Brand management is the process that is used to do analysis and planning of their products and managing how that product is being promoted in the market. Brand management is an activity that is used to evaluate plans regarding products and manage how a brand can be promoted into the market. The aim of this unit is to assist students in gaining an appropriate knowledge of brand management by exploring a range of tools and techniques employed to improve brand value. Here are the learning outcomes that should be addressed:
- Examine the understanding of how a brand can be strongly built and managed over a period of time.
- Evaluate how brands can be organized in portfolios along with how brand hierarchies are built and managed.
- Analyze how brands are leveraged over a period of time at the domestic and international levels.
- Analyze techniques to measure and manage brand value over time.
INTRODUCTION
In marketing, brand management is a process that is used to do analysis and planning of their products and managing the way in which that offering is being promoted in the market. This process will help the organization to develop a good relationship with the target market which is very important for brand management. This method includes various factors like product, pricing, packaging, quality, etc. It plays an important role in building the image of the organization. Effective brand management can help the firm to increase the sale of their products and to earn good revenue. This report will focus on the Brand Management of Procter & Gamble Co. (P&G) which is an American multinational corporation headquartered in downtown Cincinnati Ohio, founded in the year 1837 by British American William Procter and Irish American James Gamble. It provides a wide range of cleaning, personal care, and hygiene products to its customers. This report will explain the importance of branding as a marketing tool and the key factors of brand strategy which can help P&G in managing their brand equity. It will also discuss different strategies for management and brand hierarchy. Different techniques used to evaluate and manage the brand value of P&G like market share, consumer attitudes, brand awareness, etc. will also be studied in this report.
TASK 1
P1. Importance of Branding as a Marketing Tool for Organization
1. Introduction
For any organization, it is very important to take care of their brands and their proper branding in the target market as it can affect their products and services if they have poor brand management. For P&G, leading as a top company in healthcare industry has become very important to take it carefully as it can affect their customers as well as its production. Brand management can be done by maintaining their brand equity in the market (Çifci and et.al., 2016).
Brand Equity:
This is a type of process which is used by organization to describe a brand's value in the market. It is evaluated by analyzing their customer’s views, perception and their experiences of a particular product. This can be both positive and negative brand equity depending on their customer’s reviews on that. It is very important for P&G Co. to develop an effective brand equity in industry which can help them to increase their customer rate and help them to earn higher revenue (Brand Equity, 2017). Brand equity can be achieved but various processes such as:
By Awareness:
In this process, brand is introduced by company to its target audience present in the market with an effective advertisement which makes them to notice their product.
By Recognition:
It is a process which is used to make customers familiar with products of firm to encourage them to buy the same. This helps them to increase their interest in the brand.
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By Preference:
When company starts providing products which is according to the preferences and choices, it becomes easier for them to sustain their consumers in the market. When they have a good experience with their brand and products, it becomes the preferred choice for them to buy.
By creating Loyalty:
After gaining a good response on their brand experiences from their customers. They become loyal to that brand and its products and start recommending it to other people as well (Du Preez and Bendixen, 2015).
To have a proper and effective brand equity, there are several steps which have to be followed by P&G Company to make it more powerful and strong. The stages of building a successful brand are as follows:
Targeting Potential Audience:
To have an effective brand management, it is very important to target their customers in the market. This will help them to deliver the best services to their consumers according it their needs and choices. By targeting audiences, it becomes easier for them to reach at their maximum number of customers and increase their sales production.
Brand Mission:
This is the most important process in the branding of their products. In this method, they identify their mission and vision to achieve in the future from their products. It has to very specific and justified. This process will include different steps to be followed by company such as their goals and the way they can achieve it, planning strategies for it, etc. (Ertimur and Coskuner-Balli, 2015).
Effective Brand Marketing:
For any organization to run their business smoothly, it is very important to have a proper and effective marketing in the management system of their products. There are so many methods for doing marketing, for example, they can display their advertisement at different platforms like newspaper, television, magazines, templates or even they can use social media as well. For instance: Facebook and Twitter which can help them to promote their products in market more effectively.
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Competition Analysis:
Competition plays a crucial role for uplifting any business in the market. It helps to improve their existing as well as upcoming services to stay in industry in a good position and satisfying customers from a wide range of products. It also helps to bring new changes in production to deliver the best products as compared to their competitors (Heding, Knudtzen and Bjerre, 2015).
Role of Marketing Department
This has an importance in Procter and Gamble Co. as it is responsible to perform all activities related to promotion of their products in their target market. It also helps in accomplishing company's goals and objectives.
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