brand management concepts

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Brand identity refers to an insider’s concept reflecting brand manager’s decisions of what he wants to communicate to its potential customers. 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. Brand management is a communication function that includes analysis, planning and positioning the brand in the market. This is what we call brand management. Strong brand equity has following underlying benefits: Increased cash flow by increasing market share and reduced promotional expenses. Critical to effective brand management is the clear definition of the brand's audience and the objectives that the brand needs to achieve. It can be described as the first thing you want to pop into your customer's head when they think of your brand. There are generally three perspectives from which brand equity can be viewed. The term ‘management’ has been used in different senses. The marketer needs to develop a good relationship with target customers to enhance brand image. TOS 7. A brand is a name, term, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer. A brand's concept is used to give consistency to a brand's identity. Sometimes it refers to the process of planning, organizing, staffing, directing, coordinating and controlling, at other times it is used to describe it as a function of managing people. However, overtime, a product’s brand identity may acquire (evolve), gaining new attributes from consumer perspective but not necessarily from the marketing communications an owner percolates to targeted consumers. Brands are used in business, mar… Want a helping hand so that you can focus on the more important tasks or spend more time with family. 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 Aaker, “Brands have equity because of their high awareness, many loyal customers, a high reputation for perceived quality, proprietary assets such as access to distribution channels or to patents or the kind of brand associations (such as personality associations). Content Guidelines 2. Define your brand. The messaging statements of the brand comprise of the mission statement, vision statement, and corporate guidelines. It should raise customer expectations about the product. Brand Management- the Functional side of the Brand. Beyond The Purpose Of Brand Purpose: It’s increasingly clear that today you have to stand for … 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. A strong brand not only sells itself but increases the consumer’s attitude strength toward the product associated with the brand. A brand concept is the general idea or abstract meaning behind a brand. A brand manager needs to establish communication objectives and plan the creative execution strategy. McElroy graduated from Harvard in 1925 and landed a position with Procter & Gamble. Content Filtrations 6. Attitude strength comes from experience with a product. Tangibl… Brand image is the sum total of impressions created by the brand in the consumer’s mind. 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. 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. 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. In case responses are highly variable, not quick, or refer to non-image attributes such as cost, it indicates weak brand image. The brand equity is an intangible asset that depends on associations made by the consumer. 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. The authors present a normative framework, termed brand concept management (BCM), for selecting, implementing, and controlling a brand image over time. Brand equity is one of the popular and widely used concepts in marketing that hardly emerged three decades before but is gaining popularity and vital place in marketing strategy. Subsequently, appropriate brand extension can enhance the core brand. By that, I mean businesses are customer-oriented, but they satisfy their needs through their product development and provide flawless features. Brand Management Concepts / Merchandising Concepts. 1. The brand imagecomponent of brand management can be maintained by tangible as well as intangible aspects of the product. 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? Brand identity needs to focus on authentic qualities – real characteristics of the value and brand promise being provided and sustained by organizational and/or production characteristics. 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. Without brands, human beings would be like fish without water. For instance, the name of a product from the house of Tata or Shaktiman adds radical value to the product. However, marketing expenses must be taken into account when using this method to measure brand equity. Considering the presence of more than 12 million kirana stores in the country, neighbourhood kirana store stands to be the strongest retail brands in India. The beginning of an execution strategy is the brand positioning statement. Copyright 10. 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. 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? Sales people whose jobs are easier and more effective. At the core of this concept is the principle of quality, performance, and innovation. Brand Attribute: This includes brand characteristics and its core values. 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. As compared to financial measures of brand equity, brand extensions are more difficult to quantify. 2. For instance, when the stock broking agent is ‘Reliance’ or coconut oil is ‘parachute’, its value moves upwards. Some brand acquires a bad reputation that results in negative brand equity. Luxury brand management courses in Mumbai, Sales Management: concepts, questions, projects. Employees who stay longer and work harder. 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. Being the best … Feb. It draws its brand strength from location, accessibility, personal attention philosophy, long trading hours, affordable prices and service. Brand Management describes the process of building, managing and improving a brand. Demonstrate ability to examine their understanding of the learning they have gained and how this learning has helped build both cognitive and behavioural skills. The strategic brand management process involves the design and implementation of marketing programs and activities to build, measure, and message brand equity.. Effective brand management enables the … 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. One of the widely used ways to measure brand equity is to determine the price premium that a brand holds over a generic product. Your email address will not be published. Brand Management Concepts LLC is a New York Domestic Limited-Liability Company filed on September 23, 2005. Looking for project help, assignment help, writing help, research help? Log in. 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. Strategic Brand Management Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity. For brand management, the company should maintain a good image among the customers. Customers who become ambassadors and advocates for the organization. Management Study Guide is ISO 9001:2015 Certified Management Courses Provider. Brand equity is not always positive in value. The name adds visual and verbal dimensions in consumer’s mind and acts as intervening variable moving the value upwards. It is comparison between your prices and competitors’ prices. (iv) Make the brand easy to remember and develop repeat usage. Be (Yo)unique. What do you want others to know and say about your products or services? Want us to review, proofread or tidy up your work to help you get more marks? facts, picture galleries, videos and more, StudyMumbai.com offers easy-to-understand learning resources for all the topics (history, geography, science, hindi, etc.) Branding is a process which involves creating a specific name, logo, and an image of a particular product, service or company. By providing a multi-disciplinary ... ifies the brand concept. Thus, brand identity refers to an insider’s concept reflecting brand manager’s decisions of what the brand is all about. According to this theory, the positive behavior of a customer towards a brand has three different aspects: Emotional attachment, Brand evaluation, and Behavioral aspect. Management: Definitions, Concept, Objectives and Scope! Product concept – customers want features The product concept focuses more on the customers, rather than society. Branding is the art and cornerstone of marketing. Brand identity refers to an insider’s concept reflecting brand manager’s decisions of what he wants to communicate to its potential customers. How to measure brand health in new ways, that is, internally in addition to externally 5. (ii) Facilitates a more predictable income stream. Report a Violation, Difference between Product Branding and Retail Branding, Brand: 5 Main Elements of Brand Equity – Explained. This shift is the result of brand name. It involves: (i) Does your brand offer what customers want? It is nothing but developing a promise to the consumer, materializing that promise, and maintaining the same for a product, a group of products, or services. ... Journal of Brand Management 16: 234–247. The image of a brand can lead brand value upwards or downwards. they're covering in school. 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. These associations represent what the brand stands for and imply a promise to customers from the organization members”. It comprises defining a brand, positioning a brand and delivering it. What is a Brand The American Marketing Association defines brands as a “name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers” 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. Prohibited Content 3. The theory of brand loyalty explains the relationship of customers' psychology with the brand of a company. 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. Brand management is an art of creating a brand and maintaining it. Brand Management “Without question, branding is a complex management area that deserves study from a variety of different perspectives and academic traditions. In modern terms, a … 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. Developing a strategy that successfully sustains or improves brand awareness, strengthens brand associations, emphasizes brand quality and utilization, is a part of brand management. Before publishing your articles on this site, please read the following pages: 1. 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. 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 tangible elements include product, price, packaging, style etc. It all begins with authenticity, the key purpose, mission, vision, position, character … For example, if consumers are willing to pay Rs.20,000 more for a branded jewellery over the same unbranded brand, this premium provides important information about the value of the brand. Privacy Policy 8. It is usually done through advertising with a consistent theme. (iii) Brand equity like an asset can be sold or leased. Article Google Scholar Plagiarism Prevention 4. Image Guidelines 5. Your brand is a living, breathing entity … and it’s your job to help it grow and improve. Brand management is a concept which deals with strategizing and evaluating brands in terms of brand positioning, target customers, brand perception and brand image. It’d be how you introduce yourself to new friends (er, customers) and how you build a trusting relationship with them. Need help with a homework project? Brand management was the brainchild of Neil McElroy, an employee of Procter & Gamble who worked on the Camay soap campaigns. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Dissolution ( Jun 29, 2011 ) and its core values ” that a brand critical to brand. Marketer needs to develop a good relationship with target customers the art and cornerstone of marketing skills! Beginning of an execution strategy managing and improving a brand more effective the! 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