What is Brand Management
Brand management is defined as a series of marketing activities
designed to develop the overall image of a product, product line, or
brand. Some say that it is the art of creating and maintaining a brand.
An art. That’s what it’s called. It is not just another boring
management function. An effective brand management scheme separates a
product from the competition.
Some business owners take brand management for granted, though everybody knows it’s important. All of us have to understand that simply having a good product isn’t enough. What use is the best product in the world if no one knows about it?
Positioning is the key. Knowing how to position one’s product in the market makes all the difference. When a customer hears your brand name, what is the first thing that pops up in his mind? The least I would want to sound like is a marketing text book, but it looks good on paper as it does in real life.
The biggest successes began with simple ideas backed up with crazy management, planning, and execution. From there, anything can happen. The carts-and-kiosks gig is a very competitive industry. This may be a bad thing for some, but this also provides a large venue for innovation. You can try virtually anything. In this area, trial and error works and is quite useful because you can immediately feel and see the effects of any implemented plan.
Take the risk. It’s the only way to learn. Just like any piece of art, the first try isn’t always right. Brand management is not a science, remember? It’s an art. Go for it!
Benefits of Branding
*Greater perceptions of product/service performance
*Greater marketing communication effectiveness
*Greater customer retention and loyalty
*More appreciative customer response to price increases and decreases
*Less vulnerability to competitive marketing actions
*Less vulnerability to marketing crises
*Greater trade cooperation and support
*Possible licensing/franchising opportunities
*Greater brand extension opportunities