Brand Management - Meaning and Important Concepts

Brand management begins with having a thorough knowledge of the term “brand”. It includes developing a promise, making that promise and maintaining it. It means defining the brand, positioning the brand, and delivering the brand.

Brand management is nothing but an art of creating and sustaining the brand. Branding makes customers committed to your business.

A strong brand differentiates your products from the competitors. It gives a quality image to your business.

Brand management includes managing the tangible and intangible characteristics of brand. In case of product brands, the tangibles include the product itself, price, packaging, etc. While in case of service brands, the tangibles include the customers’ experience. The intangibles include emotional connections with the product/service.

Branding is assembling of various marketing mix medium into a whole so as to give you an identity. It is nothing but capturing your customers mind with your brand name. It gives an image of an experienced, huge and reliable business.

It is all about capturing the niche market for your product/service and about creating a confidence in the current and prospective customers’ minds that you are the unique solution to their problem.

The aim of branding is to convey brand message vividly, create customer loyalty, persuade the buyer for the product, and establish an emotional connectivity with the customers. Branding forms customer perceptions about the product. It should raise customer expectations about the product. The primary aim of branding is to create differentiation.

Strong Brand

Strong brands reduce customers’ perceived monetary, social and safety risks in buying goods/services. The customers can better imagine the intangible goods with the help of brand name.

Strong brand organizations have a high market share. The brand should be given good support so that it can sustain itself in long run.

It is essential to manage all brands and build brand equity over a period of time. Here comes importance and usefulness of brand management. Brand management helps in building a corporate image. A brand manager has to oversee overall brand performance.

A successful brand can only be created if the brand management system is competent.

KFC (Kentucky Fried Chicken) is an example of effective brand management. It is a robust global brand which customers associate with quality, service, cleanliness and value. It dominates over other brands in the QSR (quick servcie restaurant) chicken segment.

KFC

Customers associate it’s tagline “Finger lickin good” to yummilicious food and are thereby lured towards this brand. KFC believes in bringing innovations in its menu and willingly works on customers feedback on its new launches.

It also gives add on to it’s customers like crazy midnight deals, family deals on weekends, coupons, low price meal box. It’s effective brand management strategy has helped in sustaining and leading in fried chicken segment globally.

Following are the important concepts of brand management:


Next   ❯❯

Authorship/Referencing - About the Author(s)

The article is Written By “Prachi Juneja” and Reviewed By Management Study Guide Content Team. MSG Content Team comprises experienced Faculty Member, Professionals and Subject Matter Experts. We are a ISO 2001:2015 Certified Education Provider. To Know more, click on About Us. The use of this material is free for learning and education purpose. Please reference authorship of content used, including link(s) to ManagementStudyGuide.com and the content page url.