Brand Management - Definition
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Brand Management Definition
Brand management is the art of creating a brand and ensuring the brand is sustained throughout your business. In marketing, brand management is a functionality that makes use of special techniques which help to improve the value of a product or a service in the market. In other words, brand management is all about making your product or service attractive in the eyes of your target market. This can be done by creating confidence in their minds and connect with them.
How Brand Management Works
This marketing strategy helps to grow the price of products and to keep building customer loyalty through creating strong awareness of the brand. Brand management also involves the development of strategic plans to understand the brand comprehensively, its target market, and the vision of the company. Brands actually influence the market competition, consumer engagement, and the management of the company. A strong brand will differentiate the companys product from that of its competitors. It will also ensure the affinity of the product or services. Note that any particular brand established in the market has to continue maintaining its image in that particular market. This can be possible through brand management. An effectively managed brand will be able to accommodate any new brand products or services that will be introduced in the market. Also, to maintain a brand, you have to ensure continuous innovations and creativity. Some of the major brands that have been developed and properly managed include:
- Procter & Gamble.
How Brand Management Works [Example]
In order to build and maintain a brand, it does not necessarily mean that you have to be tied to one particular product or service. One brand could have multiple services and products. Take an example of Ford, the car manufactures. It is a major brand that has produced many different car models under the same brand name. Another example is Procter & Gamble which has different products including detergent, tissue paper, dishwashing liquids, and toothpaste under one brand.
The basic principles of brand management
In order to succeed in your business, here are some of the brand management concepts that you can apply:
- Describe your brand
This includes the companys main purpose, vision, position in the market, and the brands value. The managers main focus should be on what they do best and how to consistently improve these strengths, to continually grow the brand. There is no point in developing other brands only to come back later and sell them off, simply because they arent performing well.
- Build your brand internally
Your teammates in the company can help you improve by sharing their ideas about the brand. The product and marketing team know how consumers interact with the product. The information they provide will help with the development of new strategies to grow the brand. Ensure you gather ideas from all employees as they serve as brand ambassadors for the company.
- Make use of the brand management software
Employees in the company will come and go. The ways of doing things in the company may change, but the brand will still remain. Evolving the brand over time is an important step in growing it. You can have software that stores various logos and color schemes that can be used in your brands transformation. The most commonly used brand management software is Digital Asset Management (DAM). This allows one to store the companys digital assets. Good examples include logos, images, documents, design files, and any other elements of the brand.
- Keep your competitors closer
No matter how likable your product is in the market, you will always find competitors. They keep bringing in new, better, and cheaper products in the market. Knowing what your competitors are bringing to the market should help the manager to develop better marketing strategies. This is done in order to make the product remain relevant.
The roles of a brand manager
- The brand managers task is to manage both the tangible and intangible aspects of a brand. The tangibles include the product, packaging, prices, logos, the format of the letters in the logo, and its accompanying colors.
- The manager is also tasked with analyzing how the customers perceive the brand. Here the intangible aspects like the consumer experience and how they connect with the brand has to be put into consideration. This will eventually help to build brand equity.
Brand equity is defined as the price that consumers are willing to pay above the normal value of the product. This is generated by the consumers perception of the product. It basically means that if the consumer can pay more money to acquire the brands product even if there is another brand with the same functionalities, then the value of the brand equity will increase. But if the consumer would rather pay for the alternative brand, then the brand equitys value will fall.
- The brand manager should keep into account the target market when bringing in a new brand product into the market. This may involve meeting with analysts to make some of the important decisions. This includes the option of merging with other companies.
- The brand manager will also determine whether the brand will succeed or fail. If he/she is an innovative person that always seeks ways to improve the brand, then the quality of the brand will improve. This will help maintain their loyal customers. But if the manager is content with the brand and its name as it is, and does not does little to improve it, then it will fail. This can then lead to the brand being overtaken by competing brands.
The Bottom Line
It is a fact that having a good strategy for the brand management of your company will bring clarity to the companys product. This will help you to focus on products that consumers really love. By doing this, the product will become more unique and reputable in the market. It all has to begin with maintaining the value of the brand as it is the most challenging part.
Reference for brand management
https://www.investopedia.com Insights Markets & Economyhttps://www.nhh.no/.../economics...administration/...economics...administration/marke...https://www.brandingstrategyinsider.com/.../brand-value-in-the-global-economy.htmlfaculty.chicagobooth.edu/.../The%20Economics%20of%20Brands%20and%20Brandi...https://en.wikipedia.org/wiki/Brand_management
Academic research on brand management
Creating 'value'beyond the point of production: branding, financialization and market capitalization. Willmott, H. (2010). Creating valuebeyond the point of production: branding, financialization and market capitalization.Organization,17(5), 517-542. The contemporary significance of branding as a source of value is explored by situating the creation and valorization of brand equity within the full circuit of capital. Conceived as a form of co-production occurring in the sphere of circulation (as well as production), brand-building is connected to: the surpluses generated by the labour of user-consumers as well as the designers and producers of branded products and services; the realization of surplus through control of revenues derived from sales of these products and services and the appropriation of surpluses, including the conversion of brand equity into brand value after deduction of costs. Contemporary investment in branding is related to the financialization of brands as intangibles that make a growing contribution to market capitalization. By attending to multiple facets of the circuit of capital, including the co-production brand equity by user-consumers, some pointers are proposed for developing a more joined-up view of the bigger picture of contemporary capitalist reproduction. Ouverture de 'Market-Space Management'. Brondoni, S. (2002). Ouverture de Market-Space Management.Emerging Issues in Management, (1), 1-6. In global markets, corporations compete according to the new rules of market space competition, that is within competition boundaries in which space is not a known, stable element in the decision-making process. It is, instead, a competitive factor, shaped and modified by the actions and the reactions of corporations and governments. Global networks operating in enlarged competition spaces (thus exploiting the value of intangible assets such as brand equity, information systems and corporate culture) have market information at their disposal which is often sufficiently extensive and sophisticated to put them in a position to compete with governments in establishing the guidelines for local development. The over-supply condition that characterizes the richest markets today pushes companies into a neo-liberalism spiral. Over-supply conditions, moreover, often induce short-term results to be given too much importance, with a focus on the resources invested and the elimination of costs related to local social development. The future of hotel chains: Branded marketplaces driven by the sharing economy. Richard, B., & Cleveland, S. (2016). The future of hotel chains: Branded marketplaces driven by the sharing economy.Journal of Vacation Marketing,22(3), 239-248. Over the past few years the sharing economy has grown tremendously, disrupting the traditional tourism industry via the mass deployment of exponentially increasing capacity. In this new economy, ownership and access are shared by individuals creating, broadcasting and exchanging their own products and services. Rather than compete against the sharing economy, hotel chains have the opportunity to oversee this communal sharing and leverage the strength of their brands by extending them to peer-to-peer (P2P) rentals. This potential future of P2P rentals offers an attractive option for guests looking for a unique stay free of the current uncertainty of the informal economy in safety, legality and quality. This paper introduces propositions regarding the future state of the P2P rental market, presents a scenario detailing branded marketplaces, discusses the drivers of change, explores branding considerations and offers recommendations for future research. Food tourism, nichemarketsand products in rural tourism: Combining the intimacy model and the experience economy as a rural development strategy, . Sidali, K. L., Kastenholz, E., & Bianchi, R. (2015). Food tourism, niche markets and products in rural tourism: Combining the intimacy model and the experience economy as a rural development strategy.Journal of Sustainable Tourism,23(8-9), 1179-1197. The countryside hosts an increasing number of alternative food networks: rural tourists can play an important role in acting as both consumer and cultural broker between these networks. This paper provides a theoretical framework for niche marketing food specialties in rural tourism by combining two different consumer behavioural theories, the experience economy and the intimacy model, representing a reorientation from classical marketing thinking. It explores the meaning of local food, including the pursuit of reconnection with nature, resilience to globalisation, the role of local food in reinforcing personal identity, the search for freshness, taste and authenticity, support for local producers, and environmental concerns. It considers the challenges for rural entrepreneurs and policy makers in marketing food specialties and rural regions to the post-modern consumer. Using examples derived mostly from secondary literature it identifies seven dimensions that elevate food products to an appealing culinary niche, namely, coherence, anti-capitalistic attitude, struggle against extinction, personal signature, mutual-disclosure, rituals of spatial and physical proximity, and sustainability-related practices. Food providers may use these features to signal food distinctiveness to rural tourists; policy makers can include them in their regional development models to enhance rural tourism without altering historically, socially, and environmentally layered culinary traditions. Value creation in the video game industry: Industry economics, consumer benefits, and research opportunities . Marchand, A., & Hennig-Thurau, T. (2013). Value creation in the video game industry: Industry economics, consumer benefits, and research opportunities.Journal of Interactive Marketing,27(3), 141-157. In the past twenty years, the video game industry has established itself as a significant contributor to the global entertainment economy. Compared to more established entertainment industries such as movies and music, limited scholarly research in marketing has addressed the processes that create value for companies and consumers in the context of video games which are now available on multiple devices (e.g., consoles, portables, mobile devices) and through multiple channels (e.g., retail and online). The authors therefore develop a conceptual framework of value creation through video games, highlight important findings from extant research in marketing and other disciplines, and apply the framework to derive future research opportunities.