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To understand brand management in detail, first we need to understand what is brand. Brand refers to developing a promise by the company, making that promise and then finally maintaining it. This term refers to generally a trust that we have with a particular brand. Brand management refers to defining the brand, positioning the brand, and delivering the brand to its customers. Brand management is nothing physically but just an art of creating and sustaining the brand among its customers. Branding makes customers are trusting and committed to your business. It provides competitive edge to you business. Branding gives a superior image and have a hand in enhanced goodwill in the market.
Brand management includes
1. Tangible characteristics of brand - For products, the tangibles include the whole product itself, its price and packaging. In case of service brands, tangibles include the customers' experience with that service.
2. Intangible characteristics of brand - It includes the emotional connections of customers with the product / service.
Branding is assembling the various marketing mix in such an effective way that it gives identity for you product. It is nothing but capturing your customers mind to associate a particular product or service with brand name. It gives an image of a stable and large business.
Nowadays all the companies are approaching towards making their products and service a brand. The main aim of branding is to create customer loyalty, convey brand message, persuade the customers, and establish an emotional connectivity or rapport with the customers. It forms a particular customer opinion in the mind of consumers about a particular product. It also creates differentiation.
Uses of Brand management -
1. Stronger brands reduce monetary, social and safety risks in purchasing goods/services.
2. Branding helps a company to build a high market share.
3. Provides longer sustainability to brand and company.
4. A strong corporate image can be recognized through Brand management by companies.
Important concepts of brand management:
Inter firm comparison can be described as, "a management method through the use of which it is made feasible for an organization to compare its performance with that of the other units occupied in similar activity."
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