Brand does not carry a definite and absolute definition but it is relative. Normally we associate branding from point of view common mass; and products or service displayed in malls and supermarket.
Articles on Strategic Brand Management
Brand Equity resides in the mind of the customer. Customer based brand equity results in creation of strong brand and this is achieved when brand awareness and image are at high level.
Brand positioning strategy is about finding a right place for a brand in market place as well consumer mind. A consumer should easily identify that for a given need or want this is the brand.
Brand equity is the result of a process which leads to a creation of a unique and distinct brand identity. All the factors which add to a good brand element are discussed in detail.
Marketers have to develop marketing programs keeping in mind above discuss points to build a strong consumer based brand equity.
Marketing programs play an important role in building up of brand equity. Marketing communication needs to be flexible in current technology driven environment where consumer are internet savvy and have access to information.
Marketers have various options with them to facilitate leveraging process. Secondary brand association has its importance when consumers are not aware of the new or upcoming brand.
There are two ways in designing Brand Equity Measurement System. One system relies on indirect method, where in emotional level changes in consumer are sorted and recorded and other system relies on direct measurement method where in consumer response towards brand are measured and analyzed.
Qualitative and quantitative research techniques are designed to understand the sources of brand equity from consumers perspective.
Comparative methods and holistic methods are designed to directly analyze brand equity. These methods will provide necessary tools to measure outcome of brand equity.
Branding strategies deal with creating brand names, logos, style etc. for it to be distinguished from competitors and also whether product brand should be separate from corporate brand or a separate brand away from other individual brands.
Companies need to identify a certain set of customers within a market. This identification is known as market segmentation. The market segmentation process and factors affecting it are discussed in detail.
For a given company, there can be variety of product and services under different brands. Brand-product matrix is used to better understand current offering of the company.
For companies to sustain a brand over long period of time, it is absolute essential that marketing program look at strategies around effective brand management.
For Brands to succeed across geographical boundaries companies need to device marketing programs, which can create global consumer based brand equity.
Strategic Brand Managements goal is to develop strong consumer based brand equity. Brands which enjoy strong brand equity charge a price premium which is not available to other players in that category.
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