What do you mean by brand management? Describe various components
of brand management.
Brand management is an art of creating and sustaining the brand. It motivates the
customers to remain committed to your business. A strong brand differentiates
your products from the competitors and given a quality image to your business.
Brand management includes managing the tangible and intangible characteristics
of the brand. For the product brands, the tangibles include the product itself,
price, packaging, etc. But in cast of the service brands, the tangibles include the
customers‟ experience. The intangibles include emotional connections with the
product/service.
Buying Brands & Brand management start with understanding what “Brand”
really means. This starts with the leaders of the Company who define the brand
and control its management. It also reaches all the way down the Company and
especially to the people who interface with customers or who create the products
which customers use. Brand management performed to its full extent means
starting and ending the management of the whole company through the brand. It
is simply far too important to leave to the marketing department. The brand
management includes the following characteristics of the brand
The Intangibles Of Brand Management
While the tangible elements of the brand management include the product and its price, packaging, shape, colour, etc., the intangible elements that also plays a major part in selling it and building a long term experience are –
- Brand Equity: It’s the value of the brand as a separate asset.
- Brand Image: It is an aggregate of beliefs, ideas, and impressions that a customer holds regarding the brand.
- Brand Positioning: Positioning is the unique space a brand occupies in the brains of the customers.
- Brand Associations: The images and symbols associated with a brand or a brand benefit.
- Other Brand Elements: Elements like brand personality, communication elements, etc.
Aspects of Brand Management
1) Brand Strategy
Firstly, Brand strategy (BS) is methodological tool for brand management. Thus, It’s a long-term plan for the creation and management of the brand. In other words, it is the technology for systematic brand development to achieve the goals. Hence, it is essential to build a BS under the essence of the brand and principles of competition.
2) Brand Culture
Secondly, Brand Culture (BC) is the defining link for brand management, the essence and the soul of brand strategy. The core of brand culture is the content of the entire culture. To create the ideal brand you will need the help of various methodological systems. Take into account the psychological and cultural mechanisms of a particular market.
3) Brand Positioning
Thirdly, Brand Positioning (BP) is the marketing activities of the firm. You can conduct them to fix the brand image as different from the brands of similar products. This includes such concepts as brand identity, brand personality, brand repositioning, and brand archetype.
As a rule, a brand carries an archetype. That is the psychological and cultural mechanism embedded in it and time-tested. It becomes a symbol, the essence of its product category, and is a market leader.
4) Brand Architecture
Brand architecture (BA) means the hierarchy of the company’s brands, the reflection of its marketing strategy. It consists of the verbal as well as visual order of all brand elements.
The main types of architecture are distinguished. Such as monolithic, umbrella or subsidiary brands, endorsed brand, pluralistic, etc. Also includes concepts of brand attributes. There are physical, sensory (appearance, design, colour, smell, packaging, etc.) and functional characteristics of the brand.
