Analysis of Brand Management - Article Example

Analysis of Brand Management Executive Summary Brand management is a process of managing the brand in a manner that can assist in generating positive results for the organisation. The new brand that has been created for Ford Motors is Ford Nuovo. The selected brand name seems to be quite attractive and signifies something ‘new’. The slogan that the car will make use of is “Let’s experience something better” and hence connotes innovativeness. The car will be positioned as being user friendly, offering high mileage with quite low operational cost along with a reasonable price. It will prove to grab the interest of the young and stylish segment of customers’. Ford Nuovo will also make secondary brand associations by means of being one of the sponsors in London Olympics 2012. It is significant to protect the brand so that others can be prevented from duplicating the name and the symbol. Several promotional techniques such as campaigns, use of social medias, print and other medias will be used to promote the product. The brand can extend into travel goods and sporting equipments in order to increase its market share. Table of Contents 1.Introduction 3 2.Development of the New Brand 4 2.1 Brand Name 4 2.2 Logo Design 6 2.3 Slogan 6 2.4 Positioning 7 2.5 Secondary Brand Associations 10 2.6 Legal Protection of the Brand 11 3. Communicating the New World 11 3.1 Marketing Communication 13 3.2 Possibility of Brand Extension 14 4. Conclusion 16 References 17 1. Introduction Brand management can be identified as the method of administering, enhancing and upholding a brand so that the name is linked with the positive results. It needs to be mentioned in this context that brand management comprises significant components such as in-store presentation, cost, customer satisfaction and competition. Brand management is basically known to concentrate upon the marketing aspects but it also focuses directly on the brand and the way in which it can remain favourable to the customers’. It has been observed that proper brand management can assist in escalating the sales of not only one particular product but even the other products associated with the particular brand. Brand management is known to be actually triggered with the careful knowledge of the term brand. It generally means defining the brand along with positioning and delivering the brand. It can be stated that branding is supposed to be an art of creating and sustaining a brand. Branding helps to create loyal customers for the concerned business. A strong brand helps in differentiating their products from the other existing competitors. Brand management entails few definite aspects such as managing the tangible as well as intangible features of the brand (Veneziano, 2008). The objective of the discussion is to develop a new brand and structuring as well as ascertaining its brand name, logo design, slogan, positioning, secondary association and legal protection. The discussion will further aim at identifying the communication and promotion strategies. It will explain and provide an insight regarding the marketing communication strategies as well as possibility of brand extension. The discussion will also intend to offer a short summary of the overall study. 2. Development of the New Brand One of the most significant assets that can be created for a business is a powerful brand. Brands are not just logos or tag lines but they are the culmination of what kind of an organisation is it, how they are different from their other competitors and the reasons for the buyers to indulge in business with the organisation. Strong brands are likely to add value which assures the customers to create a positive linkage with the brand. The customers further demonstrate lesser degree of likeliness to purchase the products of the competitors. Development of a new brand requires the effort and support of the top level management. They are required to contribute their valuable inputs and strategies in order to develop an effective plan for the purpose of new product development. Owing to the fact that consistent introduction of new products is considered to be pertinent to the level of success of the organisations so, as a result, in the near future marketers tend to follow a definite set of procedures to bring the product into the market (Kapferer, 2012). 2.1 Brand Name It can be stated that the brand name assists to separate one product from the other similar available products. Distinct types of brand names and distinguishing benefits are believed to be associated with the product possessing a good brand name. Hence, majority of the business organisations tend to employ a great deal of time and effort in order to choose an appropriate brand name. It can be mentioned that the brand name at times gets closely linked to the product which helps the customers in easily recalling the product. However, it becomes quite difficult to alter the brand elements for the marketers (Kohli, 1995). The brand name that has been chosen for the study is Ford Nuovo. Nuovo comes from the Spanish word new. It can be observed that the brand name chosen for the study is quite attractive and hence it is likely to lure a significant number of customers’ in the market. It is quite a well known fact that the market is filled with numerous brand names. Hence, it becomes imperative to focus upon such a brand name which would appear to be distinctive. The brand name Ford Nuovo relates to a new class of cars for people belonging to different segments of the society. The name which has been selected is believed to be easily remembered by the customers. It can as well be mentioned that the brand name will be registered under the laws of trademark and copyrights of United Kingdom (UK) (Intellectual Property Office, 2012). The brand name is considered to be appropriate for the car since it intends to make the customers aware of the fact that Ford Motors is back again with its new range of cars. 2.2 Logo Design Although the factor of brand name is considered to be the central element of a particular brand, visual components are also observed to involve a major role in creating brand equity and brand awareness. Logos generally engage a long history and thus specify origin, alliance as well as ownership. Logos can be organisation names or trademarks which are written in different types to abstract designs that are not found to be related to the wordmark, corporate activities and corporate name. Few of the logos are found to be the literal representation of the brand name thereby improving the brand meaning and awareness. The logo for Ford Nuovo has been depicted below. The logo of Ford Nuovo would assist in boosting the credibility and memorability of the intended brand (Life Long Kindergarten, 2012). 2.3 Slogan Slogan can be identified as a recognition tool comprising smart phrases that is likely to function as a form of acknowledgment for the brand, organisational image, campaign theme or marketing communication image. The suitable, effective and repeated use of a slogan is perceived to become a part of the framework of a brand. A slogan which is observed to be just an endline to an advertisement is less likely to make a contribution towards the extent of success of the advertisements or the brand. It is significant for the organisation to consider the fact that the brand and the slogan are coordinated in a way so that the slogan assists in strengthening the related brand. Slogans need to be planned in way which will greatly appeal to the customers. Slogans which are included or made in the form of a jingle demonstrate a likeliness to be remembered the most (Schroeder, 2005). The slogan for the new brand that is Ford Nuovo is “Let's experience something better". This slogan implies that customers obsessed with cars will gain a chance to experience something new and will display an interest to make use of the car by taking into deliberation the advanced form of technology employed in the car. The slogan itself convinces the customers to experience the new product. The slogan indicates the organisation’s strategy to focus on imperative factors such as innovation and technology. 2.4 Positioning Brand positioning helps in establishing the target customers’ main reason to purchase the product, in preference to the other products of the competitors. It helps to ensure that all the brand related activities possess common objective and further makes certain of the fact that the functions are guided, directed as well as delivered by the brand’s reason to purchase the product. It makes attempts towards making the brand unique in comparison to the competitors. Brand positioning further strives to make sure that the product is considered to be suitable and adequate for the geographic markets as well as businesses. For the purpose of creating a different place in the market, it is significant for a brand to carefully choose a niche market and create a differential advantage for itself in the minds of the customers’. Brand positioning is one of the ways through which Ford Motors product Ford Nuovo can portray to its customers what it wants to attain for them and the meaning it holds for them. Brand positioning helps an organisation to create favourable opinions and views of the customers’. It is to be remembered in this regard that the aspect of brand positioning helps the organisation in identifying points of similarities as well as differences to ascertain the accurate brand identity and assists in the creation of a proper brand image. Brand positioning is regarded as the key of marketing strategy. A brand positioning that is strong aids to monitor the marketing strategies by illustrating the brand details, the exceptionality of the brand and its resemblance with the competitive brands (Sujan & Bettman, 1989). It can be mentioned with reference to the above context that Ford Nuovo will be positioned as a car which will be easy to drive, offer high mileage with low operational cost as well as low price. Ford Nuovo is a hybrid as well as an electric car whose demand is likely to multiply in five years from now. It is because of the rise in the demand for hybrid as well as electric cars, majority of the global car manufacturers are endeavouring to enter this market and thus provide a tough competition to the existing car manufacturers. This has triggered each of the manufacturers to position their cars in an enhanced manner in comparison to the rest. This is supposed to be possibly attained by improving the product, offering several versions of the product and by offering better financial options. The target segment for Ford Nuovo will be the environmentally conscious customers’ preferring economic and safe small cars. One of the most significant benefits that the customers’ are believed to obtain form Ford Nuovo is enhanced power as well as fuel efficiency. The car will perform better on city roads and will possess spacious interiors as well as increased headroom. The car can be positioned as an economically cheap and environmental friendly car. The car will serve as a style icon for the youths thereby offering comfort, power as well as luxury in a small and single package. 2.5 Secondary Brand Associations Secondary brand associations are supposed to be executed in an attempt to generate awareness, attain meaningfulness among the customers’ and hence create different brand images. It facilitates a brand to create a positive influence on its equity, widen the meaning of the brand and offer revenue opportunities to the organisation by associating the intended brand with the place, people, thing or another brand. The aspect of secondary brand association links the brand to sources such as the organisation itself. It may as well associate the brand to countries or other geographic regions, channels of distribution, characters, representatives, sporting or artistic events or few other third party sources (Norwegian Business School, 2012). Ford Nuovo can successfully leverage secondary brand association through sporting events. The organisation is likely to act as a sponsor in the London 2012 Olympics. The gold medallists in the car racing events will be rewarded with Ford Nuovo. The car will make use of an eminent Hollywood personality in order to endorse the brand in the market. By associating a human character with the new brand, the organisation would be provided with an opportunity of communicating regarding the potential benefits of the brand to the customers’. Brand personality assists in creating a strong brand, a loyal customer base and helps in fighting competition. 2.6 Legal Protection of the Brand Creation of a strong brand is considered to be quite essential for the success of any organisation. Along with it, protection of the brand is also measured to be equally significant. However, majority of the firms fail to pay sufficient attention towards the first step in securing their brand i.e. trademarks. Trademark relates to any specific sign which can be represented graphically and is capable of differentiating the goods as well as services of a particular organisation with the others. Trademarks can exist in the form of words, designs, letters, numerals, colours, sounds and shapes. It is quite significant to register the trademark as it places the organisation in an advantageous and secured position to prevent the other organisations or individuals from using the same or similar mark for the competing products. From the perspective of branding, the organisations are learnt to be capable of trade marking the following assets such as logos, names, taglines as well as packaging. However, it is to be remembered in this respect that these assets can be easily trademarked if they are considered to be competent of meeting certain criteria. Any word or phrase that is commonly used or is linked with another product or service in the same industry cannot be trademarked. In the context of Ford Nuovo, the logo of the organisation, the brand name as well as the tag line of the car needs to be trademarked and hence protected from being used by the other competitors (Florek & Insch, 2008). 3. Communicating the New World Advertisements can be identified as a positive representation of the product in order to make the customers’ as well as the general public aware of the product of the organisation. Advertising can be connoted as a paid form of non-personnel but encouraging and favourable presentation of the goods as well as services to a group of identified sponsors. Advertising is generally regarded as the introduction of the goods along with the services to the intended customers and the general public. A great deal of time and capital needs to be engaged for the purpose of advertising in order to communicate with the public regarding the product. Good advertisements assist in boosting the sales of the product. Furthermore, advertising not only offers a proper awareness regarding the brand but it also aims at offering a proper and appropriate introduction of the organisation as well. The well-matched product communication strategies are considered to be the one which aids in enhancing the likelihood of the organisation’s message in reaching out to the targeted customers’ and thus leading to greater sales. It is significant to decide the target market for the function of product communication. The customers’ needs to be segregated into segments such as new customers mature customers, potential customers as well as star customers. Hence, the communication strategies need to be designed accordingly for each segment of the customers’ (Bruch, 2006). In order to spread awareness among the public regarding Ford Nuovo, the organisation will be required to undertake several initiatives before and after launching the product. Prior to the launch of the product, Ford Motors can arrange for road shows and campaigns through which the interested customers’ will be able to test drive the car. Furthermore, through various campaigns the organisation will publicly disclose the essential features of the brand. The car will be placed in few mega events where it will be presented to the winner of the event. The brand will also participate in various sponsorships which can prove to be a viable option for the organisation to promote their product. 3.1 Marketing Communication Business houses tend to make use of numerous marketing communications in order to promote the organisation along with their products as well as services. The communication-based marketing model offers the desired kind of direction to the organisations wanting to focus their efforts in a better manner for attaining, acquiring and developing relationship with the customers’ along with other stakeholders. The marketing communication approach intends to emphasise upon two-way communication by means of carefully listening to the customers’ and also stresses on the notion that communication is competent of building or destroying brand relationships. Ford Nuovo will make use of the integrated marketing communication strategies in order to build and maintain brand awareness. For the purpose of reaching out to the internet savvy car buyers, Ford Nuovo will employ the top directors of big organisations to prepare short films which can be viewed via social media sites such as You Tube. The sales promotion efforts of the organisation will comprise samples in the form of extended test drives along with participation in numerous automotive trade shows. The slogan i.e. “Let’s experience something better” is planned for Ford Nuovo’s marketing communication since it is expected to resonate with the target audience and hence would differentiate the brand with the other premium competitors (John Stock Myer, 2012). Facebook and Twitter are considered to be amongst the most used social media sites by the business houses and hence it is imperative for Ford Nuovo to make use of these sites. The organisation can post videos and images of the new car in the social media sites. Furthermore, they can even use the medium of YouTube where the organisation can post short videos of the brand. Social media can be considered as an effective tool in order to attain customers’ feedback. Customers’ feedback would help the organisation to formulate their strategies accordingly and enhance the features of the product. Ford Nuovo will be capable of attaining customer feedback regarding the car and hence it will be capable of identifying the necessary changes that needs to be made in the product. 3.2 Possibility of Brand Extension Brand extension is learnt to be initiated when an established brand name is utilised for introducing new product categories. The brand extension perspective is found to trigger two radical alterations. Firstly, it maintains that a brand is a single as well as long-lasting promise and this assurance can also be expressed in different products. Secondly, it makes it necessary for the organisation to redefine the past brand benefits by nesting it in an elevated order value. Brand extension is generally considered to be an emotional topic since it is marked to be the initial occasion on which the identity of the brand is redefined and when all the unwritten assumptions regarding the brand within the organisation are questioned. Ford Nuovo can extend into travel goods such as travel bags as well as luggage sets. The organisation can as well focus upon lifestyle products such as home goods, sporting equipments, apparel as well as collectibles along with other tools which would offer ultimate solution to the customers’ (American Marketing Association, 2012). 4. Conclusion Brand management is recognised to be quite a significant aspect for any organisation. It is imperative for the organisations to prepare strategies in order to manage the brand in a way that can assist in improving the image of the brand as well as the organisation. The organisations need to take into deliberation each component of the brand such as logo, brand name and slogan among others. Ford Nuovo requires attracting significant number of customers’ by means of proper promotional strategies. It will assist them in boosting the revenues of the organisation. References American Marketing Association, 2012. Brand Extension. Introduction. 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