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Element Of The Extended Marketing Mix Article
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Brand Management
from:Brand Management is type of management which deals with the marketing of a product. It aims to build a lasting image of product in customer's mind and hence increase its brand equity. Brand management is not related to the product as such rather it is more concerned about the perception of product in everybody's mind. A successful brand is seen as a promise of quality in the eyes of its customers. A good branding should result in winning the loyalty of the customer towards the brand or even the organization as a whole. This will result in increased sales and greater profit margins for the manufactures.
Brand management has assumed great importance in recent times because there are so many similar products in the market with almost same quality. So it more or less boils down to a good marketing to position product in market as ‘unique ‘ from the rest of the completion. Apart from this as the ways of reaching out to people has also tremendously increased , they can be reached by mobiles ,by internet ,direct marketing etc apart from the traditional TV ,radio or print media. Brand managers have to explore all these options and choose and execute the right mix of these advertising media to position the product in the market.
Brand Management basically deals with monitoring other similar products in the market, making strategies for the product to increase its brand value and executing those strategies effectively. By doing so it aims on the delivering the target sales and profit to the manufacturers. The success of a brand is gauged by the return value it brings to its manufacturers.
A brand name is a symbol, name, design or combination of these used to represent the product in the market. A good brand name should have an easy to recall value. The name should be easy to pronounce yet it should catch everybody's attention .It must be easy to remember across different geographical locations it will be made available. More importantly, it should be protected by the various trademark laws
A brand is a promise to the customers and to keep up this brand, the promise must be kept to the customers. For this every member of the organization must remain focused and all the process related to it remains consistent. It also requires the use of proper technologies effectively to deliver the final product with same quality each time.
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