Brand Management - Meaning and Important Concepts
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 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.
Following are the important concepts of brand management:
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