Aim of Unit 41: Brand management
Unit 41 Brand management is concerned about brand management of an organization. Focus would be created upon why brand is important for an organization. What image a brand would create is also a part of the study. The unit serves to explore various techniques and tools that would be required to enhance the brand value. In doing so focus would be made upon case examples for providing determination and inspiration. The real life examples helps in understanding better brand management. It could thus be understood that Brand management is quite important for placing a business in a prestigious position.
LO1Demonstrate an understanding of how a brand is built and managed over time
LO2Analyze how brands are organized in portfolios and how brand hierarchies are built and managed
LO3Evaluate how brands are leveraged/extended over time domestically and internationally
LO1 Demonstrate an understanding of how a brand is built and managed over time
A brand could be built by using brand pyramid and also certain other processes. In order to understand brand building and management the advantages for branding could be considered. Moreover, defining brand equity and its development, growth would also help in the process. Marketing plays a very important role in brand equity and focus could also be spread upon such role. Management includes dealing with crisis, innovating and nourishing the brand, strategies of communication and using modern technologies to attract people.
LO2 Analyze how brands are organized in portfolios and how brand hierarchies are built and managed
In order to make a complete hierarchy of branding various kinds of branding could be used. Such brandings are corporate, umbrella and family branding. Brand equity also falls under the purview of hierarchy. How such equity is used forms a process in hierarchy. Model of customer based brand equity could be used to manage and develop the brand. Market research is also a very big tool that can be used in the management procedure.
LO3 Evaluate how brands are leveraged/extended over time domestically and internationally
Brand extension could be made by following certain strategies. Such strategies would include “Fit and leverage” process. Determination of how brand could be revitalized and reinforced by using various ways is also important. In addition to these partnerships, collaborations, positioning and branding also helps to understand brand extensions
LO4 Evaluate techniques for measuring and managing brand value over time
Management techniques for measuring brand values requires awareness of brand, share in market, attitudes of consumers and intent to purchase. Techniques of brand tracking and auditing also helps is managing brand values. Finance end branding has certain relationship and understanding of such could help in better understanding of the topic. Methods of finance, cost and market could be used as an approach for brand valuation.
Learning Outcomes and Assessment Criteria
|LO1 Demonstrate an understanding of how a brand is built and managed overtime||LO1,LO2,LO3andLO4 D1 Provide a critical evaluation that is supported by justified evidence demonstrating a comprehensive understanding of branding within an organisational context.|
|P1Explain the importance of branding as a marketing tool and why and how it has emerged in business practice. P2 Analyse the key components of a successful brand strategy for building and managing brand equity.||M1Evaluate how brands are managed successfully overtime using application of appropriate theories,models and concepts. |
M2Apply appropriate and validated examples within an organisational context.
|LO2Analyse how brands are organised in portfolios; how brand hierarchies are built and managed|
|P3 Analyse different strategies of portfolio management, brand hierarchy and brand equity management.||M3Critically analyse portfolio management,brand hierarchies and brand equity using appropriate theories,modelsandframeworks.|
|LO3Evaluate how brands are leveraged/extended overtime domestically and internationally|
|P4Evaluate how brands are managed collaboratively and in partnership both at a domestic and global level.||M4 Critically evaluate the use of different techniques used to leverage and extend brands.|
|LO4Evaluate techniques for measuring and managing brand value overtime|
|P5 Evaluate different types of techniques for measuring and managing brand value using specific organisational examples.||M5 Critically evaluate application of techniques for measuring and managing brand value in relation to developing a strong and enduring brand.|
This unit links to the following related units:
Unit22: Product and Service Development
Unit23: Integrated Marketing Communications
Unit37: Consumer Behaviour and Insight
Unit38: Customer Value Management