Improvising And Enhancing Brand Name

TASK 1

1. Brand equity and various stages of building a successful brand.

Every company wants to increase its sales revenue by attracting more customers. This will only be possible from the popularity of its brand in the target market area so that it can achieve desired objectives and aims.

Brand equity refers to the value premium that an organisation can generate from sale of its products and services with a unique special name. The unique marketing term that is used to get desired success is brand equity.

Various steps for building a brand: Every organisation's requirement is that its brand equity is increase more and more. To create a successful brand, the process is outshines play an essential role to make brand loyalty (Buil, Catalán and Martínez, 2016). In addition to this, in the process of building the perfect brand image, the marketing department play an essential role. In this context, there is a special process for building a brand that should be followed by every firm or organisation:

• Understand the target audience. It is the first step to building a unique brand that should fix a place in minds of target customers. The marketing department must have a target market for communication. It will help to identify maximum target audience for selling company's products and services as well as create a brand. Every marketer must know about it and tailor the organization's mission to meet their needs in the right way.
• Identify brand mission: In the process of building best brand, the second step is identifying the brand mission. In this context, each marketing department should define the values that are needed to be incorporated with the target customers (Burmann et al., 2017). There is the need to articulate the organisational mission across several channels so that this will be able to set a path for communication.
• Research competition: The third element is research competition and it should analyse the brand competition and also find out more methods for offering to the organization's target clients. To build the right brand, it should be focused on revolve around to make the products and services much better.
• Build value propositions. Marketing department always give their focus on the brand value and its uniqueness. They should know about the propositions to set their business apart the market competition (Dinnie, 2015). In present days, consumers are intersecting with several brands so it is needed to communicate them to stand in the target market.
• Determine brand guidelines: The brand guide lines refers as setting the special rules for the business activities that interact with the target customers. It is utilised in maintaining consistency across various market segments and it also makes the organisation more recognisable.
• Build a brand. This is the final step in this process. In this step, marketing department should create or make a definite marketing strategy to build a brand of that particular organisation.

2. Strategies for strengthening brand equity and brand extension.

Brand image plays an essential role in the expansion of business and increased turnover. There is a company called Nestle; the company utilizes various strategies and techniques for creating and maintaining its brand name (Du Preez and Bendixen, 2015). There are some points for making brand strategy that are discussed as below:

Successful strategy for strengthening brand equity: The concept of brand equity is an essential element for NESTLE and it considers this element carefully. There are many strategies to strengthen the brand equity and use them to develop strong brand image. It will make sure by the marketing department of this company that they occupy a positive image in consumer's minds, and it will help to the growth of business activities. In this context, firstly, the marketing department of this company makes quality products, analyses competition, listens to its customers and maintains the brand image to strengthen the brand equity.

Brand extension is a special term that is used to establish a special brand name for new products and service category (Ertimur and Coskuner-Balli, 2015). A successful brand name helps the company in launch a new product. It creates adaptability and feedback benefits.

Reinforcing and revitalizing brands or overcoming a brand crisis Brand reinforcement refers to maintaining brand equity in the right way. In addition to this, customers have all knowledge about the brand structure; it helps to make the brand famous, and it is also useful towards the increased turnover. In the NESTLE, there is a brand need to revive their fortune by returning to their roots. The brand revitalization is the process of adoption of situational technique when the company's product reaches the high level of maturity stage in the product life cycle.

Read more: Managing Customer Experience

3. The importance of branding as a marketing tool.

Branding is an essential tool for marketing in this organisation. It refers to the consumer experience and perception with the brand. A company can raise its brand equity by using various techniques like recognition, awareness, preferences, trial and many more things.

The importance of branding as a marketing tool Branding is a special marketing method in which the target customer perceives the brand and products of company (Heding, Knudtzen and Bjerre, 2015). major importance of branding is as follows:

Brand set the competition: In the present days, there is a highly competitive market for every brand and it is difficult to stand as a strong brand equity. Most of the people adhere to familiarity with brands, and it will encourage for making and developing new products.

• Branding sets expectations— A consistent and strong brand will allow the clients to understand more about the business activities and the organization will set its expectations.
• Promoting recognition: In every business, if the branding is effective, it promotes recognition. It is easy to recognise because brand consistency is done in the market.
• Branding generates referrals: branding is an essential tool used in branding and it creates viral traffic and referrals. People use the brands by various ways, like listening, watching the brand in TV or other mediums, and they promote themselves.
• A strong brand adds value - A successful and big brand will add value of business. It is helpful for the growth of business.

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TASK 2

1. NESTLE's brand portfolio strategy.

The brand portfolio strategy refers as the one of most complicated and difficult challenge that are faces in present days by the marketers of the NESTLE company. A brand portfolio should be considered in the decision of brand strategy (Jugenheimer, Sheehan and Kelley, 2015). Although different organizations introduce more and more brands to sustain with changing customer preferences, it is also important in order to achieve competitive advantages in the target market. In this context, the NESTLE company has operated its business for last 150 years and have built a successful brand portfolio. It anticipates and understands the consumer needs and further adapt to succeed in the target market. There are many strategies that should follow by this organisation for brand portfolio, these are as follows :

• Increasing efficiency: The management team of NESTLE is committed to setting the margin expansion. They set the trading gross profit margin target of 16 % in 2016. This will increase by the company up to 18.5% in 2020. They are optimising their manufacturing footprints with increasing efficiency in whole operations.
• Take consumer perceptive: Decisions taken by the management should not include the review of financial and board room opinions. It is achieved by the conduct of consumer and market research (Jugenheimer, Sheehan and Kelley, 2015). In this process, qualitative and quantitative methods are used in building brand portfolio strategy.
• Build own nutrition, wellness and health strategy. In this strategy, NESTLE built its own nutritions, health and wellness techniques. The founder of this company believes that good nutrition is a key to success of healthy life.

2. Illustration of hierarchy management of NESTLE within organizational portfolio.

NESTLE is a Swiss international and health-related consumer goods organization. Its headquarter are situated at Heavey, Switzerland. The organizational chart of a company is typically demonstrating a technique that is dealings in between the organization and its customers (Bieger and Sonderegger, 2017). In these dealings, it includes various directors, management teams, managers, employees and many more. The organization chart of hierarchy management grows excessively big; it can be divided into smaller graph for separate departments within the organization.

3. Different strategies used in managing the brand equity.This is a decentralized organization that is organised harmonizing to the hierarchy construction. The NESTLE is a decentralized organization that licenses to its subordinates separately to bask in a proportionally huge level of dependency (Buil, Catalán and Martínez, 2016). It is the responsibility for operating determinations that is forced down to local products. In the NESTLES's organisation construction, it is a Complex system that comprises a big figure of entities that display a top level of degree of non linear interactivity. There are many departments in this company and all units and divisions share Nestle's vision so that every employee of this organisation working around the world understands the direction to take and use common tools, common values and strategies.

Brand equity demonstrates the image and goodwill of the company. In the brand equity, there are two components, quantitative and qualitative. Both elements have been of interest to academicians (Burmann et al., 2017). Brand equity is a special value of tangible and intangible value of a brand driven by its perception. A brand with low recognition levels does not necessarily lower brand equity. The rule of successful brand equity administration starts with a perfect sense of understanding of the brand's standings in the minds and hearts of the consumer. In this context, there are some strategies that are used for the management of brand equity, which are as follows:

• Awareness: In the specific organisational market, the brand may offer a technique for gaining competitive advantages, and it addresses the unmet requirements. It is a situation where unless marketing research shows strong sales projections (Dinnie, 2015). In the traditional means of promotion and advertising, the brand managers should conclude content marketing and social media.
• Communication is a special strategy for achieving brand equity in the right manner. A company makes sure about its professional communication and accurate services with the help of proper market communication. It attracts the financiers, cross-functional groups, resolves legal issues, and attracts more customers.
• Reputation: It is a common strategy that is followed by every organisation. In present days, the whole economy is based on the internet, and the reputation can be built or finished in minutes on the internet (Du Preez and Bendixen, 2015). There are many factors that can influence an organization's goodwill and image. So for this reason, a company should create and maintain its reputation for making brand equity.
• Value: A brand becomes successful by managing relationships with profitable customers. This relationship is maintained by serving better satisfaction. Brands with more highly perceived value by better margins command premium pricing and wider distribution.
• Collaboration: a strong brand equity relies on teamwork strategies and productive collaboration. The online collaboration techniques make it possible to create brand equity for people across the world to come together effectively and quickly in real time to create marketing collateral, develop products, resolve technical questions, conduct financial activities, and resolve legal problems.
• Ethical and legal decision-making: In every company, there are some ethical and legal decisions taken by their management team in order to make better brand equity. This is also a useful technique (Ertimur and Coskuner-Balli, 2015). Clients and other stakeholder groups may call for lawmakers to regulate and legislate the unethical behavior, so for this reason it is a fundamental aspect of brand equity.

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TASK 3

1. Strength of brand.

In the NESTLE company, there are many brands and different products for attracting new customers. Some brands are cookie dough, Maggie noodles, baby food and milk products, etc. In this context, there is a brand Maggie noodles. It is too usable by its consumers and this is very much like by the people across the world (Heding, Knudtzen and Bjerre, 2015). It is iconic brand on a mission to champion the goodness of home cooking and become familiar with more people. It is an instant noodles food made in a few minutes and eaten around the world. The major strengths of this brand, Maggie, is as follows:

• Maggie is a leader in noodles market with high brand loyalty.
• It is a good product and liked by many people.
• It provides several varieties and flavours.
• It offers multi purpose products for the cooking method to engage women's, such as Maggie oyster sauce, Maggie cubes, Maggie liquid for chicken shares, and chili sauce; all such products are popular in each market (Jugenheimer, Sheehan and Kelley, 2015).
• Its advertising technique is excellent, that makes it in the minds of many people.
• It is easy to cook in some minutes and ready-to-eat noodles.
• Maggie is extremely popular among young people, students, and among those people who live outside the home.
• It has a vast distribution channel that helps in making product availability in different market segments.
• This type of noodles has its own range, which is easily available in every area.
• Maggie has created itself a pioneer in changing the eating habits of several people.
• It has a strong parent brand of NESTLE advertisement as a strong product of this company.

2. Weaknesses that may require attention.

Maggie is the recognizable and strong brand of NESTLE, and its popularity is its biggest strength that is more effective and unique. It is a well-known brand in the whole world and available easily everywhere (Klopper, Lubbe, and Prins, 2016). Furthermore, the actual growing popularity of this brand has been related to many products, and it led to the rise of the brand Maggie.From the research house of Nestle, it is one of the most known brands and the clear leader in the prepacked food market segment. It survives worldwide through its tagline, “2 minutes of noodles," which is true still. It is possible because many people love its taste and eat it.

Its presence in the rural market is lower than in urban market segments. Although it is a popular product of the Nestle company, there are some weaknesses in this brand that should be acknowledged by the management of this company. Some of these weaknesses are as under:

• In its flavor, there are many typed and artificial flavors that are not good for children and elderly people (Lane and Andersen, 2015).
• Many health issues are generated by media that cause a decrease in its popularity.
• It has its own variety of noodles and has a local taste for outsiders and foreigners.
• The general taste of Maggie is not easily available.
• There are many controversies related to its products that Maggie found unsafe to eat, and it caused too much damage to its brand image in its target market (Pappu and Christodoulides, 2017).
• There is intense competition that refers to limited market share and effect on growth.
• Its products are dependent on each other.

3. Partnerships and collaborative agreements.

In the NESTLE company, there are many brands in which Maggie is also the best brand for revenue generation and growth. Maggie has many collaboration agreements with several companies as well as brands. NESTLE company has collaborated with the Paytm Mall and Google to make new promotional schemes for the launch of several new variants of Maggie noodles (Rauschnabel et al., 2016). It is inspired by the local cuisine, and the Maggie Masalas will provide a distinctive level of local taste with spices and signature herbs. The main aim of this collaboration is to create excitement and anticipation all around the new products and flavours. This new idea to associate with Google allows users to key in 'MERI MAGGI' in the search bar and be given eight different options.

NESTLE also signed a partnership agreement and took a 60% share in the Yinlu Foods Group, a Chinese food and beverage company. The chairman of this Chinese company will continue to lead this organisation with the new partnership. This agreement is based on an existing and successful partnership contract between two companies (Renton et al., 2015). This is run thoroughly and make growth. So for this reason, it is a better agreement and profitable for this company in its target market. This partnership agreement shows a very essential landmark in Yinlu's long-standing ambition to be a relevant and popular brand for clients. Yinlu's products refer to Chinese public health habits and tastes and are a are a full complement to NESTLE's Maggie existing product portfolio in China, which concludes cookery products, confectionery, bottled water, coffee, milk powder, and other products for the food and service industry.

The NESTLE also made a collaboration force with Amazon to expand its reach of services and products and start a new range of Maggie noodles. The members of Amazon Prime will receive a 33% trade discount on the new range of Maggie, and they are also a part of the agreement when the customers pay through Amazon Pay and get a 25% cashback offer (Renton et al., 2017). Maggie Nutritious is in line with our merely great initiative to render tastier and better choices to their clients. Customers also have the chance to take part in an Amazon app-only Maggie quiz contest where they can win many cash prizes.

TASK 4

1. Evaluation of several techniques used for managing and measuring.

• Brand Value: In recent decades, the branding has emerged with the corporate technique used by the marketers for expansion of their business activities. All businesses and organisations have emerged their individuality through their branding (Rosenbaum-Elliott, Percy, and Pervan, 2015). So for this reason, branding is also a special marketing strategy. Brand value is the financial worth of the company. In an organisation, for determining the brand value, first identify the requirement of the company's market worth in the market. There are many techniques used in the managing and measuring of the NESTLE. Its marketers have realized that the increasing quality of brand value has begun to nurture cultivate value and brand goodwill through various brand spokespeople. Most people use luxury brands in their living standards. These brands are locally and globally well known by the sports and actors as brand ambassadors. Existent brand power is also used for the continuous modification and product qualities. All the decisions and techniques, as well as routine organisation's decisions at all departments, are directed towards promotion of and transformation of the NESTLE brand (Solomon et al., 2014). The entire business believes in the brand, and all business systems are driven to create the brand value and deliver superior client experiences through the brand.
• Brand awareness refers to the profitability of the organisation because the customers are more familiar with the availability and life of the product. It is a level on which the customers are precisely associated with the brand and the specific product. It is measured as the real ratio of small markets that have detailed knowledge of brands (Zhang, 2015). It expressed a fixed percentage of its target market segment and its primary objective of promotion in the previous month of product and service introduction. Brand awareness is used to promote the organisational products, and it can build the business's goodwill and reputation. In the market, if there is higher awareness of a special brand, it leads to better sales revenue and expands the business activities (Klopper, Lubbe, and Prins, 2016). Awareness creates a favourable impression, and it will encourage the customers to purchase more products from that particular organisation. The major advantages of the awareness of the brand are that the retailer has been capable of connecting more new customers, which will increase the organisational profit.
• Market Share: The market share refers to the percentage of purchases of different products and services by the customers out of the total purchases. Market share can be defined as volume or value. Value states to the market share that it is based on the total share of an organisation out of target market segment sales, and volumes refer to the real numbers of units that a business entity sells out of total products sold in the market (Lane and Andersen, 2015). In this context, the researcher and investors monitor the process of increasing and decreasing the market share carefully and use such data with the competitiveness. To find out the market share of a particular company, there is a formula:

Market share = organizational profit in particular time / relevant market's sales revenue in that particular time.

The market share measures the relevant customer's preferences for a particular service or product. A company's higher market share usually refers to the huge sales revenue, lesser effort to sell more, and a strong obstacle to entry for other competitors. Increases in market share can allow the organisation to reach a large scale with its productions and operations to improve profitability.

• Consumer Attitudes: This refers to a better feeling by use of various products and services. It is a special feeling about or belief about the object or products. In this context, there are three elements: affective, cognitive, and concerning information (Pappu and Christodoulides, 2017). On the other side, the attitudes consist of the feelings, beliefs, intentions, and behaviours for a particular thing; usually, this thing denotes the services and products. It is more defined as the behaviour of customer's in order to choose their favourite product of a company or brand. In this context, consumers are single people with likes and dislikes in their attitude. When the power of people in a separate group feels one way or another about a service, entity, place, product, person, or thing, it can say that it is a generalized consumer attitude that may affect the marketing of that group, product, or entity in positive or negative ways.
• Purchasing Intent: It is a simple measurement to understand the likelihood of a particular person's purchasing capabilities. This is an incredibly powerful statistic, as it allows the marketers to target those people who are already in the market for selling their products and services (Rauschnabel et al., 2016). It is a complicated statistic to formulate the working ability with minimum data. Using various research methodologies, the marketers find more suitable data about purchase intent. There is one of the most powerful methods of determining purchasing intent: digital marketing. There is a good example for this topic, which is when customers add the word ‘best' as the main keyword in their choice. This is an important time to display an organisational advertisement because it will make brand recognition with a soon-to-be buyer.

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CONCLUSION

Every company wants that its brand name become famous and well known in order to achieve competitive advantages in the target market. The marketers make and follow different types of strategies and techniques to make more sales revenue and maintain the goodwill of that particular organization. In this report, branding, brand equity, and various strategies are described in the context of the Nestle company. Further, the organisational structure and hierarchy management of this organization were discussed. Lastly, it covered various terms that are brand awareness, value, market share, consumer attitudes, and purchasi

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