MN228 Brand Management Assignment Example Maynooth University Ireland
A brand is an organization’s reputation for quality and reliability. The modern understanding of brands has developed over time in a multidisciplinary approach. This module will cover what a brand is, what it can do, and how it can create and deliver value for both organizations and consumers. Managerial implications regarding managerial decisions concerning these entities should also be considered throughout.
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In this course, there are many types of assignments given to students like individual assignments, group-based assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us.
On successful completion of the module, students should be able to:
Assignment Task 1: Comprehend how brands are linked to their organizations and what implications this has for brand management
The relationships between brands and their organizations are stronger than ever. A brand is a concept or a process of feeling and understanding that the public develops about a product. A brand does not mean the actual product, but it means how the consumer understands and feels about the products which are available on the market. Branding is one way to access the relationship between the organization and its brands from the consumers’ perspective.
According to opinion on branding strategy, brand managers are trying to create a meaningful relationship with the customers. This relationship makes the customers feel that they belong to some community or group of people, which can make their life more easier and convenient. At this point, the organization is not only selling its products but also creating an identity for them. The differences and the set of rules that separate this community from others in which consumers can also become a part.
Assignment Task 2: Understand customer-based brand equity and how it can be created, managed, and utilized
Customer-based brand equity (CBBE) is the key to understanding how brands can affect an organization. While all brand equity models share some common elements, there are also significant differences between them. The customer-based model provides a framework for thinking about brand equity, including its antecedents and consequences. It is one of the most important aspects of a successful brand. It is the value that customers assign to a brand based on their perceptions and past experiences. There are four main factors that contribute to CBBE:
- Perceived quality: This is the overall impression of a brand’s quality, including its products and services.
- Brand associations: These are the positive or negative connotations that a brand has with consumers.
- Brand loyalty: This is the degree to which customers are loyal to a particular brand.
- Perceived worth: This is the number of money customers is willing to pay for a brand’s products and services.
Managers must understand these factors to determine which aspects of a brand need strengthening from the consumer’s perspective. The company needs to understand how these factors affect not only consumers’ decisions to buy their products, but also what role they play in gaining and retaining customers.
The components of CBBE are:
- Awareness: Customers must be aware of the brand and its products.
- Attitude: Customers must have a positive attitude toward the brand and its products.
- Affect: Customers must have a favorable emotional reaction to the brand and its products.
- Behavior: Customers must use or buy the brand’s products.
Customer-based brand equity also involves customer satisfaction with, feelings towards, and attachments to a product or service. If customers are not satisfied with a product, they will be less likely to recommend it to others, which can have a negative impact on the brand.
Assignment Task 3: Discuss the role brands play in consumer self-expression and what implications this has for brand managers
In modern society, brands communicate something about the user. As a result, consumers make conscious choices when it comes to choosing which brands they will use or buy. In this way, brands contribute to a sense of identity and play an important role in self-expression. There are many different ways that people can express themselves through their choice of the brand:
- Location: Where someone lives or the area they identify with can be expressed through the brands they use.
- Lifestyle: The lifestyle a person wants to portray can be communicated through their choice of brands.
- Attitude: The attitude a person has toward life can be shown by the brands they use.
- Personality: The personality of a person can be shown by the brands they choose.
- Beliefs: The beliefs of a person can be expressed through the brands they use.
- Values: The values a person holds can be communicated through their choice of brands.
When choosing which brands to use, people want to feel like they are aligning themselves with certain values and beliefs. This is why brands and consumers have such a strong connection. Brand managers need to recognize this and attempt to create the right kind of image so that they can appeal to their target audience.
Assignment Task 4: Understand why and how consumers can form relationships with brands
Consumers can form a relationship with a brand, which involves a strong emotional connection between a person and the brand. This means that they have become so attached to the product or service that it has become part of their identity. There are many reasons why consumers might do this:
- Perceived value: If customers use a product or service regularly and find that it provides good value, they will likely form a relationship with the brand.
- Social connection: Brands can provide a sense of social connection for customers.
- Empowerment: Brands can empower customers and make them feel like they have control over their lives.
- Fun: Brands can be enjoyable to use and make people happy.
- Status: Brands can help to define a person’s status and provide people with a sense of self-worth.
Relationships with brands are strong because customers feel like they can predict how the brand will perform, remember what it has provided for them in the past, and trust that it will do so again. When consumers love and trust a product or service, they are more likely to become loyal customers. Brand managers need to be aware of this and work to create a connection with their target audience.
Assignment Task 5: Comprehend the foundations and consequences of brand communities
A brand community is an online community that is created around a brand. Customers create relationships with each other and share information about the brand, while also establishing their own norms for behavior in the community. For example, there might be specific rules regarding how to self-present within the group or behave toward other members. Brand communities are important because they give customers the chance to interact with each other and share their opinions about a brand. They can also be a resource for companies as they offer space for feedback and allow customers to form loyalty and develop an emotional connection with the brand.
The consequences of a brand community can be both good and bad for businesses. On the positive side, they can help to spread brand awareness and create customer loyalty. However, they can also lead to negative sentiment if something goes wrong. For example, if a company makes a change that customers do not like, some community members might complain about it on social media. This can result in a backlash from the online community and could hurt the company’s reputation.
Brand managers must ensure that they are aware of how brand communities operate before creating one for their own brand. They also need to be prepared to manage any negative consequences that may arise.
Assignment Task 6: Identify and explain the role certain brands can play in our modern society, how this comes about, and what consequences this has
Many brands play an important role in our modern society. They are symbols of different cultures and identities, which helps to shape how people see themselves and others around them. For example, clothing brands can help young people to express their style and personality when they wear certain clothes. Brand loyalty is common when it comes to these products with many customers only wearing certain labels that reflect their lifestyle and taste.
However, brands can also be dangerous and harmful in some cases because they advertise products that cause harm to society. For example, tobacco companies have pushed cigarettes onto the market while knowing about their negative effects on health and wellbeing. This has led to a lot of controversy surrounding the issue of tobacco advertising today.
Brands can play an important role in our society by giving people a sense of identity and helping to shape their worldview. However, they can also be harmful and dangerous when they advertise products that are not good for society. Brand managers need to be aware of this and ensure that their brands are positive ones that contribute to the common good.
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