The theoretical frameworks underpinning nature of brands.
This is a paper that is focusing on the theoretical frameworks underpinning nature of brands. The paper also provides a brief discussion of the topic in discussion of the assignment paper.
The theoretical frameworks underpinning nature of brands
Assessment Brief
Learning Outcomes
LO1 Firstly, appraise different theoretical frameworks underpinning the complex nature of brands and the practice of brand management.
LO4 Secondly, evaluate the key success factors and potential pitfalls of brand equity. Also, recommend different strategic options to improve brand performance and its social responsibility commitments.
Assessment Task
You are strategist who is working for a consultancy firm, based in the City of London, and have been asked to conduct a strategic audit on Mulberry, reviewing its branding and business strategies to propose alternative strategies to develop the performance of the brand.
Focus on in-depth analysis of Mulberry and Luxury Market
Draw Opinions and conclusions
The theoretical frameworks underpinning nature of brands
So, what is a Strategic Audit? An important part of business strategy is with ensuring that its resources and competencies are understood and also in an evaluation. This process is a “Strategic Audit”. It involves assessing the actual direction of a business and comparing that course to what is to succeed in a changing environment. A brand’s direction is the sum of what it does and does not do, how well the organisation is internally aligning to support the strategy. Additionally, how viable the strategy is when comparing to external market, competitors and financial realities.
These two categories, the internal assessment and the external or environmental assessment, form the major elements of a “Strategic Audit” which is a deep assessment of the brand’s equity.
In a strategic Audit, a detailed brand equity is a produce together with a critical discussion of how the brand has generated value through its investments, while assessing the resulting performance over the years.
The strategic Audit consists of four steps:
1- Provide an Analysis of the external and Internal environment
2- Identify the main issues facing the business
3- Identify and Evaluate the Strategic Options
4- Lastly, recommend Strategies to improve, identify any potential risks, and suggest possible ways of avoiding or reducing their effects.
The theoretical frameworks underpinning nature of brands
