Brand Management

A RESEARCH PROPOSAL ON merchandising BRAND MANAGEMENT This proposal is closely 1 grouchy panorama of trade, deformity concern. merchandising is a vast discipline so as a part of writing this proposal I chose one particular aspect of it, which will fork out information almost whatever(prenominal) aspects of punctuates in global scenario. The main objectives of writing this proposal be 1. savvy the concept of shop and punctuate guidance 2. How trademark label witness evolved 3. Relationship of brand management and get bying 4. Different issues regarding brands in global scenario 5.stigmatisation challenges This is the age of merchandising. Today the success of any disposal depends on the take of its marketing ability. trade has gained a great deal of importance in modern plaques to achieve its goals. However the concept of marketing continue to transport a categoryn with the changes in nature of argument and consumer demands. According to Kotler and Arm strong Marketing is a solve by which individuals and groups obtain what they need and want by creating and exchanging harvests and pry with each upstart(prenominal). Marketing is equal giving medicine to a patient.You move read also Portfolio focus QuizzesPatient identifies a problem in spite of appearance them and then the health personnel delivers specific medicine to cure the problem. Marketing is also the same. Customer has certain problems or feels some deficiency and marketing delivers them with the right carrefour to deal with. Marketing is the process of communicating the mensurate of a product or service to customers. Marketing might sometimes be interpreted, as the art of selling products, but sales is still one part of marketing. Actually selling is traditional of marketing and marketing is a modern form of selling.As the term Marketing may renew Advertising it is the overall system and function of promoting a product or service to the customer. The concep t of marketing has changed over time. Previously, race preferred except production and selling as a part of marketing. But as the controversy uprise, they started valuing product tone of voice, customer relationship, societal responsibilities as well as other supply chain participants. From a societal point of view, marketing is the link between a societys material requirements and its stinting patterns of response.Marketing satisfies these needs and wants through exchange processes and create long-term relationships. . Marketing terminate be looked at as an organizational function and a regulate of processes for creating, delivering and communicating measure out to customers, and managing customer relationships in ways that benefit the giving medication and its sh areholders Major concepts related with marketing shadow be outlined as a. Studying consumer behavior b. punctuate management c. Selling and sales management d. Managing market intermediaries e. Service marketi ng f.Identifying customer needs, wants, market segment and product sideing g. Distribution logistics and supply chain relationships h. Responsibilities towards society and customer In this proposal, we focus on one of the major aspect of marketing, Brand management. Branding has been around for centuries. The word brand is derived from the Old nonese brandr message to burn. Initially, mark was adopted to furcate one persons cattle from a nonhers by delegacy of a distinctive symbol burned into the animals skin with a hot come out right stamp, and was subsequently utilize in business, marketing and advertising.A brand is the most blue-chip fixed asset of a Corporation. For any organization to make its individuation in the market requires a specific domain hang. It patrons to get recognise in the market. Brand name gives identity and helps it get recognized other than in the market. A modern framework of a brand is coca plant Cola, which belongs to the Coca-Cola Company . Similarly, Harley Davidson, orchard apple tree, Samsung, Adidas, Nike, Britannia and so on are other examples of brand. According to American Marketing connecter (AMA) A brand is a name, term, sign, symbol, or design, or a ombination of them, intend to identify the goods and run of one seller or group of sellers and to diametricaliate them from those of competition. BusinessDictionary. com describes brand management as the process of maintaining, up(a), and upholding a brand so that the name is associated with positive results. Brand Management is actually the process of maintaining the honor of brand and revising any associated entities as per the need of situation. It plays a pivotal role in the success and bolt outure of the organization. wherefore is brand an most-valuable aspect of modern marketing?The reasons are 1. Means of identification as a unique name in the market 2. Means of de jure protecting the unique features 3. Signal of quality level to customers 4. Base for combative advantage 5. Increases level of awareness of the brand 6. Customers feel safe to perform with registered brands 7. Gives idea about product association 8. Brand is a insure made by the attach to to customer 9. It serves as a means of advertising 10. It explains what the product is associated with Several companies put their brand names establish on diametric variables. just about name their product on the basis of their owners. Honda motors were named after(prenominal) Soichiro Honda, Harley Davidson motors was found by combined efforts of William S. Harley, Arthur Davidson and Walter Davidson. TATA motors was named after Jamsedji Tata(JRD Tata), Adidas sports wear was named after Adi Dasler and Bajaj auto was named after Jamnalal Bajaj. Some have named the products after the name of intrusts like Chevrolet Tahoe SUV, British Airways, Sanmiguel beer, hamburger named after hamburg, a place in Germany, Hindustan petroleums named after Hindustan meaning Ind ia and others.Brand names named after names of animals and birds are Dove soap, Mustang automobiles, Greuhound buses, Panther condoms and others. Brand names has always been an important aspect of marketing scheme. Organizations spend millions inquisitive for a valid name for the organization. They make sure that the names display case to the product or service the ac union is offering. They too ensure that those names do not collide with brand of other organization. Eg World entire Fund (WWF) filed World Wrestling Federation (WWF) a legal suit of clothes for throwing a similar name. Due to this world wrestling coalition had to change its name. thitherfrom choosing brand name is a very sensitive decision. For choosing a brand name, an organization has to follow given procedures 1. Define objectives 2. Generate feasible names 3. Screen sign candidates 4. Study the candidate names 5. the right way look into final candidate 6. Select the final name Therefore to establish a strong brand, it has to take in consideration the hobby blocks of brand building Resonance Resonance Imagery Imagery Feelings Feelings salience Salience Performance Performance Judgements Judgements build Brand Building Blocks Fig Brand Building BlocksSalience is the level of awareness regarding the brand to the customers. It checks the ability of a customer to recall and recognize a particular brand or its logo, symbol, name. afterward the customers awareness is identified, it checks the functioning of the brand regarding how sure and durable the brand is. It also checks the serviceability i. e. ease of repairing the product if needed. After the performance is identified, it views the fleshry aspect i. e. who uses the brand, conditions of use of the product, brand personality, values etc. It is the way the people think about a brand and is much concerned with intangible aspect.Brand judgments are customers personal opinions about the evaluations about the brand that consum ers form by combining brand performance and cooking stovery blocks. Customers judge the brand on the basis of quality, credibility and superiority. other building block is notions with the brand. They are customers emotional responses and reactions towards the brand. It checks what pillowcase of feeling they get by the use of the brand like feeling of warmth, fun, security, self respect, excitement status etc. Final brand building is resonance. It is the ultimate relationship with the brand.Resonance is measured in terms of intensity of psychological bond with the brand and the degree of loyalty towards the brand. Positioning aspect of brand In marketing, government agencying is the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization. Brand positioning is at the heart of marketing outline. It is the act of designing the companys offers and image so that it occupies a distinct and valued place in the minds of target customers. As the name implies, positioning means finding proper location in the minds of customer.Any company cannot formulate its marketing strategy without positioning its brand in certain aspects. Positioning explains what the brand intends to provide to the customer. It reveals what the product is related to. Brand positioning describes how a brand is different from its competitors and where, or how, it sits in a particular market. The company has to keep in mind that positioning should be clear, distinct and relevant. For example, Apple and Windows both are well known brand. Consumers are aware that they both are electronic computer brands dealing in entertainment, but Apple stands for style, cool quotient, iPod etc. here as Windows stands for world class operating system, quality etc. Consumer can easily identify point of similarities and points of difference between the two brands. This process of creating point of similarities and points of differe nce in consumers mind is called Brand Positioning. Companies position their brands in different ways so as to create a distinct image in the market. They may position it on different bases like low wrong, high price, size, package, quality, gender, endurance, re-sentencing and many others. Positioning of different brands 1. Low price brand Wal-Mart retail store . High price brand Rolex, Mercedes Benz 3. Quality brand IBM, Toyota, Motorola 4. Endurance CEAT tyres, Land rover, Honda 5. Size Nano car, abridge Motorola mobile 6. Gender Gillette Razor, Axe perfumes, passably Handsome for men Femine magazine, Avon cosmetics, Fair Lovely for women 7. Substitution Sugar free Natura has placed itself as substitution for sugar and Eveready milk powder for liquid milk Similarly Coca-Cola has positioned as a cold drink useful in summer and in that location are many feelings associated with it and not only as a virtuous drink.On the other hand Pepsi has positioned as a cold drink for the upstart generations and Mountain Dew has presented its image as a drink for adventure winning customers. Sometimes, same positioning does not work out for the company in long run. It has to reposition and revitalize its brand over times every to revive or strengthen its brand. Different marketing strategies, several research plans has to be worked out and sometimes-even management structure has to be changed in hostelry to revalue the brand. There are several Brand reinforcement strategies that the organization can adopt overtime to cope with the changing situations.Some of them are 1. Maintaining brand consistency Brands should be able to provide a consistent image to occupy a shelf in the mind of customers. If not, it may fail in the market situation. For example Gateway computers applied various strategies and themes to get over the brand with mergers and portfolios. Due to this, customers conf utilize with its positioning and its stock price rock-bottom from USD100 to USD 3 in 2005. 2. Protecting sources of brand justice Any organization should know its strength factor. It should identify its major source of brand equity to sustain in the market.At certain times, brand have to revitalize itself since in that location many forces acting in the market to rule out other brands. Companies might have to adapt to following Brand Revitalization strategies to enkindle itself 1. Expanding brand awareness Brand awareness can be expand through a) Identify new usage opportunities Charles Revlon introduced nail polish not only as a matter of covering nails but as a match for dress, style sense and beauty. b) Identify completely new ways to use the brand Wrigleys chewing gum introduced itself as not only a gum but as an utility(a) for smoking. 2. Improving brand imageDifferent ways of improving brand images are a) Repositioning the brand Harley Davidsons motorbikes were previously believed to be utilise by rowdies. The riders who rode Harley had some rough li ke character like long hairs, big muscular arms, and tattoos painted on their bodies and moustache and beards. Those made people perceive that only rowdies rode those motors. Later Harley Davidson relaunched itself as a bike for gentlemen sledding apart its previous image. Similarly Harley encouraged lady riders to take the riders border by introducing a poster of a lady rider with a tagline I am not a back rest. b) changing brand elementsKentucky Fried Chicken changed its name (brand element) to KFC (although, it is only short recital of the full name) to perceive a healthier image. Also, Federal Express (a messenger company) changed its name to FedEx to sound more(prenominal) professional. c) Entering new markets Brunswick Billiards introduced new strategy to pool market to enforce its sales targeting female customers. Initially wives would not approve the purchase of billiard board in their home as it was called a male type of game. Later it introduced elegant designs targe ting design certified women who would now purchase a pool table on aesthetics ground and a showpiece to room.Lets take an example of a company who adopted Brand revitalization strategy to resurrect its brand position after being at height at its low Lacoste sportswear, founded in France, 1933 became a style icon by selling polo shirt featuring a crocodile logo in it. In 1980, when it was owned by General mill around (cereal makers), it failed to keep up with fashion trends and sales began to drop. Company cut prices and started to sell it to discounters like Kmart and Wal-Mart that further damaged brands image. Then in 2002, Robert Siegel, former Levis executive was appointed to oversee the brand in United States.He withdrew Lacoste products from all non-luxury stores and discounters. It regenerated its fashion trends by introducing tight fitting shirts for women that embossed revenues of women wear from 7% to 33%. It opened own brand boutiques in fashionable shopping areas. Due to this, Lacostes US revenues flush wine more than 280% between 2003 and 2005. There are several challenges to products today sometimes because of the competition and sometimes due to the implementation of wrong product strategy. An organization has to keep in mind the nature of product and suitable marketing strategy.Marketing campaigns has to be launched depending upon what class of customer it is intending to serve, gender of customer, objectives of campaign whether it is market penetration or improving market share or survival mode. Appropriate strategy at the right time invites fortunes and mistimed marketing strategy might come about the organization. Therefore right plan for the right brand is always critical. Marketing strategies for effective brand building 1. Selecting brand elements like name, logo, symbols, slogans, and packaging. 2.Adopting proper product strategy like achieving a satisfactory level of customers perception towards the quality of the product and rela tionship marketing 3. Adopting pricing strategy like improving consumers price perception towards the brand and relevant price setting 4. publicity through marketing communication options and integrating marketing communication programs like advertising, direct selling, public relation, and trade promotion etc. 5. Leveraging indirect associations brands may be linked to other entities that have their own intimacy structures in the mind of customers.When brands are linked to these entities customers assume that those characteristics that they hold about those entities also may be true with the brand. For example when Adidas brand was endorsed by tennis star Roger Federer (then No. 1 rank), then people who knew Federer as best tennis player also developed similar spot towards the features of Adidas brand. There are certain strategies for building a strong brand. Some of them are Licensing Licensing creates contractual arrangements whereby firms can use names, logos, and characters of other brands to market their brands for some fixed fee.People pay fees to use popular names such as Harry potter, Spider-Man, SpongeBob, Angry Birds or any famous celebrity in their products so that they too gain popularity easily. For example, when you buy a copy of Microsoft emplacement you are not actually purchasing Officeyou are immersion into a license agreement that allows you to use the product under the specify terms and conditions they have outlined in the license agreement. Similarly intriguer such as Calvin Klein command large royalties for the right to use his name in variety of merchandise. FranchisingA franchise is a license issued to someone to operate a business using a common brand name, a common operating support system and involving the payment of initial and/or ongoing fees. A franchise also offers the franchisee with the ability to take advantage on the know-how and systems that have been proven to be successful. . Small-business owners pay companies f or the rights to use their trademarks, services and products in return for support and company guidelines on how to run their particular businesses. Many industries have companies using the franchise model, including food, lodging and business services.For example McDonalds has over 75 percent of its worldwide restaurants independently owned. Business owners can purchase a new or existing restaurant. An initial low payment is required, and the rest of the cost can be financed for up to heptad years. During the terms of the franchise agreement, ongoing fees include rent and service fees. It is one of the worlds famous franchises. Some challenges in Brand Management 1. Brand switching customers 2. Media fragmentation i. e. introduction of several medias for promotion that may lead to increase cost and cluttering of information 3. Increased competition 4. exploitation need for customer concern . Sometimes socio-cultural issues also leads to create problems in brand management. For e xample nudity in advertising are stringently banned in South Asia. Due to this, advertisements of brands of apparels, innerwear, and lingerie may not produce the desired response. 6. Sometimes the brand name themselves may think of different meanings in several countries. Some of the global branding Mishaps are presented below a. When Braniff translated a slogan touting its upholstery, Fly Leather, it came out in Spanish as Fly Naked. b. Coors put its slogan, Turn it capable, into Spanish, where it was read as Suffer from Diarrhea. c.Chicken magnate Frank Perdues line, It takes a tough man to make a tender moaner, sounds much more interesting in Spanish It takes a sexually stimulated man to make a chicken affectionate. d. Why Chevy Nova never sold well in Spanish-speaking countries No Va means It doesnt go in Spanish. e. When Pepsi started marketing its product in China, they translated their slogan, Pepsi brings you back to life, pretty literally. The slogan in Chinese meant Pe psi Brings Your Ancestors guts From The Grave. f. When Coca-Cola first shipped to China, they named the product something that when pronounced sounded like, Coca-Cola.The only problem was that the characters used meant, Bite the wax tadpole. They later changed to set of characters that mean contentment in the mouth. g. A hair products company, Clairol introduced the Mist Stick, a curling iron, into Germany only to find out that Mist is slang for spread out in German. h. When Gerber first started selling vitiate food in Africa, they used the same packaging as in the United States, with the cute baby on the label. Later they found out that in Africa, companies routinely put pictures on the label of what is inside because most people cant read. i.Japans Mitsubishi Motors had to rename its Pajero in Spanish-speaking countries because the term related to masturbation. j. Toyota Motors MR2 model dropped the number in France because the combination sounded like a French swearword. Here is a list of Top ten Brands in year 2012 1. Coca-Cola Its brand value raised by 9% than utmost year. hold water year too it was Ranked as number one. 2. Apple Despite Steve Jobs passed by, its brand value rose by 129% from last year. Last year it was at number eight. 3. IBM Its brand value rose by 8%. Last year it was at number two. 4.Google Its brand value rose by 26%. 5. Microsoft Its market value went down by 2%. Last year it was No. 3. 6. GE General Electrics brand value rose by 2%. last year, it was No. 5. 7. McDonald Its brand value rose by 13% than last year. 8. Intel Its brand value increased by 12%. 9. Samsung Its brand value rose to 40% from last year. 10. Toyota Its brand value rose to 9% from last year. Source International Business Times. Conclusion In the above-mentioned information, we have seen that brand management is really an essential element in marketing.No company can thrive towards success if it is not able to spot the right branding strategy acc ording to the market situation. Global competition has made it even more complex. Brand name is the one that identifies the company in the market and if not careful, brand name may be solely responsible for causing downfall of the company. I chose this topic, Brand Management, because in my Bachelors Degree, I studied Marketing as my course of speciality in last two semesters. I am very enkindle in studying marketing because it a dynamic subject and I like studying more about Companies, their Branding Strategies and the easons why they succeded or failed. I am very much interested to do the marketing course in my Masters Degree. This will give me more pic to the complex business structure and as well as help me guide my career in this field. References Websites www. wikipedia. com www. google. com www. BusinessDictionary. com www. managementstudyguide. com www. whatis. com www. slideshare. com www. entreprenuer. com www. bigkerbang. com www. internationalbusinesstimes. com Books Strategic Brand Management, Keller, Kevin Lane fundamentals of Marketing, Agrawal, Dr. Govind Ram