Brand Management is an application of the marketing technique for the specific product line, or product range. It seeks to increase the product value to customer and therefore creating the brand awareness and brand equity. For marketers brand is the level of promise to the customer, which have to be delivered through product. The value of a brand is determined by the amount of profit it generates from the sale and for the manufacturer. The result is determined by the increased in sales and increased in price. This entire enhancement may improve the profitability of a brand.
According to AMA “brand is a name, term, sign, symbol, design intended to identify the goods and service of seller or group of seller to differentiate them from those of competition.
Brand equity relates to the fact that different outcomes result from the marketing of a product or service because of its brand name or some other brand element if that same product or service did not have that brand identification.
Strategic Brand Management involves design and implementation of marketing program in
MBA Institute Institute that builds the activities to build, measure and manage brand equity.
BRAND AS PROMISE:
A brand is a promise, which tells the customer that it is the name you can trust upon. Trust is a critical step and brands aim to accelerate that step by leveraging the implied promise of the brand. Most brand uses logo which act as reminder to us of a brand promise. All parts of the brand image works as a psychological trigger that cause an association.
BBA Institutes starts with understanding what brand really means. This starts with the leaders of the company who defines the brand and controls its management. It also reaches all the way down the company and especially to the people who interface with customers or who creates the product which customers use.
Brand management performed to its full extent means starting and ending the management of the whole company through the brand.
Creating the promise means defining the brand. A good brand promise is memorable and desirable. It cannot be effective if nobody remembers it, and is no good either if nobody wants it.
A promise comes from deep understanding your marketplace and your customers. It can also come from deep understanding and motivation of the people in your company.
Keeping promises means managing capabilities. It means consistent performance of delivering what is required. It means technology and system, which are reliable and usable.
INDIVIDUAL PRODUCT:
Product brands can very specific, indicating a single product, such as classic coca-cola. It can also include particular physical form.
PRODUCT RANGE:
Product brand can also be associated with range, such as Mercedes, Colgate, or any product.
SERVICE:
As companies move from manufacturing products to delivering complete solutions and intangible service, the brand is about the service.
Service brand are about what is done. “The difference between the good service and great service is that great service exceeds customer expectation and make them delight”.
Service brand need a lot more understanding than a product brand.
Hence we can say that Brand is important because people judge company by its brand and the services they are providing. Today many people uses only those product which has a quality and which yields maximum satisfaction level.
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