brand management concepts

The messaging statements of the brand comprise of the mission statement, vision statement, and corporate guidelines. Strategic Brand Management Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity. The theory of brand loyalty explains the relationship of customers' psychology with the brand of a company. Brand Management - Meaning and Important Concepts The aim of branding is to convey brand message vividly, create customer loyalty, persuade the buyer for the product, and establish an emotional connectivity with the customers. Employees who stay longer and work harder. Ranga Marketing Concepts has helped small and large businesses create their brand presence and achieve their goals. Brand identity describes what the brand is all about, what its inherent features are and how it is different from other competing brands while brand image reflects the perceptions of customers about the brand. I firmly believe that the concept of brand experience captures the very essence of branding much more than analytically and cognitively oriented brand concepts such as brand equity, brand value, brand associations, brand attitudes and brand personality. Want us to review, proofread or tidy up your work to help you get more marks? Brand management is a communication function that includes analysis, planning and positioning the brand in the market. What do you want others to know and say about your products or services? By that, I mean businesses are customer-oriented, but they satisfy their needs through their product development and provide flawless features. Developing a strategy that successfully sustains or improves brand awareness, strengthens brand associations, emphasizes brand quality and utilization, is a part of brand management. TOS 7. This is achieved through brand image, brand name, service, design, guarantee, warrantee, packaging, delivery, etc. The main benefit of brand extension is to take the benefits of brand awareness and thus reducing the advertising expenditures and risk associated with new launch. How to measure brand health in new ways, that is, internally in addition to externally 5. (ii) Facilitates a more predictable income stream. Be (Yo)unique. Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. For instance, the name of a product from the house of Tata or Shaktiman adds radical value to the product. Brand management essentials, basics, and important concepts explained. The authors present a normative framework, termed brand concept management (BCM), for selecting, implementing, and controlling a brand image over time. Following are the important concepts of brand management: Understanding Brand – What is a Brand ? Brand Management- the Functional side of the Brand. services and product lines that fall under their brand resonate with current and potential customers The name adds visual and verbal dimensions in consumer’s mind and acts as intervening variable moving the value upwards. Tangibl… In simple sense, it means how a brand is seen in the market place focuses on what is unique to the brand. One of the widely used ways to measure brand equity is to determine the price premium that a brand holds over a generic product. The brand imagecomponent of brand management can be maintained by tangible as well as intangible aspects of the product. A brand's concept is used to give consistency to a brand's identity. It is based on the concept that consumers buy not only a product but also the bundle of associations such as wealth, power, sophistication, etc. Ask yourself two key questions to help determine your brand objectives: What is it that you want your brand to do for your company? It is very difficult and complex to define the factors and elements that build a great brand, the factors that distinguish a product from grandfather factors that create and drive brand loyalty. Brand equity is not always positive in value. Being the best … Management: Definitions, Concept, Objectives and Scope! Brand image is the sum total of impressions created by the brand in the consumer’s mind. Need help with a homework project? It all begins with authenticity, the key purpose, mission, vision, position, character … McElroy graduated from Harvard in 1925 and landed a position with Procter & Gamble. Prohibited Content 3. Camay soap became his focus. Considering the fundamental nature of the brand management, elements of branding are studied under following four key concepts: In retailing world, different brands vary in the power and value they command. The reason behind the growing popularity of brand equity concept is because of the fact that several marketing researchers have concluded that brands are one of the most valuable assets that a company has. This is done to attract customers. Customers who become ambassadors and advocates for the organization. Define your brand. Brand identity refers to an insider’s concept reflecting brand manager’s decisions of what he wants to communicate to its potential customers. It’d be how you introduce yourself to new friends (er, customers) and how you build a trusting relationship with them. Brand and product management is a unique course which enables you to first understand the importance of brand and product management and then use brand development, architecture and portfolios, in order to achieve success. Brand management was the brainchild of Neil McElroy, an employee of Procter & Gamble who worked on the Camay soap campaigns. Strong brand equity has following underlying benefits: Increased cash flow by increasing market share and reduced promotional expenses. Some brands are very popular and have high level of awareness in terms of name recall and recognition while others are entirely unheard by the people. Brands are unique in many ways as they are characterized by enormous amount of complexity, which results from the service attributes of the retailers as well as from the multiplicity of the brand attributes. Reports have shown that actual experience by the customer implies that trial samples are most effective than advertising during introduction stage of building a strong brand. A brand is the part of the brand identity and value preposition that is to be actively communicated to the target audience that sets it apart from the competition. This shift is the result of brand name. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. ... Journal of Brand Management 16: 234–247. Brand Management Concepts Case Solution. A brand manager needs to establish communication objectives and plan the creative execution strategy. 1. 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. It draws its brand strength from location, accessibility, personal attention philosophy, long trading hours, affordable prices and service. It is usually done through advertising with a consistent theme. Managing everything from merchandising, scheduling and event execution, our process is designed for your brand to stand out and get noticed by consumers on a daily basis. In modern terms, a … Alexander proposed that types of brand associations can be hard and soft and brand images consist of three elements: image of provider, image of product and image of user. Here some major factors are discussed that go into defining a brand position: It means what the brand delivers through features, applications and benefits to consumers: Are customers ‘expectations’ fulfilled from a brand? Branding forms customer perceptions about the product. Brand management is the process of identifying the core value of a particular brand and reflecting the core value among the targeted customers. According to this theory, the positive behavior of a customer towards a brand has three different aspects: Emotional attachment, Brand evaluation, and Behavioral aspect. Brand Management – CL vs NB (Part II) Last week we reviewed the differences between national brands (NB) and Control Label (CL) products and we answered a consumer-conundrum question: Can we get more for less? How to value and capture returns to brands across the organisation - introducing the new concept of employee-based brand equity - and how this is different from the valuation of brands as intangible assets. The image of a brand can lead brand value upwards or downwards. The Registered Agent on file for this company is Brand Management Concepts LLC and is located at 1 River Place, Suite 2812, New York, NY 10036. Copyright 10. Highlight your brand authenticity and USPs to stand out from the rest. Report a Violation, Difference between Product Branding and Retail Branding, Brand: 5 Main Elements of Brand Equity – Explained. It comprises defining a brand, positioning a brand and delivering it. Branding is a process which involves creating a specific name, logo, and an image of a particular product, service or company. facts, picture galleries, videos and more, StudyMumbai.com offers easy-to-understand learning resources for all the topics (history, geography, science, hindi, etc.) Image Guidelines 5. Analyse the nature and meaning of brand management, Compare and contrast theories on how customers develop relationships with brands and how companies develop effective brand strategies, Evaluate measures of brand equity and brand management systems, Analyse the relative effectiveness of a range of communications tools in communicating the brand essence and values to diverse audiences, Evaluate the role of integrated communications in building strong brands and brand relationships, Prepare an integrated marketing communications plan. It involves: (i) Does your brand offer what customers want? Creating a unique position in the market place involves the careful selection of target market and establishing clear differential advantages in the minds of customers. Brand Positioning: This involves determining where the brand is standing in the competitive market. Similarly, in the consumer goods industry especially FMCG and consumer electronic products category, each brand has its position in the customer’s mind and delivers high set of values than these of other competing brands. Beyond The Purpose Of Brand Purpose: It’s increasingly clear that today you have to stand for … Without brands, human beings would be like fish without water. Brand management is a concept which deals with strategizing and evaluating brands in terms of brand positioning, target customers, brand perception and brand image. Your email address will not be published. Your brand is a living, breathing entity … and it’s your job to help it grow and improve. Product concept – customers want features The product concept focuses more on the customers, rather than society. If your business was a person, your brand would be its personality. The strategic brand management process involves the design and implementation of marketing programs and activities to build, measure, and message brand equity.. Brand attributes include consistency, credibility, sustainable, relevancy and appealing. Luxury brand management courses in Mumbai, Sales Management: concepts, questions, projects. Content Filtrations 6. Brands are used in business, mar… A brand name is most often trademarks. Brand Attribute: This includes brand characteristics and its core values. Want a helping hand so that you can focus on the more important tasks or spend more time with family. (iv) Make the brand easy to remember and develop repeat usage. These associations represent what the brand stands for and imply a promise to customers from the organization members”. Brand image can be reinforced by brand communications such as packaging, customer service, promotion, advertising, word-of-mouth and so on. By providing a multi-disciplinary ... ifies the brand concept. Some brand acquires a bad reputation that results in negative brand equity. Brand Name: It is that name which is given by the manufacturer or maker of the product or a range of products. It can be described as the first thing you want to pop into your customer's head when they think of your brand. This is what we call brand management. Sales people whose jobs are easier and more effective. Article Google Scholar In case responses are highly variable, not quick, or refer to non-image attributes such as cost, it indicates weak brand image. The Brand Concept should encompass the important and crucial messages and information that the brand wishes to convey to its stakeholders that include employees, customers, vendors, sponsors, and investors. A book that superbly bridges the academic domain and enables Treasure Trove: ICSE SHORT STORIES and POEMS, How to write an essay for a STUDY ABROAD program, Academic writing tips for project, dissertation research work, Differences: Thesis, Dissertation, and Research Paper, The product represents a functional improvement on competing or substitute products, The product and/or its labeling has an attractive design, The new product is properly branded, promoted and advertised, The new product is readily available to customers in the main retail shops, A number of after-sales services are provided that make the product appealing to consumers, Brands reside in the minds of the consumer, Rooted in reality but reflecting our strangeness, Brands provide a meaning and a label to a product, Consumers must be able to perceive differences among brands in the same product category. The tangible elements include product, price, packaging, style etc. Before publishing your articles on this site, please read the following pages: 1. Disclaimer 9. As compared to financial measures of brand equity, brand extensions are more difficult to quantify. The term ‘management’ has been used in different senses. For brand management, the company should maintain a good image among the customers. Brand identity refers to an insider’s concept reflecting brand manager’s decisions of what he wants to communicate to its potential customers. Demonstrate ability to examine their understanding of the learning they have gained and how this learning has helped build both cognitive and behavioural skills. However, marketing expenses must be taken into account when using this method to measure brand equity. Or Shaktiman adds radical value to the brand needs to achieve Reliance or... Jobs are easier and more effective enables the … brand management concepts LLC is a process involves..., basics, and innovation brand imagecomponent of brand equity – explained from! A significant and differentiated presence in the minds of target customers sells itself increases... Used as a platform to launch new related products: Definitions, concept, objectives and plan the creative strategy. A significant and differentiated presence in the market place focuses on what is unique to the brand 's is. Whose jobs are easier and more effective perspectives and academic traditions standing in the competitive market is! New York Domestic Limited-Liability company filed on September 23, 2005 customers ' psychology with the brand is... Said to be strong a Violation, Difference between product branding and Retail branding, brand extensions are difficult! Has helped build both cognitive and behavioural skills what is a communication function that includes analysis planning! 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