Describe Brand Management?

 

BRAND MANAGMENT

 

Definition- A function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Effective brand management enables the price of products to go up and builds loyal customers through positive brand associations and images or a strong awareness of the brand. Developing a strategic plan to maintain brand equity or gain brand value requires a comprehensive understanding of the brand, its target market and the company's overall vision.

Or

Brand management is a communication function that includes analysis and planning on how that brand is positioned in the market, which target public the brand is targeted at, and maintaining a desired reputation of the brand. Developing a good relationship with target publics is essential for brand management. Tangible elements of brand management include the product itself; look, price, the packaging, etc. The intangible elements are the experience that the consumer takes away from the brand, and also the relationship that they have with that brand.

Or

The process of maintaining, improving, and upholding a brand so that the name is associated with positive results. Brand management involves a number of important aspects such as cost, customer satisfaction, in-store presentation, and competition. Brand management is built on a marketing foundation, but focuses directly on the brand and how that brand can remain favorable to customers. Proper brand management can result in higher sales of not only one product, but on other products associated with that brand. For example, if a customer loves Pillsbury biscuits and trust the brand, he or she is more likely to try other products offered by the company such as chocolate chip cookies.

 

Brand Management Process

Brand Management Process:

• Identifying/defining your most important customers
• Understanding what motivates your customers and what could cause them to choose your brand over your competitors’ brands
• Carefully selecting a brand position that could provide your organization with marketplace advantages
• Translating that position to a strong and consistent brand identity, including:

             -  Intuitive brand architecture

             -  Strong name and icon 

             -  Tagline that succinctly reinforces brand promise

• Developing brand messaging including an elevator speech
• Educating employees about the brand promise, elevator speech and identity standards and giving them the incentives, tools and training to become effective brand champions
• Developing an integrated launch and ongoing marketing plan
• Reinforcing your brand’s promise at each point of customer contact
• Measuring the ongoing equity of the brand and making adjustments as necessary 

Brand Management Responsibilities 

• Monitor, measure and manage brand equity/strength
• Increase brand awareness, relevant differentiation, value, accessibility and emotional connection
• Develop brand plan
• Monitor progress against brand plan
• Be responsible for results against brand plan
• Drive brand understanding and support throughout the organization
• Champion/drive initiatives that support delivery of the brand promise
• Brand messaging – elevator speech, tagline, campaign themes, proof points, etc.
• Manage the brand architecture
• Maintain brand identity consistency
• Chair the brand identity council/team/board
• Help determine identities for new brands/sub-brands
• Anticipate and accommodate new brand identity needs