Brand Management

Brand Management

Brand management is a crucial aspect of marketing that involves the analysis and planning on how a brand is perceived in the market. It is 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.

History

The concept of brand management was first introduced in the early 20th century. The Procter & Gamble company is credited with pioneering the concept of brand management in the 1930s. The company assigned a brand manager to each of its products, which allowed for more focused marketing strategies and product development.

Key Components

Brand management involves several key components:

Brand Identity

Brand identity is the collection of all elements that a company creates to portray the right image to its consumer. It includes the brand name, logo, tone, tagline, typeface, and more. Brand identity is distinct from brand image, which is the perception of the brand in the minds of consumers.

Brand Positioning

Brand positioning refers to the place that a brand occupies in the minds of the customers and how it is distinguished from the products of the competitors. It involves identifying and attempting to "own" a marketing niche for a brand, product, or service using various strategies including pricing, promotions, distribution, packaging, and competition.

Brand Equity

Brand equity refers to the value a brand adds to a product. It is based on the idea that a well-known brand name can generate more revenue simply from brand recognition. Brand equity is built through brand loyalty, brand awareness, perceived quality, and brand associations.

Brand Loyalty

Brand loyalty is the tendency of consumers to continuously purchase one brand's products over another. It results from the consumer's preference for a brand developed over time based on satisfaction with the product or service.

Strategies for Brand Management

Brand Extension

Brand extension is a marketing strategy in which a company uses an established brand name to introduce a new product. This strategy can reduce the risk associated with launching a new product and can increase the likelihood of success.

Co-Branding

Co-branding is a marketing strategy that involves strategic alliance of multiple brand names jointly used on a single product or service. This can enhance the perceived value of a product by associating it with another well-known brand.

Brand Revitalization

Brand revitalization is a strategy to bring back a brand to life by rebranding, repositioning, or relaunching it. This is often necessary when a brand has become outdated or has lost its relevance in the market.

Challenges in Brand Management

Brand management faces several challenges, including maintaining brand consistency, adapting to market changes, and managing brand reputation. The rise of social media has also added complexity to brand management, as brands must now engage with consumers in real-time and manage their online presence.

Conclusion

Brand management is an essential part of marketing that helps companies build and maintain a strong brand. By effectively managing brand identity, positioning, equity, and loyalty, companies can create a competitive advantage and achieve long-term success.

See Also

• Marketing
• Product Management
• Advertising
• Consumer Behavior

References

• Aaker, D. A. (1991). Managing Brand Equity: Capitalizing on the Value of a Brand Name. New York: Free Press.
• Keller, K. L. (2013). Strategic Brand Management: Building, Measuring, and Managing Brand Equity. Pearson Education.