Abstract:
In this paper we will define and explain brand management. It involves everything, starting from brand naming to determining the brand strategy and maintenance. An efficient brand management system can only create a successful brand.
Brand management deals with the policies regarding branding strategies. It is basically an application of marketing plans for a specific brand or a specific product. An efficient brand management system can increase the product's value and thereby, brand equity.
Brand is often taken as a promise which the company is bound to fulfill, otherwise the customers will not come back to them in future. By keeping its promises the company can solidify their brand name in the market and attract more customers. Therefore, the brand value will automatically increase which, in turn, will increase the company's profitability. The brand value is calculated by the amount of profit that the brand generates for the company.
Basically, brand management resumes with the understanding of the meaning of brand. It comprises of all the employees from top to bottom. The higher officials explains the meaning of the company's brand to all the other employees. Brand management also communicates with their target audiences to expand the brand image.
The duty of the brand managers is to establish a successful brand by keeping its message clear as well as relevant. They should keep track with the market trends and revise the brand strategies accordingly. The brand managers also involve in brand repositioning needed for brand building.
A proper brand management is needed for brand orientation as well. However, brand managers in many companies restrict themselves only in determining the financial objectives. They neglect the strategic objectives, for they feel this is not their but the senior management's responsibility. This is one of the main problems from which brand management in many companies are suffering.
The product level managers have to be given sufficient information by the brand managers to develop the strategic objectives. The brand management is also responsible for converting the corporate objectives into brand objectives.