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Brand Management: Importance of Brands

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Provide a brief summary of the key points raised in the attached article. How would this article be beneficial for a Brand Manager or anyone responsible for managing the brand in a company?

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https://brainmass.com/business/branding/brand-management-importance-of-brands-482912

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Here you go- please let me know if you have any questions. Good luck!

This article explains the importance of brand management in generating future sales for the company and impacting firm valuation through brand management by pointing out that brand relevance in category (BRiC) is not equally important across all categories and in all countries. This is based upon "customers' ability to assess product quality in advance" (Fischer, Volckner, Sattler, 2010) and cultural values. BRiC is a method that measures the overall role of brands in customer decision making in specific categories. This categorization is based solely on categories, not on individual brands. BRiC is a quantitative measure to explain customers' sensitivity to differences in brands. Brands help a consumer develop their self-image, and the article points out that tradition and cultural norms are factored into the role of brands as status symbols. This varies by country, based on the category, with an example given of Germans valuing cars more than the French, most likely due to a deeper ...

Solution Summary

This solution provides a brief summary of the key points raised in the attached article "How Important Are Brands? A Cross-Category, Cross-Country Study". It describes how this article would be beneficial for a Brand Manager or anyone responsible for managing the brand in a company.

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See Also This Related BrainMass Solution

Strategic plans for the Ford and Honda: Full SWOT analysis

You are to develop the fundamentals of strategic plans for the Ford Motor Company and the Honda Motor Corporation, two giants of the automobile industry. You are to develop SWOT analyses and propose strategies for the two multinational enterprises. In doing so, it will be necessary to research, analyze, and compare both firms to better understand their current position and future plans to increase competitive advantage. Common problems facing each auto giant today are the current economy; the competition of the other auto firms; and the demand for a lower cost, more ecologically friendly, alternative fuel vehicle. Your research should include the following issues for both firms:

legal, social, and economic environments
management structure
operational and financial issues
impact of potential change factors
an analysis of strategic intent
future performance projections for at least five years
social and external challenges
current manufacturing facilities and distribution systems
market demand and demographics
alternative fuels and propulsion systems

Your document must evaluate, compare and contrast Fordâ??s and Hondaâ??s current position on these issues, then respond to the following:

Take the perspective of Ford's Director of Strategic Planning to develop a full SWOT analysis of Ford, identifying and explaining at least five factors for each category (strengths, weaknesses, opportunities and threats) and propose a complete strategy (implementation, ramification and evaluation) which addresses one of Ford's weaknesses and what you would do about it.

Take the perspective of Honda's Director of Strategic Planning to develop a full SWOT analysis of Honda, identifying and explaining at least five factors for each category (strengths, weaknesses, opportunities and threats) and propose a complete strategy (implementation, ramification and evaluation) which addresses one of Honda's weaknesses and what you would do about it.

If you were Honda, propose a complete strategy (implementation, ramification and evaluation) explaining what would you do about the alternative fuel vehicle issue?

Do not propose an alternative fuel vehicle strategy for response to questions 1 or 2.

Template to be used:

MGT680_UNIT 5_IP
WRITING_FORMAT EXAMPLE

COVER - no label necessary

ABSTRACT

Provide a complete synopsis of the project, provide the methodology used, and do not forget to include the results of your findings and your recommendations for all important aspects of the assignment. Remember, all questions in an assignment are important aspects. So, give me a very brief statement about your response for each question.

INTRODUCTION

You should state the purpose of the assignment and any additional background or lead-in comments you wish to makeâ?"you may paraphrase any other pertinent background or lead-in data you found through research or personal experience.

Ford and Honda (BODY)

Compare and Contrast

Your document must evaluate, compare and contrast Ford's and Honda's current position on several of the issues listed in the assignment. Your research and analysis on these issues will identify many important factors for both firms and give you insight into their strategic efforts. Provide your Compare and Contrast of the two auto giants in essay form. Two pages, properly cited, will suffice.

Ford SWOT

Take the perspective of Ford's Director of Strategic Planning to develop a full SWOT analysis of Ford, identifying and explaining at least five factors for each category (strengths, weaknesses, opportunities and threats) and propose a complete strategy (implementation, ramification and evaluation) which addresses one of Ford's weaknesses and what you would do about it.

Provide your response . . . . and be sure to do a complete SWOT analysis of Ford and one full strategic proposal providing all three required elements - implementation, ramification and evaluation.

Strengths
Factor 1: Keyword for the factor
Provide a full essay explanation of why the factor is important and why you placed it where you have.
Factor 2 through Factor n:

Continue identifying and explaining as many important factors as you can see for a better analysisâ?"remember five factors for each category are the absolute minimum acceptable, you need to identify more factors for a thorough analysis and a better grade.

Weaknesses
Factor 1: Keyword for the factor
Provide a full essay explanation of why the factor is important and why you placed it where you have.
Continue through Factor n:

Opportunities
Factor 1: Keyword for the factor
Provide a full essay explanation of why the factor is important and why you placed it where you have.
Continue through Factor n:

Threats
Factor 1: Keyword for the factor
Provide a full essay explanation of why the factor is important and why you placed it where you have.
Continue through Factor n:

Ford STRATEGY

Do not use the alternative fuel vehicles issue as a strategy for questions 1 or 2.
Implementation . . . . . You need to show me what you know of business by identifying as many steps as possible and explaining HOW each step would help accomplish the objectives of your strategy.
Ramification . . . . . . You need to identify several sets of advantages (pros) and disadvantages (cons) which may result from following your implementation plan.
Evaluation . . . . . . You need to establish four-faceted feedback. Your mechanisms need be (1) proactive and (2) reactive so that you may assess the success or failure of your plan all the way through your implementation. You also need to identify specific (3) qualitative and (4) quantitative measures to gather with the mechanisms you established.
The SWOT analyses for either firm should reflect the SWOT and Strategy file uploaded to the Instructor Files area. The explanation, specification, and SWOT format is found in the SWOT and Strategy file (SASF).

Honda SWOT

Take the perspective of Honda's Director of Strategic Planning to develop a full SWOT analysis of Honda, identifying and explaining at least five factors for each category (strengths, weaknesses, opportunities and threats) and propose a complete strategy (implementation, ramification and evaluation) which addresses one of Honda's weaknesses and what you would do about it.

Provide your response . . . . .and be sure to do a complete SWOT analysis of Honda and one full strategic proposal providing all three required elements - implementation, ramification and evaluation - following the format above.

Strengths
Factor 1: Keyword for the factor
Provide a full essay explanation of why the factor is important and why you placed it where you have.
Factor 2 through Factor n:
Continue identifying and explaining as many important factors as you can see for a better analysisâ?"remember five factors for each category are the absolute minimum acceptable, you need to identify more factors for a thorough analysis and a better grade.

Weaknesses
Factor 1: Keyword for the factor
Provide a full essay explanation of why the factor is important and why you placed it where you have.
Continue through Factor n:

Opportunities
Factor 1: Keyword for the factor
Provide a full essay explanation of why the factor is important and why you placed it where you have.
Continue through Factor n:

Threats
Factor 1: Keyword for the factor
Provide a full essay explanation of why the factor is important and why you placed it where you have.
Continue through Factor n:

Honda STRATEGY

Do not use the alternative fuel vehicles issue as a strategy for questions 1 or 2.
Implementation . . . . . You need to show me what you know of business by identifying as many steps as possible and explaining HOW each step would help accomplish the objectives of your strategy.
Ramification . . . . . . You need to identify several sets of advantages (pros) and disadvantages (cons) which may result from following your implementation plan.
Evaluation . . . . . . You need to establish four-faceted feedback. Your mechanisms need be (1) proactive and (2) reactive so that you may assess the success or failure of your plan all the way through your implementation. You also need to identify specific (3) qualitative and (4) quantitative measures to gather with the mechanisms you established.

HONDA ALTERNATIVE FUEL VEHICLE STRATEGY

If you were Honda, propose a complete strategy explaining what would you do about alternative fuel vehicles?
Provide your response . . . . and be sure to provide a full strategic proposal providing all three required elementsâ?"implementation, ramification and evaluationâ?"following the format above.
Implementation . . . . . You need to show me what you know of business by identifying as many steps as possible and explaining HOW each step would help accomplish the objectives of your strategy.
Ramification . . . . . . You need to identify several sets of advantages (pros) and disadvantages (cons) which may result from following your implementation plan.
Evaluation . . . . . . You need to establish four-faceted feedback. Your mechanisms need be (1) proactive and (2) reactive so that you may assess the success or failure of your plan all the way through your implementation. You also need to identify specific (3) qualitative and (4) quantitative measures to gather with the mechanisms you established.

CONCLUSION AND RECOMMENDATIONS

I have found . . . . . .
I recommend . . . .
This is your assessment of the worth of the assignment for practice and academia. Tell me what you thought was beneficial and what you thought was a waste of time, and why you thought that. Any conclusions or recommendations the assignment asks you to present should be placed in the Body section of your assignment response under the appropriate question.

REFERENCE

APA full citation format is required for all sources used in preparation for your response. The text, for example, is cited:
David, Fred R. (2011). Strategic management: concepts and cases (13th ed). Upper Saddle River, NJ: Pearson Prentice-Hall.

Three additional scholarly references, other than the text and the course materials, are required for this graduate assignment response. Please read the Research and Assignments file in your Instructor File/Drop Box area to help identify viable research sources.

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