For any organization, it is very important to have proper brand management so that it can promote its products and services in the target industry. Brand management is a process that is used to maintain and improve the activity of supervising the promotion of a particular brand of goods of a particular organization in the market. This process involves a number of factors, for example, in-store presentation, customer satisfaction, price of the product, industry competition, etc. It plays an important role in building the image of the organization. It mainly focuses on the brand and how it can remain favorable to its customers. Effective brand management can help them to increase their product sales and can earn good revenue. This report will focus on Nestle which is the largest food and beverage company in the world. It is a Swiss international company, headquartered in Vevey, Vaud, Switzerland. It has more than 20000 brands serving its customers. Its total revenue in the year 2017 was calculated approx 89.791 billion. This report will include topics like, the importance of branding as a marketing tool and the key factors of brand strategy which can help Nestle in managing brand equity. It will also analyze different strategies which can be useful for the management and brand hierarchy of the organization. Various types of techniques used to measure and manage the brand value of Nestle like market share, consumer attitudes, brand awareness, etc. is also explained in this report.
P1. Brand and Brand Equity
For Nestle, it is very crucial to maintain their brand image in the market. For this they have to focus on their brand and its brand equity in the organization. Brand equity is a process which is used by the company to calculate the total value which is generated from their product which is famous in the market. They can make brand equity for their products by implementing some changes in them, for example, making them recognizable easily by their customers, or by making them memorable and best in quality as well as in quantity for their consumers (Strategy,2018). These processes helps Nestle to identify their the importance and worth of their products and services to their customers. If company has a good brand equity, it can result into financial benefit, which can help the organization to demand a premium price for its product. For example, if Nestle has a strong brand equity, than the price or their products are both accepted and expected by customers in the market.
To have a proper and effective brand equity, there are several steps which has to be followed by the Nestle company to make it more powerful and strong. These steps are as follows
- Target Audience: This is the main objective of this process which has to done carefully by the company in order to make it effective. They have to keep in their mind about what are the choices or preferences of their customers are and what they prefer most from their company, etc. All theseinformations can be used by the company to target their audience which can help them to accomplish their mission which is to meet their requirement in the best way possible (Nestle’s Brand Identity: Packaging a Punch,2014).
- Brand Mission: In this process, Nestle has to identify their mission and vision from their brand. This plays an important role in the organization as it will depict their overall performance in the target industry. It has to be very specific in nature which can be identified and understood by their employees easily. They have to analyze different aspects, such as, what are their goals, how they will achieve them, who are their target customers, etc.
- Research Competition: Nestle has so many rivalry company which is operating in the same industry, for example, Unilever, Danone, Proctor & Gamble, etc. They have to do their branding more unique and different from their competitors to attract more customers. For this they have to take care of several factors, such as, they have proper knowledge of what their competitors are doing in the market, make improvement in their products, etc (East and et.al., 2016).
- Value Propositions: It is very important to know value preposition of your organization as it will help the company to set their business in the target industry. It can be done by communicating with your customers more to understand their needs and liking. It can serve as the most important step in building an effective brand equity.
- Brand Guidelines: This method will help the organization to prepare a guideline which they can follow in the organization. It helps Nestle to maintain their consistency across different channels and makes their business more recognizable in the market.
- Marketing of Brand: Marketing is very important to enhance the brand equity of the organization. They can implement any marketing strategy to achieve their target. For example, they can directly communicate with their customers, displaying their advertisement on different platforms, such as, TV, radio, newspapers, magazines, social media, etc. This will help them to increase their customers rate and earn a good revenue (Holzmann and Schmid, 2018).
Role of Marketing Department :
The marketing department in any organizations plays crucial role to promote their products and service into the target industry. It also helps in accomplishing company's goals and objectives. Importance of this department in brand equity of Nestle include, it helps to conduct campaign management for marketing of their brands. They also manage to create content for their company, like logos and tag lines. They monitor and manage the overall marketing process of the company and ensures that it is going smoothly (Chernev, 2018). The marketing department does various types of market research to determine how well a brand is performing.(Related: online research paper help)
P2. Key components of a Successful Brand Strategy of Nestle
Leading as a strong company in the target industry, it is very important for Nestle to have an effective brand strategy which can help them to increase their production sale. Nestle has many enduring strengths which keeps them at the top of the industry. They have variety of brands which their customers love. Their strategy is based on factors like, nutrition, health and wellness strategy as their tag line says, ‘Good food, Good life’, which can help them to improve their services (Papista and et.al., 2018.). There are various strategies which they implement in their management system, such as,
- High quality Technology: They have advanced marketing tools and technologies which help them to provide the best service in the manufacturing of their products according to their customers preferences and needs.
- Advertising Strategies: Nestle is using all the possible ways to promote their services in the market. They have very strong marketing strategy to attract their customers. It has the largest research and development network which helps them in innovating and renovating their products and services to meet the changing demands of their customers (Six reasons why branding is important for ALL businesses,2018).
- Building Strong Partners: Nestle is working with some leading-edge partners around the world, which including start ups, academic institutions and public organisations. They help them to strengthen their capabilities by giving them ideas, accessing their skills and developing new technologies which can help them to meet consumer trends in the industry.
- Price and Quality: Nestle focuses on their products quality. They try to deliver products with simple ingredients as well as more premium, organic, natural and fortified foods and beverages. They also try to manage the pricing strategies of their products to make them easily affordable by their consumers including high quality and nutritious products. They have also ensured that products which are specially made for children, includes added micro nutrients in it, for example, Vitamin A, iron, iodine, zinc, etc. which can help them to live good healthy life and well-being.
- Accelerating Growth: Nestle works to increase their growth and operating efficiency in the market. They have set a target to achieve mid-single digit organic growth by 2020. They will achieve this by focusing on their base business and active portfolio management. They have world's leading brand which includes,Nescafé, Purina, Gerberand Nestlé Pure Life. Implementing digital technology has helped them a lot to increase their efficiency in the market. It also helped them to enhance their performance (Szmigin and Piacentini, 2018).
- Increasing Efficiency: To increase their efficiency, they have applied different strategies into their management system which help them to achieve their targets. The net operating growth margin of Nestle is approx 17.5%, which they are trying to increase by 2020. They are optimising their manufacturing footprint whixh can help in increasing their efficiency.
- Creating Shared Value (CSV): This is the value which helps the organization to identify hoe there business is working in the market. It can be increased by delivering more healthy and nutritious food products to their customers which can increases their popularity in the target industry.
- Improved Packaging Design: Nestle is trying to improve their product's packaging as it is the first impression of their product to the customers which decides their decision whether to buy that product or not. So it is very important for them to have an effective and attractive packaging. They are also using biodegradable and sustainable materials for their packaging which contribute in saving environment (Rosenbaum-Elliott, Percy and Pervan, 2015).
From the above findings, it can be concluded that brand and brand equity is very important for the organization to increase their sales and revenue. There is a huge advantage of branding as a marketing tool as it helps to aware their customers about the products and services which is available for them. It also helps them to understand the objectives of their company. Branding identifies the preferences and liking of their consumers which can be helpful for Nestle to manufacture products according to that. There are various other reasons of why branding is important as a marketing tool,
- Grow Reputation: It helps in growing their reputation in the market. It will make easy for their customers to remember their products. They can use different techniques which can be beneficial for them to increase the profit rate in the company.
- Reach New Customers: Avery strong branding implies that company has a good impression on their customers as well in the market which makes easier for them to reach to new consumers in the industry (Six Principles of Strategic Portfolio Management – How Does Your Company Rate?,2014.).
- Employees Satisfaction: If the company is successfully running in their target market, it directly affects its staff member and make them satisfied with their job in Nestle and will be more happy. Branding of the workplace in the company and can help to create promotional merchandise for the employees to use which can reinforce the strength of Nestle and its brands.
- Builds Trust: It also manages to build trust in their employees as well as in their customers. A well strategicbranding will help Nestle to build trust with consumers, potential clients and suppliers as well.
Brands are very important for any organization as it helps them to promote their products and services to the customers in market. It can be achieved by making different strategies, for example, targeting their audience, brand mission, research competition, etc. Proper branding helps the organization to aware their customers about their company and its products.
The successful Brand Strategy of Nestle is very effective which helps them to increase their sales production and earn a good revenue. They implement various strategies into their system to make it successful, for example, high quality technology, advertising strategies, price and quality, creating shared value (csv), employees satisfaction, reach new customers, etc (Du Preez, Bendixen and Abratt, 2017).
P 3 Strategies of Portfolio Management, Brand Hierarchy and Brand Equity Management
For Nestle, it is very crucial to manage strategies which can be helpful in for them to work smoothly in the industry. These strategies can include, portfolio management, brand hierarchy and brand equity management strategies, which is explained below,
- Portfolio Management Strategy: For any organization, it is necessary for them to choose the appropriate strategies for their brand to do promotional activities in the target market. These choices in the company forms strategic portfolio. All the decisions taken at that point can impact the company to determine its success. All the process, for example, improving customer services, driving growth or entering a new market, etc which Nestle does comes into this portfolio management strategy of the company (Tonchia, 2018).
Strategic Portfolio Management is a process which helps the company to decide where there is a lack in their processing and where they have to focus more to achieve their objectives. There are various steps which has to followed by the Nestle to plan an effective strategic portfolio for them. These includes steps like, planning the strategy, operating that plan and the final step is to execute that strategy into action to reach to the target. It is the responsibility of the senior manager of the company to ensure that proper strategy and operations are maintained in the organization.
Strategic Portfolio Management has to be very specific in order to be effective for the company. There various functions of this management, such as:
- Result Oriented: It has to very clear that the strategic portfolio is result oriented and is helping the organization to deliver the services according to that strategy. It should cover all the respective area of Nestle.
- Clear Objectives: Strategic Portfolio Management should have clear objective which has to be achieved by them.
- Focused and structured: It should provide the exact information which is needed by the company to make strategic plans. It should be process oriented in order to help the organization in their branding in the target industry (So and et.al., 2018).
- Value Creation Focus: It is very important for Nestle to have focus decisions on creating value at their each development stage in the production process. This will help them to attain new customers and gain a good revenue.
- Aligned Decision Forum: Include the right people at the right levels at the right time.
- Embrace Uncertainty and Dynamics: This method will be very helpful for the organization to improve their services. It will identify the impact of uncertainty on the key decision variables of Nestle and can track the changes throughout development process of the products.
- Customer requirement and needs: This is one of the effective brand portfolio strategy that helps to organization in developing impressive brand portfolio. By understanding customer needs and wants, they can fulfill the demand of customers and make satisfy them. Thus, it can be said that with help of this strategy, both organization have successfully developed brand portfolio in the market (Holzmann and Schmid, 2018).
- Brand Hierarchy Strategy: It is a type of process which is used by the Nestle company to summarize the branding strategies of the organization by giving the amount and nature of their common and distinctive brand present in the company which can help them to reveal the explicit ordering of different brands. Capturing the potential branding relations with the different products and services sold by Nestle in the market, brand hierarchyis a useful tool for them to apply in their process. It is an important aspect for the organization and has to be considered very carefully by the company.
There are several types of Brand Hierarchy, which is used by Nestle, for example:
- Corporate brand: It is a process in which it promotes the brand name of the whole corporate rather than to a specific product or services of the company. There is a huge scope of acorporate brand in the market.
- Umbrella brand: This is also known as family branding. It is a process which is used to promote a single brand name for selling two pr more similar products in the market. Itis mainly used by Nestle for a positive brand equity which is value of a brand in a certain market place.
- Endorsed brands and sub brands: These brands include a parent brand which may be a corporate brand, an umbrella brand, or a family brand as an endorsement to a sub brand or an individual, product brand. The endorsement should add credibility to the endorsed sub brand in the eyes of consumers (Burmann and et.al., 2017).
- Individual product brand: In this type of branding the different products are marketed by different brand names. It also establishes unique identity of the product and image in the market and allows separating each product to increase the opportunities in the market.
- House of brands: It is a process where multiple subs brands are present and in which primary brands of the company do not get any attention. Fox example- Nestle.
- Branded house: In this method, company is the main brand and all its products and services comes under will be considered as their primary brand. For example, Nestle products like Milky Bar.
- Brand Equity Management Strategy: This can be studied by a model known as Customer-Based Brand Equity (CBBE) Model. This model helps the organization to implement the theoretical advances and managerial practices into their management strategies which can help the to influence the behavior of their customers in the market. The CBBE model provides Nestle a unique perspective to what brand equity is and how it should be built, measured and managed in the organization (Du Preez, Bendixen and Abratt, 2017). By understanding the preferences and needs of their customers it becomes easy for the company to deliver their products and services according to their liking.
There are basically four different steps which has to be followed by the Nestle to make it effective for them. These steps are explained below:
Brand Identity : This helps to identify- Who are You ?. In this process, Nestle has to create awareness for their products in the market. They need to ensure that they reach maximum number of customers. This will help them to identify their customers preferences.
Brand Meaning : This helps to identify- What are You. This method will help the customer to understand the brand more precisely. Customers will try to gather all the respective information of that brand which can be helpful for them. It is also sub divided into two different parts - one is Brand performance, which includes products features, its style and design and the pricing of that product and other is Brand Imagery, which includes, the overall image of the brand from customers perspective (Keller's Brand Equity Model,2018.).
Brand Responses: This helps to identify- Your Customer's Response. This method helps Nestle to evaluate the responses and feedbacks received from their customers for their products and services. This helps to make improvement in their existing products and can bring innovation to their future products. Customers judge the products on the basis of its quality, credibility, superiority, etc.
- Behavioural Loyalty : This helps the organization to identify their regular customers which purchase their products very frequently from the market.
- Attitudinal Attachment : Customers have attachment with the products which make them to buy it again and again.
- Sense of Community : Customers feels a sense of community with employees associated with the brand and company, including other consumers and company representatives as well.
- Active Engagement : This has the strong impact on brand loyalty for Nestle. Customers are passively involved with brand. This can include following the brand on social media platform or taking part in other, outside activities organized by the Nestle company (Burmann and et.al., 2017).
Portfolio management strategy, brand hierarchies and brand equity strategies all are responsible for the branding of the products of Nestle into the target industry. Portfolio management helps them to plan effective strategies which can give them better results. Brand hierarchies help in identifying different brand model for the company for example, branded house, corporate brand, etc. Brand equity strategies can be calculated by CBBE model which will help them to identify brand identity, meaning, response and resonance of their customers.
P4. Evaluation about how brands are managed collaboratively and in partnership both at a domestic and global level
Nestle is a multi packaged brand that offers variety of food and beverages. There are more than 2000 brands in all over world. Currently the company operates lot of variety of food which include food related to babies, cereals, candy, products of coffee such as Nescafe etc. Recently the company wants to introduce healthy cereals to their customers because in modern time people are more health conscious related to their health (Burmann and et.al., 2017). Nestle offer variety of products among all, Nestle wonder ball is the mostly preferred by the children because the company also offer games with nutritious ingredients.
The strength of a company can be measured by analyzing its annual report and presently the company has brand image in the market. There are about 500 companies of Nestle in all over the world. The company also offer variety of individual products that create awareness among the people related to their food brands. Nestle also have strong relationship with other brands such as coca cola, Colgate etc. The strength of a brand can be determine using various ways which are mention below:
- The company has strong relationship with its suppliers as well as retailers. The channel of distribution of a company is so strong that help to develop new product and determine the actual need of their customer's (Du Preez, Bendixen and Abratt, 2017). A good channel of distribution will help to maintain good and long term relationship with their customers as well as dealers/ suppliers.
- Nestle have large research and development center where almost more than 5000 peoples are involved as to operate more new brands and products. At globally level 21 research center are evolved.
- The company always make sure to satisfy the need and demand of their customers, as it has more than 8000 brands in all over the world with variety of offers such as soup, breakfast, cereals etc. among all category, coffee is one of the most likely and popular products of the users (Borkovsky and et.al., 2017).
- The market share of a company is quite large and strong. Even the company owns one of the best and trust able brands.
- The company have diversified product portfolio, even the company penetrate urban as well as rural market in order to know its leverages. There are many products which help to raise the brand awareness of the company in market so that products are visible for the customers as well as in market too.
The company also have many weaknesses which sometime affect its brand image and those weaknesses are mention below:
- Sometime Nestle did not accept sudden change in the behavior of their consumer which lead to affect the image of a firm.
- Product like carnation milk are so old fashion and did not match with the modern lifestyle of people (Penumaka and et.al., 2017).
- Whenever a new product is offered by the company, the cost of launching the product is quite high which means that there is no used to spend extra money for this.
- The company has some legal issues that create negative image for the company such as child labor and baby formula boycott etc.
There are various suggestion which can be used by Nestle in order to convert those weaknesses into strength and this are mention below:
- By analysis the market trend and understanding the consumer need, the company can easily determine the behavior of their consumers which help to innovate new products as per their need.
- By using multi brand strategy, Nestle also improve their weakness and introduce the products in the market share. As per using current available resources and opportunities, the company can easily meet the desired need of their customers.
- The brand under the Nestle is wonder ball is mostly preferred by the customers while other products are mostly used at the time of festive season only. Using different style of packaging also help to attract more new number of customers (Recommendation for the weaknessess of Nestle, 2018).
- There is a need to improve the brand image in market by using new promotional activities or schemes and also improve the quality that help to increase its market share.
- There is no need to spend extra at the time of promotional activities because using traditional as well as modern method is quite sufficient to attract more number of customers.
- Nestle also did not use or present brand ambassador things in order to make itself best, but the company should use these things because people changes their buying power and if the company did not want to switch their customers to another one there is a need to present itself best in a market.
- As the organization provide best means of products to their customers at affordable price which help to maintain good market image in a market.
Recently, the company introduces many products in order to attract more number of customers. It mostly adds new flavored of chocolates, forms, added different types of ingredients and different & attractive packaging styles in their products (Heding, Knudtzen and Bjerre, 2015). There are two methods which are used by the Nestle for collaboratively and in partnership of domestic as well as global level. Line expansion is a term that is used as a expansion of the existing products and the company mostly uses this. This strategy is mainly used only when the company wants to introduce new item in same category of products under the same brand. In order to expand its brand in all over the world, company uses many strategies of brand extension which are mention below:
- Product Line Extension Strategy: this strategy is considered at the time of add new product name in their existing category. Nestle also wants to introduce its new brand such as Nestle Wonder balls which will come under the category of chocolates. Company try to do so many changes and new innovations in order to attract customers and help to increase its sales (Rosenbaum-Elliott, Percy and Pervan, 2015). Nestle wants to introduce more new product in order to collaborate itself at national as well as international level. The company mostly add new innovations and modified their existing products in its packaging style, added different ingredients with attractive colors on it.
- Multi Brand Extension strategy: Nestle uses this strategy in order to raise competition in a market. As it is impossible to reach number of people with only single brand and to maintain the variation apply multi brand strategy to relevance with the customers. Under this strategy, more than one company or brand is competing in the same product category (Solomon and et.al., 2014). Most of the company uses this strategy because this brand have different positioning in a market, it also helps to dominate others and reduces many opportunities for the rivals to enter in the market or can win the share of market. For example the company have many rivals such as Unilever, Danone who also produce same products and want to occupy the market share of Nestle. But sometime this strategy is not fulfilled all the demands of a company, even it also needs more time to develop a new brand in market place.
To expand the business and create brand image in a market, it is necessary to use different strategies. Multi brand strategy is one of the best method that is used by the Nestle because it actually offers variety of product in order to satisfy the need of its customers. Under this method, the company mostly uses different packaging style, designs and innovative products in order to attract their customers (Bamossy and Solomon, 2016). To improve the brand image for a company it is necessary to use its best promotional activities in order to let people understand or know about their new offering regarding the product and services but sometimes this activities may create negative impact on the business too which may harm its market value. If you are required essay writing service at an affordable budget.
P5. Evaluating various techniques used for measuring and managing brand value
Nestle offer so many products and now leading company in the world. Brand value is not just a number which relate to financial. It is a measure of several factors such as loyalty of customers, long term relationship with their customers and the capability of brand that help to attract many customers by offering new products with using the latest technologies. There are various techniques which Nestle follow to manage their brand value and some of them are as follows:
it is the most important technique used by Nestle to measure and manage its brand value. Brand valuation is the process which is used to determine the value of brand or the amount in the form of money which another party is willing to pay for it. Nestle has its own brand value in the market because it offers large amount of products to its customers with good management system (Nguyen, de Leeuw and Dullaert, 2018). Each brand can be analysis by three analysis- legal analysis, behavioral analysis and financial analysis. But there are two another method through which brand valuation can be evaluated which are mention below:
Cost based method:
According to accumulated cost method, it is sometimes difficult to calculate all the historical cost and this method dost not consider long term investment as it does not deal with flow of cash. Under cost based method, next comes replacement cost method, which consider all the expenditure and investment which are necessary to replace the brand with another one. So Nestle uses replacement cost method.
Market based method:
This method basically deal with an amount at which the company actually sell the brand. Under this method, Residual method is used by Nestle which help to calculate interest rate, variance of an asset and the time of expiry. This method is most useful by Nestle because it helps to calculate the potential value of line extension.
Brand awareness is basically dealt with the perception of customers. To measure or manage the brand value, there is a need to identify about customers knowledge related to the products that are offered. Present scenario, Nestle has good brand image in the market and there are various techniques which the company uses to evaluate its brand awareness such as using social sites or websites (Ways to know brand awareness, 2018). Nestle wants to get feedback from their customers and due to this it tries to create awareness for the ideal users which includes
- Survey: it is the best method used by Nestle which is primary source of collection and using this method the company get easily knew about their strengths and weakness. Preparing questionnaire and it should be filled by customers is the best method to identify the view points of customers.
- Web traffic: it is the method where number of visitors that come to the organized website through direct steersman-ship with the help of internet or bookmark. It is the another best indicator which company may use to create awareness among people about the offerings.
- Find great volume for the favorite brand: it the company knows its actual volume in the market then it will help to earn or create brand image in a market. Nestle must identify its great volume in a market because it will help to analyze the effectiveness of brand initiatives (Szmigin and Piacentini, 2018).
- Using social sites and get review: With the help of using websites and social sites, Nestle easily create awareness about their variety of products. Social sites are used to let people know about new product introduce in market and help to get reviews whether they like it or not.
The market share exactly show the total sales done during a particular period. To know the market share of a company, can use annual report of Nestle and it helps to identify the actual sales done during last many years (Papista and et.al., 2018). But as the company has brand image in a market but also increases its market share by product innovation, market segmentation and promotional innovation. Among them all, Nestle always try to introduce new products and which help to attract more number of customers. Promotional innovation is the method that help to promote new products in market. By comparing last year annual reports, it will help to know the exact market response for the company.
consumer attitude means the behavior of user towards their product and services. Nestle create positive attitude towards their customers because the products and services which the company offer are quite good and affordable with brand management. To maintain long term relationship with customers will help to increase the market image as well as help to increase the sales and profit (Hartmann, Apaolaza and D’Souza, 2018). If the company has positive brand equity then it helps to increase customer awareness and increases purchasing power of users. So it is necessary to know the customer attitude towards their offering. By conducting auditing and survey method the company can easily get to know actual behavior of customers, their taste regarding the offerings and lastly get feedback from them. This is the only way which help to identify the behavior of customers.
this measurement or technique help to determine the actual price of the product. Purchasing intent is also depended on the consumer buying power, their attitude only define that what they need and what they purchase. To satisfy the need of customer it is necessary to produce the product as per their need and wants (Holzmann and Schmid, 2018). To identify the purchasing intent, it is necessary to determine the purchasing behavior of customers and it can be done through raise questionnaire and by analyzing the actual purchasing power of customers, Nestle can easily check about their favorite brand among people.
Brand Equity Audit:
this is the another method which help to maintain brand in a market. The brand equity gives an idea to determine or set the price according to popularity in a market. There are various advantages of brand equity audit with respect to Nestle and this are mention below:
- With the help of financial statement an organization can easily identify the price premium and results. Brand equity of a company help in evaluating perspective regarding both product and services.
- By using brand equity audit, the company can identify the actual research objective and this objective help to exploring, tracking and extending the effectiveness of brand.
- Audit help to improve the financial performance of a company. Nestle uses brand equity audit and this also help to understand the actual behavior of customer, their taste regarding the offering (Tonchia, 2018).
- Brand equity audit help to understand the behavior of customer by which company can easily deliver required products and services to their users.
To create brand image in market it is necessary to identify all the tools and techniques for measuring and managing brand value. There are various techniques such that to identify the customer perspective regarding the products offering. It is the most important tool that help to determine the nature of customers (Grinold, 2018). Creating brand awareness among market is the another technique that help to develop a strong and enduring brand in a market. Create awareness is the most important thing because through promotional activity only, people can understand or know about new offers and products which Nestle offer. Third and most important method is audit which help to identify the actual sales and which product is most likely by their customers. Using these techniques, Nestle can easily develop brand image in a market.
Branding management plays an important role in market. To create good value and image in the market it is necessary to deal with successful brand. A successful brand only result in get trust, customer loyalty. By using proper brand management, it helps to determine and gives an outline of how brand is going to treat with its customers perspective (East and et.al., 2016). Only brand gives an outcome of your sales, in the context of Nestle, it always ensures its customers by providing the best means of product and service with high quality of brand offering. Even brand management proves that a strong brand definitely help to attract wide range of public in the industry. The customers even pay more if the company offer best brand. The efficiency of brand is directly relate to its customers that help to put the company in top among all rivals. As Nestle offer wide range of products with the best quality of brand that is why it is count one of the best leading companies in the world.
By summing up above report, it has been concluded that brand management plays an significant role in the market. Brand is a marketing tool which is used by the company in order to convey the message about their new offering in front of customers. The main aim of this report is to understand the deep meaning of brand management. It has been concluded that there are various tools and techniques that can be used by the owners as well as employees to maximizes brand value. With the help of brand equity, the company can enhance the loyalty of customers and encourages them to buy products and services with their brand. The report also concluded that brand management is the only tool that help to build high position in a market and also help to maximize sales & increases its selling power. The present report help to know the importance of branding and why it is necessary in present business practices. Further it has been concluded that there are different strategies of portfolio management, brand hierarchy and brand equity management. It also helps to evaluate the brands managed collaboratively and by conducting market research, Nestle can easily understand the needs and wants of its customers and can modify their product by using innovative ideas. The report presents different tools and techniques such as by creating brand awareness, company should continuously advertise products and make sure that customers do not forget their brand or should not switch to another one.
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