Assignment Sample on ASB-4530 Global Brand Management

Introduction

In the 21st century, brand equity plays one the most significant roles in the global as well as in the national market for a company. Brand equity is not the financial value of a brand or product; it is about the brand value and loyalty of customers to the brand or the product. If brand equity is high in the market, the price of the product doesn’t matter. In order to create national as well as internal brand equity in the market, several components are required to maintain and implement such as Differentiation of product, Relevance with customers, Esteem of product quality and performance and Knowledge of market and customers. In this context, the following paper has concentrated on designing a global brand marketing program for Sleek Events.

Website link: https://sleekevents.com/about-us

Evaluation of brand equity in global market

The contemporary marketing strategies especially depend on the loyalty and quality of goods and services. As per the analysis of the current marketing trends and customers depends it can be stated that overall marketing requires differentiation of product, Relevance with customers, Esteem of product quality and performance and Knowledge of market and customers. According to Keller and Swaminathan, (2020), it can be safely stated that brand equity does not refer to the financial or monetary value of a brand rather the brand equity refers to the quality and product value and loyalty for a customer in the market. As an example, it can be stated that if Apple launches a product in the market, customers stand in line to pre-book the product rather than a similar product in the market that has less financial value. Notwithstanding, Apple has created a brand value worldwide that has gained customers loyalty effectively that’s why similar products with less price have less value in the market. Therefore, it can be stated that brand equity in the national, as well as international market, plays one of the most significant roles in order to capture national and internal market. On the other hand, Keller and Brexendorf, (2019) have argued that brand value or brand equity is directly connected with the sales rate of the respective business organisations. Therefore, as per the analysis, it can be mentioned that if an organisation intends to increase the sales rate, therefore, the company needs to develop its brand equity and product or service value in the market effectively.

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Now in the global market customers do not identify companies, but they depend on the quality of product and brand value as well like Apple, Intel, Amazon and all. As opined by Datta et al. (2017) different intangible assets such as intellectual properties, brand names, knowledge, licenses and organisational reputation of respective business organizations play crucial roles to establish organisational visibility and positions in global market.

As per the analysis of the above-mentioned statistics, it is noted that organisations that have higher brand equity in national and global markets, also have higher growth and high sales rate as well. Therefore, brand equity is the supreme aspect that needs to be considered in a global business organisation to increase the overall performance and organisational productivity. However, in order to increase brand equity and manage the global market below mentioned theories has effectively evaluated the brand equity program.

Theoretical implications

Brand Equity theory

Brand equity especially refers to the set of brand assets and different liabilities that are connected with a brand, its logo, name, intellectual properties, brand names, knowledge, licenses and organisational reputation of respective business. According to the brand equity model, there are five most significant components of brand equity such as brand loyalty, perceived quality, name awareness, proprietary brand assets and Brand associations.

According to the brand equity model, first of all, an organisation needs to establish brand loyalty, perceived quality, name awareness, proprietary brand assets and Brand associations. As stated by brand image or logo also plays a tremendously significant role that assisting customers to identify respective brands in the national and global market. On the other hand, in order to increase brand awareness, respective business organisations need to adopt effective brand promotion or advertisement strategies. In this regard, organizations can sign agreements with popular brand ambassadors that help customers to recognise their respective brand. Besides it, respective business organisations also need to increase the quality of goods and services so that brand loyalty can be increased. In addition to it, market research needs to be done in order to identify the competitive advantages that would assist to manage the brand in the national and international market as well. According to Girard et al. (2017), it can be mentioned that differentiation of product, Relevance with customers, Esteem of product quality and performance and Knowledge of market and customer maintenance can effectively manage the brand in national and international markets.

Brand Core Model

Brand core model especially concentrated on how a reputed brand or business organisations move to the most crucial position in the international market to increase the brand value. According to Iglesias et al. (2017), it can be stated that “how brands have moved from symbols and slogans at the periphery of business to a value-creating activity at the heart of the enterprise”. As per the brand core model, innovations and value of the organisation are interrelated and play a crucial role to increase the overall sales rate by increasing brand equity and loyalty in the global market. In accordance with the analysis of both theory and model, it can be stated that in upcoming 2-year period 2022-2024, Sleek Events need to implement brand loyalty, perceived quality, name awareness, proprietary brand assets and Brand associations, differentiation of product, Relevance with customers, Esteem of product quality and performance and Knowledge on market and customers to capture national as well as international market and increase brand equity as well.

Brand Reputation and Marketing Strategy

Brand reputation also plays a tremendously significant role besides brand awareness and brand value increment. According to Foroudi et al. (2018), it can be stated that a business organisation must take care of brand reputation and customer loyalty to increase the overall brand equity and capture national as well as international markets. On the other hand, it is noted that digitalisation of the entire business is also a supreme aspect in the 21st century. Therefore, to increase the customer’s satisfaction rate and brand equity organisations need to digitalise entire business so that customers can interact and communicate and make orders from anywhere. In accordance with the entire analysis, it can be safely stated that in the first 5 months organisations need to concentrate on Market analysis and identify customers’ requirements. In the next 7 months, organisations need to increase brand awareness, advertisement, manage high-quality raw materials for product quality development and develop a world-class brand image as well (Foroudi, 2019). In the next 1 year, differentiation, relevance, esteem and knowledge on the market need to develop so that overall brand equity can be developed in both national and international markets.

Strategic implications in global market

Core goal 1: Identify customers’ requirements and contemporary target market trends.
Strategies Desired outcome Resources Responsible authority Time required
Market analysis and identify customers’ requirements and contemporary target market trends.    By identifying the customers’ requirements and contemporary target market trends product quality, desired logo update and marketing strategies can be determined. Market research, monetary support and intangible assets. Marketing management and marketing team 5 months
Core goal 2: Increase the brand awareness and product quality and promote brand logo.
1. Value-added awareness campaigns and effective advertisements need to be done. Digital media campaigns and advertisements are targeted.

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2. Using high-quality raw materials product quality also need to be increased.

3. According to previous market research brand logo need to develop. 

Brand campaign would effectively increase brand awareness and high quality of the product would increase the product value and customer loyalty and the logo would assist customer to easily identify respective brand in global market that would develop a global identity and reputation for the company. Social media advertisement and awareness campaign, monetary support, tenable and intangible resources, logo development. Resource management team, event manager 7 months
Core goal 3: Develop customer loyalty, relevance, esteem and knowledge on market.
Differentiation of product, Relevance with customers, Esteem of product quality and performance and Knowledge on market and customers maintenance (Diva-portal.org, 2017) Differentiation of product and relevance with customers would increase the customer loyalty and customer base. Esteem of product and knowledge would help to increase relevant marketing strategy for business development. Monetary support, tenable and intangible resources. Program Managers and respective management departments. 1 year

Table 1: Strategic implications of brand equity acceleration

(Source: Created by author)

Conclusion

In proportion to the analysis of above-mentioned discussion and findings, it can be safely concluded that in order to manage the brand building strategy organisations need to concentrate on differentiation of product, Relevance with customers, Esteem of product quality and performance and Knowledge on market and customers maintenance, social media marketing, ensure social media presence, proper interaction with customers and develop product or service quality. Besides it, digitalisation of business also needs to be considered to build brand as online marketing is the prime aspect of modern marketing strategy.

References

Books

Iglesias, O., Ind, N. and Alfaro, M., 2017. The organic view of the brand: A brand value co-creation model. In Advances in corporate branding (pp. 148-174). Palgrave Macmillan, London.

Keller, K.L. and Swaminathan, V., 2020. Strategic brand management: Building, measuring, and managing brand equity. Harlow: Pearson.

Journals

Datta, H., Ailawadi, K.L. and Van Heerde, H.J., 2017. How well does consumer-based brand equity align with sales-based brand equity and marketing-mix response?. Journal of Marketing, 81(3), pp.1-20.

Foroudi, P., 2019. Influence of brand signature, brand awareness, brand attitude, brand reputation on hotel industry’s brand performance. International journal of hospitality management, 76, pp.271-285.

Foroudi, P., Jin, Z., Gupta, S., Foroudi, M.M. and Kitchen, P.J., 2018. Perceptional components of brand equity: Configuring the Symmetrical and Asymmetrical Paths to brand loyalty and brand purchase intention. Journal of Business Research, 89, pp.462-474.

Girard, T., Trapp, P., Pinar, M., Gulsoy, T. and Boyt, T.E., 2017. Consumer-based brand equity of a private-label brand: Measuring and examining determinants. Journal of Marketing Theory and Practice, 25(1), pp.39-56.

Japutra, A., Molinillo, S. and Wang, S., 2018. Aesthetic or self-expressiveness? Linking brand logo benefits, brand stereotypes and relationship quality. Journal of Retailing and Consumer Services, 44, pp.191-200.

Keller, K.L. and Brexendorf, T.O., 2019. Measuring brand equity. Handbuch Markenführung, pp.1409-1439.

Paul, J., 2019. Masstige model and measure for brand management. European Management Journal37(3), pp.299-312.

Websites

Diva-portal.org, 2017. Brand Reputation in International Marketing. Available at: https://www.diva-portal.org/smash/get/diva2:237981/FULLTEXT01.pdf [Accessed on 2nd November 2021]

statista.com, 2021. Brand value change of the largest global brands. Available at: https://www.statista.com/statistics/268007/brand-value-change-of-the-largest-global-brands-in-2012/ [Accessed on 2nd November 2021]

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