Posted on : 2023-04-07 04:56:46
Article : Good evening, Friday Management TASK 236-Effective brand management enables the price of products to go up and builds loyal customers through positive brand associations and images or a strong awareness of the brand.
In the business industry branding is everything. You can’t think about McDonalds, Coca-Cola and even Starbucks and know exactly what their brand image is. This is because these businesses have made their image relevant to their customers and their emotional and physical needs. Brand management is a concept which deals with strategizing and evaluating brands in terms of brand positioning, target customers, brand perception and brand image. The main objective of brand management is to ensure that the product and service highlight the quality of the brand to maintain a good image among the customers.
The brand image component of brand management can be maintained by tangible as well as intangible aspects of the product. Tangible aspects of brand management include the core product, price, packaging, augmented product etc. The intangible aspects of brand management include product positioning, customer experience, value added services, customer relationship with the brand.
Brands have a powerful influence on customer engagement, competition in the markets, and the management of a company. A strong brand presence in the market differentiates a company’s products from its competitors and creates brand affinity for a company’s products or services. A brand that has been established has to continually maintain its brand image through brand management. Effective brand management increases brand awareness, measures and manages brand equity, drives initiatives that support a consistent brand message, identifies and accommodates new brand products, and effectively positions the brand in the market. It takes years to establish a brand, but when it finally occurs, it has still to be maintained through innovation and creativity.
Brand management, when practiced correctly, gives cost leverage, increases customer loyalty and establishes meaningful brand awareness. It also embodies the customer purchasing process relationship. Unfortunately, entrepreneurs tend to throw brand and logo together at the last minute. When you have many other responsibilities to think about when starting your business, it is easy to forget about what some might consider “fluff”. This is a mistake! To ensure that your brand is sending the right message to customers, it’s important to take the time up front to determine who you are and develop your big idea in tandem with your brand.
When considering what type of brand your company is, try asking yourself these 3 questions: 1. What are your customers desires. 2.What beliefs encourage or stop your customers from choosing you. 3. Where these beliefs come from? Brands are a reflection of the people within it; therefore, they have human characteristics. “Humanizing” your brand will allow you to connect with your audience in a deeper and more meaningful way. One easy way to tackle this giant is by thinking about archetypes which is built upon the most fundamental human desires, values and psychological forces. They personify values, instincts, emotions and give life to brand in general. We rarely feel attachment or loyalty to the products we buy and the services we consume. But when we do manage to create that emotional connection with a brand it’s because it most likely aligns strongly with one of the brand archetypes.
The positioning of brand helps inform consumers why they should choose you over your competitors and is one of the few things one can completely own about their company. Competitors can have similar features and aspects to one’s product or service but they can’t replicate our brand . Post your comments and experiences to make brand management more interesting for the young Marketing managers. Our detailed brand management with classic examples will be posted on 10th April 2023 Good Morning Monday Management solution for the TASK 236.
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