Brand Management strategies deals with brands as basis and forms various strategiesto bring business to the Company. The American Management Association defines Brandas a “Name, term, design, symbol or any other feature that identifies one seller’s goods orservice as distinct from those of sellers”.Branding makes a product stand out from competitors, creating a niche for theproduct. Brand kindles customer expectations and builds trust and confidence whenexpectations are met consistently. Brand increases customer awareness of the businessand its products and services, by engaging with customers and creating a connection.Branded products sell at a premium compared to equally good or better productsbecause of their image. Brands enable companies to move into new market sectorseffortlessly. Having established the intrinsic value of a branded product and theenhancement in its market value, it is necessary to sustain this competitive advantage.This is where brand management comes into play. Brand Management is theapplication of marketing techniques to a specific product or product line to increase itsperceived value to the customer and thereby increase brand franchise and brand equity.Brand is seen as an implied promise that the quality level will be maintained and handeddown through future purchase of the product. To this end brand management devisesstrategies to achieve desired mileage for the product and sustain its growth throughdistinct advantage over competitors.
Brand Management Strategies that may be adopted to be one-up on competitors are listed below:-Establish and Maintain the Brand through enhanced productcharacteristics, advertising, sales promotion, packaging and other marketing techniques.The brand may traverse other product lines or geographical regions. Focus should also beto identify prospective products and services to which the brand should be extended.Ensure consistency between brand strategy and corporate goals to reflect positively onthe company image. Promoting a dental cleanser with medical practitioner’s approvalenhances brand and corporate profiles.Select Profitable and Innovative Partners to expand further ventures without havingto pump in excessive additional resources on new products and uncovered areas. Aninnovative packaging company with similar corporate ideology can give wings to theproduct and brand together.Observing Quality Control and Reporting Formats will ensure continuity inCustomer Expectation-Realisation Gap and boost confidence and patronage to theCompany. An eye for detail as displayed on a product and a feed-back in some form canhold an audience captive and wedded to our brand.
Proactive approach towards products and services offered with a view to keep thefeatures updated and technological changes incorporated is necessary for continuedmarket presence and brand stability.Brand Management Strategies are required to be continually adopted and updated tosafeguard against brand obsolescence. It is common inference that in the absence ofperiodic insertions in newspapers even popular leaders are classified either sick or pushedout of reckoning by enterprising youngsters.Today we have a class of people who are paraded as Brand Ambassadors and there is nota celebrity who has not taken note of this image booster. It is also a Win-Win situation forboth advertiser and the star, who are benefited to rake in millions through a simple coffee-break.Coming to the ban on advertising of tobacco products there is a famous ad that says-“Smoking kills cigarette brands.”Another pointer to what Brands really mean is spelt out by Walter Landor who says-“Products are made in the factory, but Brands are created in the mind.” 9818282106 firstname.lastname@example.org