Branding is the process of developing and organizing the brand in the market. The company chosen is Marks & Spencer which deals in the retail industry offering clothes, home, and food products. Marketing and brand analyst is being appointed to prepare the report which shall cover the following-
- Explain the understanding of how the brand is managed and built over time.
- Provide the analysis as to how the brands are organized in the portfolios and how the brand hierarchy is managed and built.
- Give the evaluation of how brands are extended or leveraged domestically and internationally.
- Provide evaluation as to the techniques for managing and measuring the brand value.
Branding is the process of developing, improving, and raising the brand which results in achieving a positive outcome. Brand management consists of important elements like customer satisfaction, costing, competition, and in-store display of the store. It is based on the marketing tools but majorly emphasis on achieving satisfied customer which is beneficial for business growth. This project report is based on Marks and Spencer, it is a multinational retailer organization that sells apparel, food products, and home products across the world (Du Preez and Bendixen, 2015). This report involves in-depth branding and its importance as a marketing tool in context to Marks and Spencer and further, it involves various brand strategies opted by this organization in order to develop their brand name. The importance of collaboration and partnership for the company at the domestic level as well as global level with the purpose of organizational expansion will be studied in this report as well.
P1 Importance of branding as a marketing tool and its appearance in business operations.
Branding refers to activities which helps the organisation attempts to create a positive image in front of its customer's. It involves customer satisfaction, competitions, costing and various elements that influences business growth of the organisation. According to the case scenario, Marks and Spencer is constantly closing its stores and for future they have targeted to close 100 stores till 2022. This announcement by the organisation has reduced its market share and raised questions on sustainability of business. In order to avoid this situation marketing manager of Marks and Spencer majorly focuses on building brand name of the organisation . Branding is also used as the marketing tool by manager which is important for the smooth business development.
Importance of branding are evaluated as below:
Gain customers loyalty:
Loyalty of customer refers to trust of the consumer on the company and quality of its products (Gromark and Melin, 2011). Loyal customers always refer their friends and family to the same brand or organisation. In context to the case scenario, Marks and Spencer should emphasize on its branding methods and develop marketing strategies in order to gain loyal customers. This is beneficial for firms in order to retain customers trust and reduce the impact of closing stores from customers mind set.
Proper strategies of branding helps organisation in developing their reputation in market as well as among customer. Logo of organisation is most essential factor that supports in building reputation in the market. As per the case scenario, Marks and Spencer needs to opt effective advertising such as billboards, television advertisement, Jingles on radio channel etc. all this will make easier for the customers to recognise this brand and makes right impression on their targeted audience.
If a worker works in a well represented brand and are satisfied with the work, they will work more efficiently (Valette-Florence, Guizani and Merunka, 2011). As it can be analysed that branding can help in boosting employees satisfaction at workplace. In context of Marks and Spencer, it is a famous company as their workers are also capable and qualified which help them in performing well. This will contribute to enhancing the brand image of the company in the market place.
Branding attracts new customers:
Appropriate branding helps in gaining trust of existing customers and attract new customers toward their products and services. Before the announcement of closing stores of Marks and Spencer, this company owned fair market share and strong brand image among customers as well as market place. Manager of the organisation should opt innovative marketing strategy targeted at wining new customers for the company.
Hence the above-discussed importance of branding will help the organisation to rebuilt its brand name in order to achieve organisational goals and future strategies for business expansion. This will also improve the reduced marketing share of Marks and Spencer.
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Brand equity refer to commercial value that is derive from perception of customers of name of brand of specific services and goods. (Förster, 2011). It is regarded as main factor that supports in fighting against brand parity issue. This process included that natural relationship of customer with brand which unfold the brand equity model. Sources of brand equity given below:
It is fist stage in developing brand equity and under this consumers are aware regarding products which are available at market place. Under this, brand is introduced to target audience with the help of advertising and promotional practices which leads to an enhancement in brand awareness.