Brand Management andWhy its Important ? Presented By: Anu Mishra M.B.A 3rd Sem B.u
Meaning of Brand• The American Marketing Association defines a brand as a "Name, term, design, symbol, or any other feature that identifies one sellers good or service as distinct from those of other sellers."• It can be any form.• It’s a personality .
Different Meaning of Brand:To a consumer, brand means and To a seller, brand means and signifies:signifies:1. Source of product 1. Basis of competitive advantage2. Lower risk 2. Way of identification to easy handling 3. Way of legal protection of products’3. Less search cost unique traits/feature4. Quality symbol 4. Sign of quality to satisfied customer5. Symbolic device 5. Means of financial returns
Meaning of Brand Management:• Brand management is the application of marketing techniques to a specific product, product line, or brand.• Brand and Brand management go together.
• Brand Vision A clear articulation of the strategic, financial, and brand goals that management has created for the brand A first step to strategic screens as to where the brand can and cannot go.• Brands Positioning is the place in consumers minds that you want your brand to own—the benefit you want them to think of when they think of your brand.
• Brand Contract is a list of all promises the brand makes to customers. Such a contract is executed internally, but it is defined and validated externally by the marketplace.• Use all Communication strategies to help achieve your corporate strategy and brand vision.
Some Metrics to Measure Return on Brand Investment:• Brand name knowledge, awareness, recognition, recall : measures strength of the brand as reflected by customers ability to identify the brand under varying conditions.• Contract fulfilment : measures the degree to which your brand is upholding its Brand Contract
Why its Important?• To achieve the sales target effectively.• To increase the market share.• To sustained in the competitive market.• To create a proper channel of management.• To reduce the promotion mix expenses.• To get the new customer easily.