One of the main functions of Brand Management is to elevate the brand equity and positioning the brand in the market as a niche as compared to the competitors. Brand equity is an internally generated intangible asset in which its value is ultimately decided by consumers’ perception of the brand. The market dynamics are changing at a very fast pace in today’s time due to digital marketing and high usage and relevance of social media. Aaker’s Brand Equity Model. Brand Management is the function of marketing techniques to a specific product, product line, or brand. The process of Brand Management involves working on the tangible and intangible features of the brand. A strong brand presence in the market differentiates a company’s products from its competitors and creates brand affinity for a company’s products or services. Brand Management is an art of creating and sustaining the brand in the market with a thorough analysis of how the brand is perceived in the minds of the customers and the overall market. Brand equity is the price above the product’s value that consumers are willing to pay to acquire the brand. Ford, for example, has multiple auto models under the Ford brand. Brand management is the art of creating a brand and ensuring the brand is sustained throughout your business. A brand manager is tasked with managing the tangible and intangible properties of a brand. This means defining the brand, positioning the brand, and delivering the brand value constantly. A brand that has been established has to continually maintain its brand image through brand management. How to manage the Brand Assets: It provides a crucial impetus for customer engagement, handling the competition and analyzing it, and managing the overall business. The concept of Brand Asset Management is a holistic approach towards the entire brand management including the tools to preserve, manage and communicate the brand’s DNA, assets and the brand standards. A brand does not have to be tied to one product. Branding makes customers committed to your business. Brand Management has to be an important part of the organizational culture of the entire hierarchy following it in the most astute and dedicated manner at every juncture of the business. BRAND MANAGEMENT UNIT 1 Versatile Business School, Egmore, Chennai - 600 008 2. Brand Architecture. Strategic Brand Management Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity. The strategic brand management process is defined as involving four main steps: 1) Identifying and establishing brand positioning and values 2) Planning and implementing brand marketing programs 3) … An effective Brand Management lessens the risk of perceived safety along with the monetary and social risks as confidence is generated in the minds of present and prospective customers. What is Brand Audit? Brand Management can be defined as formulating an emotional and psychological connection of the company’s products and services with the customers with an agenda to gain the competitive edge in the industry by segregating the offering as compared to the contemporaries and increasing the brand loyalty amongst the customers and stakeholders. The brand managers have to create a brand differentiation and generate high levels of customer loyalty for the business to generate profits and the required success ratio. Brand management is a concept which deals with strategizing and evaluating brands in terms of brand positioning, target customers, brand perception and brand image. Brand Manager Definition The role of a Brand Manager is to develop a brand strategy for a company. It means defining the brand, positioning the brand, and delivering the brand. For example, variables such as brand image, brand personality, brand attitude, brand preference are nodes within a network that describes the sources of brand-self congruity. Brand Adaptation Examples and Challenges, Difference between Brand image and brand identity, Brand personality - Dhoni as a brand ambassador. If you don’t have profiles on social media sites, now is … Brand management is a broad term used to describe marketing strategies to maintain, improve and bring awareness to the wider value and reputation of a brand and its products over time. Your brand is a living, breathing entity … and it’s your job to help it grow and improve. Tangibl… It should be chosen very carefully as it captures the key theme of a product in an efficient and economical manner. Required fields are marked *, Copyright © 2020 Marketing91 All Rights Reserved, What is Brand Management? A strong brand differentiates your products from the competitors. Brand associations refers to a set of information nodes held in memory that form a network of associations and are linked to a key variable. The brand imagecomponent of brand management can be maintained by tangible as well as intangible aspects of the product. This tutorial introduces you to various categories of brands, their architectures, extensions, and promotions. Let’s start with the general definition of “brand management”. Seeing a gecko reminds one of GEICO Insurance which uses the reptile in most of its advertising campaigns. Brand Authenticity . In another example, the variables brand recognition and brand recall form a linked network that describes the consumer's brand awareness or brand knowledge. What is a Brand Statement? David Aaker defines brand equity as a set of assets and liabilities linked to a brand that add value to or subtract value from the product or service under that brand. Brand management is a marketing technique which focuses on improving the reputation of a brand or product. A strong brand management strategy helps to build and nurture closer relationships with its audience. Brand management is the science of crafting and sustaining a brand. Branding: Meaning, Definition and Significance of Branding! Brand equity refers to the value a company gains from a product with a recognizable and admired name when compared to a generic equivalent. For brand management, the company should maintain a good image among the customers. Product differentiation is the process of identifying and communicating the unique qualities of a brand compared to its competitors. Effective brand management increases brand awareness, measures and manages brand equity, drives initiatives that support a consistent brand message, identifies and accommodates new brand products, and effectively positions the brand in the market. Value constantly the quality brand build up customer loyalty billions of dollars december 17, 2019 by Hitesh Bhasin with! But an art of creating, developing, and delivering on the and... Advocates and what is brand Adaptation Examples and Challenges, difference between concepts. Of brands, and upholding a brand ambassador that uses techniques to increase the product ’ s not enough user. 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