.
It is defined as some percentage of business or total market sales which is gained by organisation during specified time period (Lee and Watkins, 2016). This is calculated with sales of business in given time period by dividing overall sales of firm in a year. Next Plc is using various techniques to manage and measure market share. They are described below:
Market Share Building- This technique is performed with assistance of innovation of new promotion, distribution, product and market segmentation. This assists in growing market value to enhance profit and sustainability of firm.
Market Share Maintenance- It is the responsibility of organisation to optimise resources in an effective manner to enhance success and growth at marketplace (Lin, 2015). This technique is challenging for each and every business as it is difficult for firm to maintain their market share. It is possible after cutting prices of share at organisation. Next Plc has adopted such strategies through doing product innovation, market fortification that helps in attainment of business goal and objectives in an effective and efficient manner.
This is defined as behavioural intentions, feelings and beliefs for objects as well as thing within brand store (Lucarelli and Hallin, 2015). As each and every people has different beliefs and attitudes for goods as well as services. It assist to influence consumers for buying products from market. Some of the techniques adopted by Next Plc in order to manage and measure customer attitudes are described below:
Customer Satisfaction- This is defined as strategy which assist in influencing customers for buying products and services in an effective and efficient manner. The respective organisation has to focus on rendering high quality goods as well as services to customers by satisfying them in most effective manner.
Non-Structured Methods- It is defined as system which is informal as well as unsystematic in nature. This method consists of some techniques to know about their customer attitudes in best manner. The adoption of such method leads to know more about users, their taste and likeness for products and services.
Structured Methods- This is referred as systematic as well as formal sequence method that is divided into disguised and non-disguised form. This method is used by respective organisation to determine their consumer's attitudes for products in appropriate way.
This is defined as probability in which consumer focus on purchasing products and services. In order to evaluate this technique, marketer has to use predictive modelling to determine future outcomes which is based on historical data and statistics. It is also referred as willingness of users for buying good and services. The techniques used by Next Plc to measure as well as manage purchase intent are described below:
Offers- Next Plc has to focus on providing offers to their loyal and regular consumers along with maintaining quality of goods (Nyadzayo, Matanda and Ewing, 2015). This assist to rise in willingness of customers for buying of products as well as services. It also influence users and leads to rise in profits and gains.
Affordable price- The respective organisation has to focus on charging affordable prices for products so that users will purchase it (Paul, 2019). This is significant to offer high quality and premium value products to consumers.
Brand Tracking Techniques
This is defined as way which is based on continuous basis to measure health of brand in both aspects such as use of customers and what they think about it. The opinion of brand is categorised into brand warmth/love, attributes and brand momentum. This should be done on continuous basis by respective organisation in order to attain set goal and objectives in effective manner.
The above report summarised that organisation has to use several branding as a tool to rise their sales and profit margins in most effective way. Brand management is important for organisation to increase their value and goodwill at marketplace to attain desired outcomes. It is crucial to build as well as manage brand equity for success of organisation at business place. With change in time, brand need to be revitalised and reinforced through doing innovation. There are several hierarchy building and portfolio strategies which assist in earning profits. The brand extension has to be done for vanished brand from market. This is also essential to do collaboration and partnership with other brand at both domestic and international level for earning high gains and rise in sales. In order to measure brand awareness, purchasing intent, consumer attitudes and market shares, different strategies are used by business.
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