MEANING OF 'BRAND MANAGEMENT'
A function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Effective brand management enables the price of products to go up and builds loyal customers through positive brand associations andimages or a strong awareness of the brand. Developing a strategic plan to maintain brand equity or gain brand value requires a comprehensive understanding of the brand,its target market and the company's overall vision.When implementing marketing plans, the core brand values are emphasized and it isimportant to be consistent in the ideas portrayed by the company, whether it is throughinternal or external branding. Understanding how your brand compares to thecompetition is also important. Profitability is one way brand managers measure theeffectiveness of campaigns, but it could take decades to build and manage a brand.Branding has been around for centuries as a means to distinguish the goods of one producer from those of another. The earliest signs of branding in Europe were the
medieval guilds’ requirement that craftspeople put trademarks on their products to
protect themselves and their customers against inferior quality. In the fine arts, branding began with artists signing their works. Brands today play a number of important roles
that improve consumers’ lives and enhance the financial value of
firms.Branding is assembling of various marketing mix medium into a whole so as to give you anidentity. It is nothing but capturing your customers mind with your brand name. It gives animage of an experienced, huge and reliable business.It is all about capturing the niche market for your product / service and about creating ac
onfidence in the current and prospective customers’ minds that you are the unique solution
to their problem.The aim of branding is to convey brand message vividly, create customer loyalty, persuadethe 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.