Brand Management

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Contents

Introduction3

Discussion3

Brand and Brand Management3

Brand Positioning4

Brand Image4

Brand Equity4

Product5

Promotion6

Price6

Place6

Brand Equity as an Intangible Resource6

Protecting Brand Equity7

Conclusion9

References10

Brand Management

Introduction

A brand is a group of attributes that are available to the customer when he buys a certain product. These attributes are not always tangible. They can be emotional, psychological and cognitive too. An effective brand management strategy entails managing all aspects of the marketing mix to create a unique experience in the minds of the customer that works to the benefit of the company in the short term as well as long term.

Discussion

Brand and Brand Management

We define a Brand as a collection of characteristics attributed to a brand. A brand includes a name, a logo, an identifying color, symbol or a stated or unstated promise of performance. Brand Management is the management of the tangible and intangible features of the brand that include the product, its packaging, its price etc. (Wood, L., 2000).

Branding is the mix of all marketing tools that combine to create a lasting image in the minds of the customer. The aim of good branding is to create customer loyalty, encourage repeat purchases and enforce connectivity with the customer and to convey the message of the brand clearly (Wood, L., 2000). A well managed brand minimizes the risk in the minds of the customers (www.managementstudyguide.com, 2012).A brand is now understood as a bundle of utility or psychological value available to the consumer on buying the brand. (Sarkar, Singh, 2005). It is important to look at the various concepts of branding before analyzing the impact of marketing mix elements on Brand Equity.

Brand Positioning

Brand positioning is the placement of a brand in comparison to other products, customers buying preferences and the overall experience of a customer with that particular brand (Burmann, Zeplin, 2005).'Brand Positioning' means creating a unique image in the customer's mind. To be able create everlasting brands, a company must carve out a unique position in the customer's mind; a position that considers the company's strengths and weaknesses, its competitors strengths and weaknesses and a well defined differentiation too. Positioning is essentially where you see your brand to be working (Burmann, Zeplin, 2005). It may not necessarily be the best, the most expensive or the most effective. Two critical dimensions of positioning a brand are differentiation and value which should be achieved by differentiation in the prospects mind.

Brand Image

There has to be a strong connection between a brand and the promise it makes to its customers. If the promise made in its advertising campaign is not is not consistent with the customer's brand experience, he will be disappointed by the brand experience. In the long term, this means that the brand image will be diluted (Sarkar, Singh, 2005).

Today, brand conceptualization has gone much beyond the limits of the physical aspect of the product. It is now associated with having a functional, expressive as well as a physical dimension. Each of these characteristics strikes a chord with the customer. Giving a brand a personality which is consistent with ...